The North Dakota Department of Mineral Resources has releases a state report on the Bakken shale formation in North Dakota The currentlly recoverable portion of the Bakken formation represents about ten percent of known domestic reserves. That is just over one percent of total reserves. James Macpherson:
BISMARCK, N.D. (AP ) — The Bakken shale formation in North Dakota holds up to 167 billion barrels of oil but only about 1 percent of it can be recovered using current technology, a new study says.
The study released Monday said current technology could lead to the recovery of about 2.1 billion barrels in North Dakota’s portion of the formation, where oil-producing rock is sandwiched between layers of shale about 10,000 feet under the ground. The estimate of recoverable oil included in the study by the state Department of Mineral Resources was similar to that of a federal study released earlier this month.
With the price of world oil at one hundred twenty dollars a barrel and raising, if the government would just get out of the way, I sure somebody will find a way to reover that other ninety-eight percent.
Jayson Javitz, Wizbang , suggests that North Dakota should only be the begining:
As soon as neocons are through conquering North Dakota they’ll be able to shift their military machine to the likes of Alaska, Idaho, and Wyoming; perhaps even California and the Florida Gulf Coast too
Lead, drill or get out of the way, and I don’t care which.