OT: oil reserve in North Dakota?

I have been looking at information on the net about a large oil deposit in ND. I remember a guy on here saying that in ND there is drilling going on all over to extract oil up there. Is this true? If it is true it should put more crude into the supply and create a price drop. Are we still drilling oil out of the ground in Alaska? Is the Alaska pipeline still flowing oil threw it?
I saw on the news a few weeks ago about a guy in Indiana that had a guy setup an oil well and pump 3 barrels/day out the ground on his farm. I would love to have oil on my land in Michigan.
I do have lots of water 100 feet down on my land lots and lots of H2O in fact I could get rich and call it mineral-well water and charge $1/gallon. I see folks at gas stations paying $1 quart for water.

I remember in the early 80's that the Alaska pipeline caused the price of crude to drop significantly and thus the per barrel price dropped to $12 in the early 80's. I dont remember what is was per barrel in the late 70's (can anybody tell me) I was just a young kid then. I also saw info on the net a year ago that said there was oil under the Rocky mountains. Hmmm...is anybody drilling in Colorado?

Yes there is drilling going on in ND and Eastern MT. I don't know for sure where it is going refinerys are a long ways away.

They are drilling down to the Bakken layer. The drilling goes down like two miles or so then then turn and go horizontal for up to a couple more miles. This horizontal drilling is done with water pressure only to fracture the rock in the Bakken layer.
According to a news article their is more oil in N.D.,Mont. and southern Sask., Canada then the Saudies had years ago. Hard to believe though.

There is drilling going on here in Colorado. It is being reduced bacause they can not market the oil they have. Yes! tanks are full here and wells are being shut down with no where to go with it. They want the gas, but not the oil.

I worked in the oil fields in north dakota and montana in the early 80's there was alot of wells being capped off just like they are doing now ,that is our reserve as my foreman told me dought they will ever pump much out until the rest of the world runs out of oil. i said this before in a post the water taste like oil out there,that means there's alot of oil out there .same as alot of other states we have plenty of oil but we AINT GOING TO USE IT

Here is a link to show you crude prices from 1983 until now.
Slick

It's called the Bakken Formation like one of the other posters mentioned. Was cool, I was reading up on it last night.

It's massive.

The catch is how much is recoverable -- what we can get out of the ground. US Geological Survey as of April '08 says it's 1% or about 4 Billion barrels.

Saudi Arabia has reserves of 250 Billion.

Bakken Formation has 400 Billion barrels...how much can we get?

USGS estimates ANWR at a bit less then 8 Billion barrels, so if we can recover 2% of Bakken, we'd equal that.

Prudhoe Bay is rapidly getting to the end of it's life...we'll have extracted some 12 Billion barrels since 1977. If we can recover 3% of Bakken, it will have equaled what's been shipped through the Alaskan pipeline.

In a wild dream, if you hit 60% (probably not technically possible at any reasonable cost)...you're talking more oil then is left in Saudi Arabia.

Big enough for you

Yes, we're still pumping in Alaska and using the pipeline, although the amount of oil is decreasing. That's part of the pressure to drill in ANWR to keep up the oil industry up there going a few more decades.

Read the article linked below, and draw your own conclusions!
Persia on the plains

Hey cool...one of the companies listed on that link of Bob's was Allis Chalmers.

It IS that Allis Chalmers...what was left of the company after they sold their manufacturing divisions. Now they're an oilfield service company.
Untitled URL Link

I still say we should import as much oil as we can for as long as we can. These reserves are news to me and I hope it's true that there's as much as they say.

The price of fuel is killer these days, but when the middle east runs out, we need as much as we can get within our borders.

Absolutely.

Or just sell it to China for $300/barrel. Money comes home quick at that rate

Don't matter if there is oil or not, bunny and tree huggers won't let you drill for it, but the Canadians can slant drill and pull it out, that's OK. Chris

We dont need foreign oil. We need another country to ship all the Vegetarian, communist, enviornmental whacko, anti-hunters, etc. to. Then we could get get on with an enjoyable life and use the oil we have, but are not allowed to drill for.


Gene

I remember reading, 10-15 years ago that North
Sloap Alaska oil had so much sulfer that no
west coast, (California) refinery could handle
it. California wasn"t giving out new refinery
permits, and it cost to much to ship it to Texas,
so it was all being sold to Japan, via large
tankers like Exon Valdez. Does anyone know about
this? That it wasn"t helping our economy at all,
but only making the oil companies rich?

Thanks for the info, it was very informative.

I was in Williston, ND over Memorial weekend and my friends work for Nabors Drilling and said they had 33 rigs going in that area to include some over in Eastern Mt. I live in Colo. and they are drilling over around Rifle on wester slope but not real familar with the area as it is catty corner across the state from me.