While the staid, dignified Preezy of the United Steezy was distracting you from his horrible economic record with announcements about unnatural “marriage” and $7 a month student loan breaks, the Government Accountability Office revealed that one US oil field contains “as much recoverable oil as the rest of the world’s proven reserves combined.”
The oil is under the Green River Formation, which “covers the territory where Colorado, Utah and Wyoming come together.”
With Obama’s energy policies sending gas upwards of $4 already this driving season and good paying jobs like those found retrieving oil hard to come by, this kind of seems like something we should maybe look into. I heard a rumor once, I think, that increasing the supply of something to meet or surpass demand brings prices down.
The Green River Formation, a largely vacant area of mostly federal land that covers the territory where Colorado, Utah and Wyoming come together, contains about as much recoverable oil as all the rest the world’s proven reserves combined, an auditor from the Government Accountability Office told Congress on Thursday.
“USGS estimates that the Green River Formation contains about 3 trillion barrels of oil, and about half of this may be recoverable, depending on available technology and economic conditions,” [GAO Natural Resources Director Anu K.] Mittal testified.
“The Rand Corporation, a nonprofit research organization, estimates that 30 to 60 percent of the oil shale in the Green River Formation can be recovered,” Mittal told the subcommittee. “At the midpoint of this estimate, almost half of the 3 trillion barrels of oil would be recoverable. This is an amount about equal to the entire world’s proven oil reserves.”
In her oral statement before the subcommittee, Mittal said that developing the shale oil would create wealth and jobs for the country, but also challenges for government.
H/T: Liberty News