The Bakken Formation in North Dakota could boost America’s oil reserves by an incredible 10 times, according to a report Wednesday.
The Bakken Oil Formation, which covers North Dakota and portions of Montana and South Dakota, is believed to have 175 to 500 billion barrels of recoverable oil. The 200,000 square mile reserve that was initially discovered in 1951.
In 2007, EOG Resources of Texas drilled a single well in Parshal N.D. that is expected to have yielded 700,000 barrels of oil. Marathon Oil is investing $1.5 billion and drilling 300 new wells.
In the next 30 days, the U.S. Geological Survey (USGS) will release a new report giving an accurate assessment of the Bakken Oil Formation.
The United States imported about 14 million barrels of oil per day in 2007, which meant U.S. consumers have spent $340 billion dollars in exported oil.
As of Wednesday, the crude oil price is at $104.83 per barrel.
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