Wednesday, April 23, 2008

North Dakota Oil

There's been a bit of hype in the media lately about oil being "discovered" in North Dakota. Big Ed Schultz was about to pee his pants over the whole thing a few shows ago .... you'd have thought we found enough oil there to supply the U.S. for decades.

Here are the facts.

The short version is that the oil in North Dakota, under the most optimistic projections, will only provide the equivalent of about six months of the U.S. oil needs. Meanwhile, production in other onshore facilities, i.e. in Texas, are depleting. Net, the U.S. will continue to need to import more and more oil.

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