It’s interesting that last night I pointed out in passing North Dakota’s success in bringing their per-capita income to the cusp of the top five in the nation when even more encouraging news recently came out for them. This update is from the Energy Tomorrow blog in a post by Mark Green:
The U.S. Geological Survey has new estimates for oil and natural gas in the Williston Basin shale area that simply blows the doors off previous estimates:
- 3.65 billion barrels of undiscovered, technically recoverable oil for the Bakken Formation.
- 3.73 billion barrels for the Three Forks Formation.
- The total, 7.38 billion barrels, is a two-fold increase over USGS’ 2008 estimate, which included only the Bakken Formation because Three Forks wasn’t thought to be productive.
If you’re wondering where the Williston Basin is, perhaps this USGS map will help. Note that this formation is different than the Marcellus Shale formation which encompasses the western end of Maryland. But consider that North Dakota has the lowest unemployment rate in the country, and while it’s not necessarily glamorous tasks requiring a master’s degree or specialized training, there is a lot of work available out on the plains.
But the principle outlined later in the piece by Green remains true regardless of the conditions:
The dramatic increases in these oil and natural gas estimates are a credit to industry initiative and the application of ideas and technology – in non-federal areas where oil and natural gas development is supported and encouraged. These reserves underscore the game-changing nature of unconventional oil and natural gas – again, thanks to hydraulic fracturing – that could support the creation of 3.5 million jobs and more than $5.1 trillion in industry cumulative capital spending by 2035, according to an IHS Global study.
Obviously the small portion of our state which happens to lie within the Marcellus Shale region would only see a fraction of that benefit. But what about offshore oil? We don’t know because no one is being allowed to do the necessary leg work to drill and find out. There could be an energy windfall off Ocean City which has nothing to do with thirty-story high wind turbines but we can’t say. Indeed, we could have no viable oil deposits there, either.
But factor in that just five years ago no one thought the Three Forks Formation was commercially viable for oil, and now there’s the potential for 3.7 billion barrels. (Granted, our daily consumption is about 20 million barrels of oil per day so by itself the field isn’t huge, about six months’ worth. Yet you can add that to all our other potential, not to mention the near-certainty that technology can eventually enhance our findings.)
Because I favor the expansion of an energy type which has been proven to be efficient and relatively cheap in comparison to other modes, some have called me a shill for the oil industry. Sorry, I don’t work for them – although if they can use a writer, I certainly would entertain the offer. I just happen to know that an economy which is growing the right way needs to expand their usage of energy so mankind has to expend less and allows us more time and effort to devote to improving our lot in life.
As I said yesterday, the part of the state which tends to vote against its own best interests is the part which, in this case, is sending useful idiots who believe the garbage about the “dangers” of fracking to Annapolis. No, the process is not risk-free, but no endeavor worth doing is. We’ve placed ourselves with New York as two states falling far behind the curve on energy exploration, but 2014 provides us the chance to correct that mistake.