May 1, 2013
Yesterday, the United States Geological Survey (USGS) released its updated assessment of America’s oil and natural gas resources in the Bakken and Three Forks formations. The new assessment shows that the United States has double the amount of oil and triple the amount of natural gas than previously thought. The new information comes from a survey of data on two shale formations that run under the states of North Dakota, South Dakota and Montana.
The formations contain an estimated 7.4 billion barrels (BBO) of undiscovered, technically recoverable oil and an estimated 6.7 trillion cubic feet of undiscovered, technically recoverable natural gas.
The announcement that the United States has even more natural energy reserves than previously thought comes as no surprise to the Members of the Natural Resources Committee. This assessment confirms what the Committee has long advocated – increasing energy exploration and development in the United States will lead to the discovery of new natural energy resources.
Right now, energy production is up in the U.S., but only on state and private lands that aren’t controlled by the Obama Administration. On federal lands that President Obama and his Administration oversee, energy production is down. Increased energy production will create jobs, lower energy prices, and make the U.S. more energy secure.
For more information on what the Natural Resources Committee is doing to encourage an “All of the Above Approach” click here.