New drilling method opens vast oil fields in US

This important story reported by the AP on news.yahoo.com at http://news.yahoo.com/s/ap/20110210/ap_on_re_us/us_shale_oil

Today’s Record picked up the story in its Business section (p. B-2, AP story by Jonathan Fahey “Shale drilling unlock U.S. oil reserves”). The story however is not available on the Record’s website. The story is reported on news.yahoo.com at http://news.yahoo.com/s/ap/20110209/ap_on_re_us/us_shale_oil_3

The Takebackbergenfield.com reported the AP story on February 2, 2011 under title “Stunning news, an immediate call to action to the Obama administration – 3 to 4.3 Billion Barrels of Technically Recoverable Oil Assessed in North Dakota and Montana’s Bakken Formation — 25 Times More Than 1995 Estimate.”

We also issued the following call to the Obama administration: We are issuing an urgent call to the Obama administration for an immediate action. Start drilling right now!

Guess what? Nothing.

President Obama has not made a prime-time speech to the nation yet. President Obama has not called the meeting of the National Security Council yet. President Obama has not issued an executive order to designate the oil drilling in this area us a national security priority number 1.

Why?

President Obama and his administration have bigger fish to fry such as seizing the future with high speed trains, seizing the future with wireless access, and other similarly meaningless initiatives that only make President Obama look like a “smart leader.”

Let us just quote a few lines form the story published in today’s Record:

“This new drilling is expected to raise U.S. production by at least 20 percent over the next five years. And within 10 years, it could help reduce oil imports by more than half, advancing a goal that has long eluded policymakers.”

“Within five years, analysts and executives predict, the newly unlocked fields are expected to produce 1 million to 2 million barrels of oil per day, enough to boost U.S. production 20 percent to 40 percent.”

“By 2020, oil imports could be slashed by as much as 60 percent, according to Credit Suisse’s Morse, who is counting on Gulf oil production to rise and on U.S. gasoline demand to fall.“

“At today’s oil prices of roughly $90 per barrel, slashing imports that much would save the U.S. $175 billion a year. Last year, when oil averaged $78 per barrel, the U.S. sent $260 billion overseas for crude, accounting for nearly half the country’s $500 billion trade deficit.”

What about the job creation that President Obama so desperately talks everyday in his reelection campaign speeches?

This is the impact of the oil drilling as reported in the story:

“In the Bakken formation, production is rising so fast there is no space in pipelines to bring the oil to market. Instead, it is being transported to refineries by rail and truck. Drilling companies have had to erect camps to house workers.”

“Unemployment in North Dakota has fallen to the lowest level in the nation, 3.8 percent — less than half the national rate of 9 percent. The influx of mostly male workers to the region has left local men lamenting a lack of women. Convenience stores are struggling to keep shelves stocked with food.”

We are issuing an urgent call to the Obama administration for an immediate action. Start drilling right now!

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