Energy Business

Looking For Huge Untapped Oil Reserves

The sight of the gallows focuses the mind.

Now that oil is close to $140 a barrel, a number of potential solutions for the crisis that were not options a year ago, have suddenly become attractive.

The first source of new crude is oil shale. The US has a trillion tons of the stuff and companies like Chevron (CVX) haves started the process of producing it. In 2005, according to The NY Post, the US Department of energy said that 10 million barrels a day in a little over a decade.

The second source which is readily available is oil under protected lands. The Department of the Interior estimates that these resources total 31 billion barrels of oil according to The Heritage Foundation. The reserves offshore are closer to 86 billion barrels.

Finally, oil deposits in Montana could bring in 3.65 billion barrels of oil because new of new drilling technology.

The oil is there.It is a question of deciding to put in the effort, and change some government regulations.

Douglas A. McIntyre