John Crudele
Posted: 3:26 AM, May 29, 2008
nypost.com
HELENA, Mont. - Here's some very good news about oil that the manipulators on Wall Street don't want you to know: there could be as much as 40 billion barrels of crude lying untouched in eastern Montana.
That's billion with a "b" - as in a ball-breaking amount for those speculators who are purposely pushing oil higher for their own selfish reasons.
Who says? Montana Gov. Brian Schweitzer does, adding that his state - with fewer than 1 million residents - would be thrilled to bail the US out of its current energy predicament.
While on a visit to Wyoming and Montana, I popped in on Schweitzer, the Democratic governor, who was more than happy to answer my questions about the rumors of huge oil deposits in the so-called Bakken area of his state.
Right now, the US Geological Service estimates that there are 4.3 billion barrels of recoverable oil in the Bakken region, which also reaches into North Dakota.
"They are always conservative," said Schweitzer, who greeted me in his office dressed in jeans, a white shirt and a string tie. "There will be more. It'll probably be more like 40 billion."
It's so much, in fact, that a discovery like that - or even hints of such a find - could ruin speculators' chances of getting the price of oil much higher than it already is.
In fact, just the knowledge of such big oil deposits - together with a drop off in fuel use because of the recession and the inevitable development of alternative energy sources - might cause gasoline prices to fall substantially in the future.
As it is today, Americans are being cheated on the price of oil. I've been writing about this for the past couple of years and now even a do-nothing Congress is getting concerned, although its ire is misplaced.
Wall Street speculators, aided by cheap money from the Federal Reserve and an ill-informed press, have kidnapped oil in much the same way that the Hunt brothers cornered the silver market in the 1970s.
The only difference is that the Hunt escapades didn't come close to ruining the country's economy. Congress is blaming the oil companies, which certainly are benefiting from the surge in oil prices. President Bush did his part by groveling to the Saudis for more oil - and was offered a token increase, but was essentially turned down.
But maybe if we start digging in Montana, we just might get our national dignity back - and even save our economy.
"We've been drilling out there for 70 years," said Schweitzer of the Bakken area. "People there like new oil production. In fact, the city of Sydney [the county seat] wants to build a refinery. Where else in America do you have a community that says, 'we want to build a refinery in our backyard?' "
Schweitzer, an agronomist with an advanced degree in soil science, has a picture on his office wall of his grandfather operating a one-man refinery.
If you let him - and I did - Schweitzer will explain how oil deposits come to be formed over millions of years. He also explains how the Bakken contains so-called oil shale, which means that the crude needs to be flushed out of tight rock formations.
With improved technology today and higher prices, this recovery method is now very feasible.
"And the nice thing," Schweitzer said, "is it's one drill hole per section." For you city slickers, a "section" is a huge 640 acres.
By comparison, Saudi Arabia has the largest known oil reserves at 260 billion barrels.
Subscribe to:
Post Comments (Atom)
About Me
Blog Archive
-
▼
2011
(1028)
-
▼
February
(75)
- Do You Ever Wonder? + Bill Hicks What is the poin...
- Democracy in Iraq
- New Zealand Earthquake Spurs Giant Glacier Collapse
- 'Magic mushrooms' ingredient may ease end-of-life ...
- The Clash - Rock The Casbah
- Anti-NWO Music Awareness Project 4: Beck - Chemtrails
- There Should be Two Lines at the Airport
- Black Sabbath - War Pigs
- Flashback Friday
- Saudi man charged with plotting terrorist attack
- Riot Police
- Another Runaway General: Army Deploys Psy-Ops on U...
- Senator vows to reform the PATRIOT Act
- DEA to legalize marijuana only for ‘Big Pharma,’ N...
- End of America 3
- Former CIA analyst accosted during Clinton speech ...
- Fox Does it Again
- Joe Rogan - The American War Machine
- Celebrities speaking the truth about 9/11
- Lindsey Says
- Libyan turmoil weighs on stocks as oil surges
- Child Sees God in Near-Death Experience
- MONTANA GOVERNOR IS SITTING ON AN OIL MINE
- Heaven Sent
- Mexicans are now endangered by ethnic specific bio...
- Steak, karaoke and Chinese beer
- Get ready for a 'global Katrina': Biggest ever sol...
- Trentadue discusses missing Murrah bombing video f...
- Obama budget attacks poor, middle class Americans
- Is Morgellons Disease Caused By Chemtrail Spraying?
- Nowata Oklahoma
- Twilight Zone Friday Morning
- Betrayed! Tea Party Politicians Vote To Renew The ...
- Fox News Caught In Shocking Dirty Tricks Stunt Aga...
- Harry Baals gets Scratched
- R.E.M. - It's The End Of The World As We Know It (...
- Sun erupts with mightiest solar flare in 4 years
- TSA Workers Admit To Stealing Huge Amounts Of Cash...
- WeAreChange confronts Dick Cheney on 9/11 Standdow...
- Just a Typical Oklahoma Police Chase
- Tea Party declares war on military spending
- Screaming For Emily - A dry year
- Why can’t the US legalize drugs? There’s ‘too much...
- 21 Signs That The Once Great U.S. Economy Is Being...
- THE ROMANTICS-THAT'S WHAT I LIKE ABOUT YOU
- Paul gets CPAC crowd on their feet
- Egyptians nationwide flood streets in celebration
- Snapshot of an Apple flash crash
- In Search of Pot
- You Should Have a Gun
- Cut War and Foreign Aid Not Heat
- The U.S. - Proudly Spreading Torture Around the World
- Bartlesville ties Oklahoma state record for low te...
- Study suggests higher stroke risk with diet soda
- So Incredibly Predictable
- Who voted for/against Extending the Patriot Act
- Obama Launches Total Takeover of Media System
- Whatever Happened to Winnie Cooper?
- FND Films - Gay Zombie
- Confirmed: FBI Got Warning Day Before OKC Bombing
- Pepsi Puppy Commercial
- Revealed: The body double Joan Rivers used in Go D...
- Rooster Kills Man Attending Cockfight
- Bush fears arrest, scraps Swiss visit
- USA-PATRIOT—The Debate Congress Doesn’t Want to Have
- Patriot Act prolongation prompts privacy debate
- Happy Birthday Bob Marley
- Ron Paul: Repeal the Anti-American and Unconstitut...
- "What if they made a law but nobody obeyed?"
- Fort Hood shooting report faults Army, FBI
- Reliable forecast under the weather
- Obama Agenda To Bankrupt Power Plants Triggers Bla...
- Should the US be giving away money?
- Rachel Maddow Supports Aid to Mubarak
- Blowing Snow
-
▼
February
(75)
2 comments:
lets pool our resources and go buy some land in Montana.
YDG - Yeah, no kidding.
I believe they've been sitting on this until the price of oil gets real high and it's fixing to get real high.
Post a Comment