North Dakota Oil Industry

[GeauxSioux]

I was coming back to the office today and had Rush Limbaugh on and he was going on and on about the oil industry in North Dakota. Paraphrasing, with the prices as high as they are and with the new technologies for getting to the oil, North Dakota is poised for a long term boom. Pretty neat.

Maybe UND could be the "Oilers" or "Roughnecks" I don't think the women's teams would look to kindly to being called Roughneck.

[gfhockey]

Yeh i read somewhere ND makes a ton of money when the oil hits over 55 bucks a gallon. So we will making a otn of moeny for a while. The average rig in the bakken formation use to be goin at 140 barrels a day but now they got new technogoogy and have seen that number climb to 160 on a good day but usually 156. My friend works out there so this informaiton is legit. There is also 3.5 billion barrels of oil out there in the bakken formaiton but only a third of that we can actually get. So we got around 1.2 billion barrels of oil left.

[BigGreyAnt41]

From what I've heard, possible new discoveries say North Dakota might have more oil under it than Alaska.

[gfhockey]

What i wanna no though is what ND is gunna do with all this extra money? We have the 2nd biggest surplus in the US. We shoudl start spending some money on stuff like raising teacher salarys, promoting the state, among other things.

[NORGE]

Maybe UND could be the "Oilers" or "Roughnecks" I don't think the women's teams would look to kindly to being called Roughneck.

There's a couple of female roughnecks around these parts.

[Lives-to-play-hockey-06]

What i wanna no though is what ND is gunna do with all this extra money? We have the 2nd biggest surplus in the US. We shoudl start spending some money on stuff like raising teacher salarys, promoting the state, among other things.

How about just giving it back to its residents?

[Siouxman]

How about just giving it back to its residents?

Whoa, slow down a little. ND doesn't own the oil. They get a small slice of the pie, but most of it goes to whoever owns the oil and/or land rights, to cover drilling and pumping costs, etc. It isn't state owned, but the state will get some of the action, just like they do with the coal severance tax.

[Fighting Sioux Fan]

From what I've heard, possible new discoveries say North Dakota might have more oil under it than Alaska.

That's not going to matter much if it is inaccessible or to costly to retrieve from the ground.

[Lives-to-play-hockey-06]

Whoa, slow down a little. ND doesn't own the oil. They get a small slice of the pie, but most of it goes to whoever owns the oil and/or land rights, to cover drilling and pumping costs, etc. It isn't state owned, but the state will get some of the action, just like they do with the coal severance tax.

Obviously, I was talking about the revenue generated off of taxing the oil. Not swiping the oil from the land owners.

[SiouxMeNow]

I was coming back to the office today and had Rush Limbaugh on and he was going on and on about the oil industry in North Dakota. Paraphrasing, with the prices as high as they are and with the new technologies for getting to the oil, North Dakota is poised for a long term boom. Pretty neat.

Maybe UND could be the "Oilers" or "Roughnecks" I don't think the women's teams would look to kindly to being called Roughneck.

If he brings his secret suitcase of illegal viagra - he could drill for oil himself here The key phrase is "with prices as high as they are" - what a TOOL

[Oxbow6]

From what I've heard, possible new discoveries say North Dakota might have more oil under it than Alaska.

A good friend of mine is a retired physical science teacher from Bismarck. He still does some work with the state's geologists and the geologists said they are calling that area around Williston, Parshall, ect..."little Saudi"! The untapped oil reserve I guess is unbelievable.

[wxman91]

A good friend of mine is a retired physical science teacher from Bismarck. He still does some work with the state's geologists and the geologists said they are calling that area around Williston, Parshall, ect..."little Saudi"! The untapped oil reserve I guess is unbelievable.

It is completely irrelevant how much oil is there. It only matters at what pace that it can be brought out of the ground and made into a usable form.

[Oxbow6]

It is completely irrelevant how much oil is there. It only matters at what pace that it can be brought out of the ground and made into a usable form.

Ok Mr. Half Empty!

[BigGame]

It is completely irrelevant how much oil is there. It only matters at what pace that it can be brought out of the ground and made into a usable form.

It will still have a huge impact on the local economy. From the little info. I have heard getting it out of the ground isn't the problem it's getting it moved out in order to be refined. Wouldn't it be nice if ND could somehow rapidly get past all the federal regulations in a hurry and build a refinery. If they can't a pipeline may have to be built, just like Alaska.

[wxman91]

Ok Mr. Half Empty!

Sorry

I do think that this is good for the ND economy. But this isn't like the Beverly Hillbillies where you poke a hole in the ground and oil shoots out. BigGame says that getting it out of the ground isn't a problem, but even with the horizontal drilling techniques, there is likely a limit to how much can be produced in a day.

For example (from the Wikipedia Bakken page):

In 2007, production from Elm Coulee averaged 53,000 barrels per day (84 m

[jimdahl]

In 2007, production from Elm Coulee averaged 53,000 barrels per day (84 m

[jloos]

Report on Bakken oil potential expected - Business Week

If you want to see some of the money from ND oil buy some MDU stock. They own a lot of mineral rights in the Bakken formation.

BAKKEN

[wxman91]

http://www.usgs.gov/newsroom/article.asp?ID=1911

[MplsBison]

4.3 billion barrels:

http://www.in-forum.com/News/articles/197544

Using the 20 million barrels/day figure from above, that would be 215 days worth of oil.

Ok, so we get relief for a year and then we're right back to the problem of foreign dependence.

The answer is clear as day: nuclear power plants with supplements from wind and solar for the prime energy source.

Hydrogen or improved battery technology for energy carriers in consumer vehicles.

[ZapPoke]

Actually, there is potentially 400 billion barrels in the Bakken. That is nearly twice as much as in Saudi Arabia and 10 times as much as ANWR. It could last nearly 100 years using your estimate. As someone else said, they have unlocked the key to producing it through horizontal drilling, but the next challenge is getting it to the market. It has been estimated that in the next few years North Dakota will need 17,000 more workers for the oil field, but this generation of computer geeks doesn't want to get dirty. I say bring on the Texicans!

From nextenergynews.com (02/13/08):

Massive Oil Deposit Could Increase US reserves by 10x

America is sitting on top of a super massive 200 billion barrel Oil Field that could potentially make America Energy Independent and until now has largely gone unnoticed. Thanks to new technology the Bakken Formation in North Dakota could boost America

[wxman91]

Actually, there is potentially 400 billion barrels in the Bakken. That is nearly twice as much as in Saudi Arabia and 10 times as much as ANWR. It could last nearly 100 years using your estimate. As someone else said, they have unlocked the key to producing it through horizontal drilling, but the next challenge is getting it to the market. It has been estimated that in the next few years North Dakota will need 17,000 more workers for the oil field, but this generation of computer geeks doesn't want to get dirty. I say bring on the Texicans!

From nextenergynews.com (02/13/08):

Massive Oil Deposit Could Increase US reserves by 10x

America is sitting on top of a super massive 200 billion barrel Oil Field that could potentially make America Energy Independent and until now has largely gone unnoticed. Thanks to new technology the Bakken Formation in North Dakota could boost America

[MplsBison]

Well said.

I'm actually happy that gasoline and diesel are costing so much now a days.

It puts on more pressure to develop alternatives.

[Goon]

Well said.

I'm actually happy that gasoline and diesel are costing so much now a days.

It puts on more pressure to develop alternatives.

Most peoples care can't burn alternative fuel though. Heck I am all for my SUV getting better milage but I am not for the Government telling what I can drive. I am not buying a prius. (SP)

[Fetch]

All the talk of fuel - commodities - water - food - I can't wait till beer is so expensive that everyone marches on Washington & hangs them all

Heck we have the nukes & water & fuel & food & building State run refineries up here & use profits to give residents cheaper fuel - as a incentive to move here - lets become the new Opec

[Fetch]

speaking of the Prius http://www.katu.com/news/7561002.html