A 2008 USGS report available here, states there is 3.0 to 4.3 billion (yes with a “B”) barrels of Oil underneath Montana and North Dakota. You heard that right 25 times the amount of oil originally assessed in 1995.
The USGS estimate of 3.0 to 4.3 billion barrels of technically recoverable oil has a mean value of 3.65 billion barrels. Scientists conducted detailed studies in stratigraphy and structural geology and the modeling of petroleum geochemistry. They also combined their findings with historical exploration and production analyses to determine the undiscovered, technically recoverable oil estimates.
More than 3 billion barrels of oil is certainly nothing to sneeze at, so would someone kindly explain to me why we are not drilling? And while they’re at it, I’d like to know why we’re still futzing about with offshore drilling if this huge find is as easily recoverable as USGS seems to imply?