04 Apr '12, 8am

Does the U.S. Really Have More Oil than Saudi Arabia?

Does the U.S. Really Have More Oil than Saudi Arabia?

Although the oil in the Bakken and Eagle Ford is being extracted from shale formations, the term shale oil has been used for over 100 years to describe a very different resource. This has led some to confusion over the differences between current production in North Dakota and potential production in Colorado. The oil in the Bakken and Eagle Ford formations actually exists as oil, but the shale does not allow the oil to flow very well. This oil is properly called "tight oil ", and advances in hydraulic fracturing (fracking) technology have allowed some of this oil to be economically produced. (For more details, I discuss resources, reserves, fracking, shale gas, and oil shale in some detail in my new book Power Plays: Energy Options in the Age of Peak Oil ). The estimated amount of oil in place (the resource) varies widely, with some suggesting that there could be 400 bill...

Full article: http://www.theoildrum.com/node/9085

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