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+ - How Nebraska Became Saudi Arabia

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Hugh Pickens writes
Hugh Pickens writes writes "The WSJ reports that the discovery of the gigantic and prolific Bakken oil fields of Montana and North Dakota have already helped move the US into third place among world oil producers and according to Harold Hamm, CEO of Continental Resources, the 14th-largest oil company in America, if fully developed the field in Bakken contains 24 billion barrels, doubling America's proven oil reserves. "Bakken is almost twice as big as the oil reserve in Prudhoe Bay, Alaska," says Hamm. "We expect our reserves and production to triple over the next five years." Hamm adds that with the right set of national energy policies, the United States could be "completely energy independent by the end of the decade. We can be the Saudi Arabia of oil and natural gas in the 21st century." One reason for America's abundant supply of oil and natural gas has been the development of new drilling techniques including "horizontal drilling" that allows rigs to reach two miles into the ground and then spread horizontally by thousands of feet. But Hamm thinks America's energy priorities are misplaced and says the government floods green energy with billions of dollars of subsidies a year. "Wind isn't commercially feasible with natural gas prices below $6 per thousand cubic feet," says Hamm "I told [Obama] of the revolution in the oil and gas industry and how we have the capacity to produce enough oil to enable America to replace OPEC. I wanted to make sure he knew about this.""
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How Nebraska Became Saudi Arabia

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