Following up from another story hitting out at American energy independence, the chatter continues to increase by a small amount. However, and per usual, the only obstacle holding this back are the politics of overblown environmental concerns and the red tape from them, a form of economic warfare. See also this, and this. Until the restrictive tape is removed, it’s likely to remain a pipe dream at best.
Drillers in Utah and Colorado are poking into a massive shale deposit trying to find a way to unlock oil reserves that are so vast they would swamp OPEC.
A recent report by the U.S. Government Accountability Office estimated that if half of the oil bound up in the rock of the Green River Formation could be recovered it would be “equal to the entire world’s proven oil reserves.”
Both the GAO and private industry estimate the amount of oil recoverable to be 3 trillion barrels. Continue reading