Good News About Oil Reserves: In the Trillion of Barrels

The U.S. Geological Service issued a report in 2008 (where was the press on this one?) on how much oil was in North Central region of the U.S. in a basin known as Bakken. The Energy Information Administration (who the hell is this group?) estimates a starting base of over 5oo billion barrels of oil with a worth in the trillions. Additionally, scientists say there is over 2 trillion barrels of untapped oil beneath the Rocky Mountains.

Okay, I can hear your question from here: Why aren't we going after it to rid ourselves of foreign dependence? Short answer: Somewhere in Congress someone has an agenda with the Mideast oil producers.

Okay, you don't like that answer, try this one: Oil companies could be flooded with oil right up to the CEO's executive suite but it wouldn't lower the price of gasoline or oil products because we haven't built a refinery in over 25 years. The oil execs offer up the "EPA makes it impractical to build refineries due to all their rules and regs" as if to say it should be okay to inhale all their carcinogenic carbons. Therefore, the fewer the refineries the greater control over supply. Control over supply equals (hold your breath) higher prices.