Reston, VA - North Dakota and Montana have an estimated 3.0 to 4.3 billion barrels of undiscovered, technically recoverable oil in an area known as the Bakken Formation.

A U.S. Geological Survey assessment, released April 10, shows a 25-fold increase in the amount of oil that can be recovered compareed to the agency’s 1995 estimate of 151 million barrels of oil.

Technically recoverable oil resources are those producible using currently available technology and industry practices.  USGS is the only provider of publicly available estimates of undiscovered technically recoverable oil and gas resources.

New geologic models applied to the Bakken Formation, advances in drilling and production technologies, and recent oil discoveries have resulted in these substantially larger technically recoverable oil volumes.

~ From the U.S. Geological Survey

The price of oil fell early Tuesday as low as $118 per barrel and is now 20 percent below the high we saw back in July. 

This trend could very well continue but such a decline would be accelerated if more leaders on Capitol Hill sided with Congressman Don Young from Alaska who recently delivered a powerful argument on the House floor in favor of increased domestic drilling. 

Watch the clip below:

 

INTERESTING POINT:  Pay attention to how the congressman DELIVERS his argument rather than READING it.  Highly effective. 

What are your thoughts on domestic drilling and energy prices?  Share your views in the comment field below.

Related and Recommended Reading:

Wrong Then, Too by Jerry Taylor at the Cato Institute

My Interview With Alaska Governor Sarah Palin from Larry Kudlow’s Money Politic$ blog