Peak Oil Update: Can we drill our way out of this economic mess?

Russ Steele

Steve McCann writing at the American Thinker:

. . . the United States is sitting on the world's largest untapped oil reserve.  A natural resource that would not only mitigate the over $400 Billion sent overseas to other countries but could create untold millions of jobs and put the country on a sound financial footing.

The untapped reserves are estimated up to 2.3 Trillion barrels, nearly three times the reserves held by the OPEC countries and sufficient to meet 300 years of demand, at today's levels -- for auto, truck, aircraft, heating and industrial fuel, without importing a single barrel of oil.

The US could become the single largest exporter of oil and oil related products in the world, thus potentially eliminating its trade deficit, and increasing the national standard of living as well as making a massive dent in the national debt.  

Here is a look at some of the largest untapped reserves:

The Bakken Fields in North and South Dakota.  New drilling and oil recovery technology is making the capture of this oil feasible and some development is now underway.  It is estimated that there is at least 200 Billion barrels of oil in this region.  At a price of $100 per barrel the value of this find is $20 Trillion.

The Outer Continental shelf.  It is estimated that around 90 billion barrels of oil sit beneath the ocean bed 50 to 100 miles off the shore of the Atlantic, Pacific and Gulf coasts.  The value: $9 Trillion.

The Alaska National Wildlife Refuge.  About 10 billion barrels are locked up here with a current value of $1 Trillion.

Tar Sands:  Around 75 Billion barrels of oil could come from these areas which are similar to the Canadian tar sand fields and which now produce about 2 million barrels per day.  The value:  $7.5 Trillion

Oil Shale.  This is the most massive area of potential oil production in the world with an estimated 1.5 Trillion barrel potential.  The technology necessary to extract this oil is now in place and being operated on a pilot project basis.  The value of this resource:  $150 Trillion

There also the very real potential that further finds will be discovered as technology continues to improve.

In total the value of the potential oil reserves of the United States listed above exceeds $187 Trillion.  The current national debt is $14.2 Trillion or less than 8%.

We have created this economic mess and we can drill our way out of it, the only issue is our current lack of political will. We have let a highly vocal environmetalist minority to control our future, and it is time for the adults to take control.  We have the technology, lets man up and create the political will!