Meet The Oil Shale Eighty Times Bigger Than The Bakken -- ForbesEveryone has heard about the Bakken shale, the huge expanse of oil-bearing rock underneath North Dakota and Montana that billionaire Harold Hamm thinks could yield 24 billion barrels of oil in the decades to come. The Bakken is a huge boon, both to the economic health of the northern Plains states, but also to the petroleum balance of the United States. From just 60,000 barrels per day five years ago, the Bakken is now giving up 500,000 bpd, with 210,000 bpd of that coming on in just the past year. Given the availability of enough rigs to drill it and crews to frack it, there’s no reason why the Bakken couldn’t be producing more than 1 million bpd by the end of the decade, a level that could be maintained for halfway through the century.
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My Comment: Russian President Putin has made it a priority for Russia to exploit it's oil reserves .... even making joint ventures with international oil companies. My prediction .... Russia will be expanding their oil production levels to satisfy world demand for many more years to come. As to it's impact on the geopolitics of oil .... expect Europe and China to be "best buddies" with Russia for the rest of this century.
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