|As for how much oil is in the Bakken? Many geophysicists beleive the amount is between 200 - 400 Billion bbl. Not the 4 billion with maybe 2 recoverable. It is my understanding from locals there have been hundreds of wells drilled over the last twenty years in the Williston Basin, and they were just capped. Then they would drill more. Cap 'em, then drill more.|
The best part, it is light sweet crude, the same as Al-Ghawar. Easiest and cheapest to refine.
Maybe they don't want the Canadians to suck it all out first. Maybe they want oil high. The speculators everyone is screaming about are the big banks that swapped damaged MBS for Treasuries. They borrowed against the treasuries and went straight to the NYMEX. $240 billion swapped with the Fed since Jan. $240 billion increase in commodities futures trading since Jan. The speculators are the big banks that are essentially bankrupt. If oil goes back to $110, everybody can say 'goodnight' to the market. The loss will hurt the Fed so bad the US credit rating will no longer be AAA.
Why would they lie about the oil? Hell, they lie about everything else.
I just hope some small players like COCBF hit soon. Very soon.