Editor's Update on the Bakken Formation:
By now you know the Bakken is a big deal in our nation's oil picture. The giant oil formation holds as much as 4.3 billion barrels of technically recoverable oil... with many companies already drilling there with success. And now comes word we may be looking at a second giant oil formation... a "second Bakken," as it's being called.
It's called the Three Forks - Sanish formation, and lies directly beneath the Bakken. The news, of which, has already sent our Bakken stock plays skyrocketing. Fortunately it's not too late for investors to get a piece of the action. The details are all in our new report, which you can find right here.
Comfortable with $100+ oil prices, OPEC oil exporters refused to increase output, a move that quickly sent oil above $108 a barrel.
"At the moment there is enough oil in the market and no need to change OPEC's output," said OPEC general secretary Abdullah al-Badri, opting to blame the "US economic recession, lack of refining capacity and depreciation of the dollar's value" for higher oil prices.
While true, what if the U.S. could tell OPEC oil exports where they could stick their oil? What if we could significantly reduce our dependency on foreign oil, and sit back as the Middle East lost billions in oil revenue?
Well. . . if all goes according to plan, we may be able to do just that.
The Next Oil Boom Is Upon Us. . . in the Bakken Oil Field
U.S. consumers paid out $340 billion to import 14 million barrels a day. . . just in 2007. And it's only likely to get worse. We're already paying more $3.30 for a gallon of gas on gushing pre-summer driving season oil prices.
Sure, U.S. oil production has been spiraling downward for the last 40 years. But there's one area that's just starting to heat up, one that could boost our oil reserves ten times over.
We're talking about the opportunity to meet all U.S. oil needs for the next two decades. That's huge.
Think about that. What if we could reduce our dependency on foreign oil? The Middle East would lose its marbles.
Locals call it "The Bakken." It's a behemoth oil reserve stretching across North Dakota, Montana, and southeastern Saskatchewan. . . a reserve so massive, it contains ten times more barrels of oil than Alaska's North Slope. It's something my colleague Keith Kohl has been telling you about for months in his Bakken Oil Formation report.
While Scientist Leigh Price and the U.S. Geological Survey had both previously projected the Bakken field as holding more than 400 billion barrels of recoverable oil, a new report offering an accurate assessment of the Bakken Formation has since been released, targeting the amount of recoverable oil at 4.3 billion barrels.
Until recent years, the technology simply wasn't available to economically extract the oil from the Bakken shales, making product efforts overwhelming. But with breakthrough techniques such as horizontal drilling, the full potential of the Bakken play can now be developed. And it's well worth it given high oil prices and technological advancements.
Bakken's Black Gold. . . Right Here in America
Thar's black gold in them thar hills. . . this time in North Dakota. And as we mentioned above, the discovery could be significant. Unlike Northern Canada's oil sands, the Bakken's oil can be extracted relatively cheap, without the use of energy intensive processes.
That news alone means North Dakota could be headed for a boom oil year.
In January 2008 alone, the North Dakota Oil and Gas Division issued 90 permits to drill. At that pace, the number of permits could double those of last year, and "be near the record 1,098 issued in 1981," according to reports.
Truth told, with oil prices likely to remain well above $100, these are exciting times. The time for oil sticker shock is over.
You can stand by with your jaw on the floor over $100+ oil, or you can profit from a possible solution, like editors of "The $20 Trillion Report" are about to.
Ian L. Cooper
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