Devoted to Managers and those that seek to improve their management skills

While those of us that follow the oil industry have been aware of the huge potential oil deposit in the Bakken Shale formation, which spreads all the way from the Canadian border through Montana and the Dakotas, it isn't well known by those not familiar with the industry.

It has been 13 years since the last U.S. Geological Survey study on the area was performed, which at that time in 1995 revealed about 151 million barrels of oil that were recoverable. Now with the continuing advancement of drilling technology, there could be up to an astounding 3.7 billion barrels of oil in the basin, according to the USGS.

"The substantial amount of oil that it estimates is in the Bakken Shale should attract significant new investment to this region," said U.S. Sen. Byron Dorgan, the North Dakota.

That's not all the news either, as there could be up to 1.85 trillion cubic feet of natural gas in the formation, as well as 148 million barrels of natural gas liguids, said the same study.

The price of oil allows the recovery methods to be profitable for oil companies, so the huge amount of oil is available for use to consumers and businesses now.

In the past you'd almost have to be perfect with what you hit if the drilling was to be profitable, now there is some leeway to work with.

Most people don't know that oil companies have already been working the formation, and oil being produced.

Of course we have the Arctic National Wildlife Refuge (ANWR) in Alaska available, as soon as the congressional drilling moratorium is lifted, where there may be over 10 billion barrels of oil ready to assess.

This doesn't even include the huge amount of oil next to the more widely known Canadian Sands, where it could hold similar reserves as the Sands themselves. Add that to the growing amount of oil fields being discovered by Petrabas of Brazil, and you have huge reserves close to being accessed.

Peak oil at this time is a myth. What disingenuous people do is assert we are at peak oil based on the usual methods and locations its been drilled for in the past. The truth is there are billions of barrels oil known of by these people, which isn't widely understood by the public yet, which will be available in the not too distant future.

What I've talked about here isn't even close to what else is known to be out there. I only write it to show how little those attempting to manipulate the public through fear know or are willing to communicate about these known oil deposits.

These methods of manipulation have already produced the ethanol fiasco that's becoming more and more of a problem worldwide, and yet the government keeps on pushing it as if it is a viable soluution to oil and gas.

The ongoing discovery of oil proves the "peak oil theorists" are just that: theorists. Now that we have the facts and huge deposits of oil are confirmed, we need to take a step back an reevaluate where things are really at, and take our time in going ahead into the future concerning energy.