It's called the Bakken Formation like one of the other posters mentioned. Was cool, I was reading up on it last night.
It's massive.
The catch is how much is recoverable -- what we can get out of the ground. US Geological Survey as of April '08 says it's 1% or about 4 Billion barrels.
Saudi Arabia has reserves of 250 Billion.
Bakken Formation has 400 Billion barrels...how much can we get?
USGS estimates ANWR at a bit less then 8 Billion barrels, so if we can recover 2% of Bakken, we'd equal that.
Prudhoe Bay is rapidly getting to the end of it's life...we'll have extracted some 12 Billion barrels since 1977. If we can recover 3% of Bakken, it will have equaled what's been shipped through the Alaskan pipeline.
In a wild dream, if you hit 60% (probably not technically possible at any reasonable cost)...you're talking more oil then is left in Saudi Arabia.
Big enough for you :D
Yes, we're still pumping in Alaska and using the pipeline, although the amount of oil is decreasing. That's part of the pressure to drill in ANWR to keep up the oil industry up there going a few more decades.
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