“USGS estimates that the Green River Formation contains about 3 trillion barrels of oil, and about half of this may be recoverable, depending on available technology and economic conditions,” Mittal testified.Equal to the entire world's proven reserves.So, just exactly how much oil is that? According to this link, the US used about 7 billion barrels of oil in 2010. At current rates, we could use oil for over 200 years out of this one formation. All we've got to do is frack it out of the ground.
“The Rand Corporation, a nonprofit research organization, estimates that 30 to 60 percent of the oil shale in the Green River Formation can be recovered,” Mittal told the subcommittee. “At the midpoint of this estimate, almost half of the 3 trillion barrels of oil would be recoverable. This is an amount about equal to the entire world's proven oil reserves.”
If President Obama is truly pursuing an "all of the above" energy policy, we could begin drilling this formation and have energy independence very soon. I'm sure that there are plenty of companies that are willing to go there and drill. You'd have the outfits themselves, the supply companies, the pipeline companies, and all the people that go with them. Houses being built, roads being built, high-paying jobs with good companies. Those folks have to eat, so grocers and restauranteurs, coffee shops, everything that comes with prosperity would go to the folks who are getting this oil out of the ground.
It's all here for us, folks. The only thing in our way is the government. If Obama doesn't clear the permits immediately, then we know where he stands on the issue of American energy independence. The oil is in the ground. All we've got to do is get it out.
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