Oil and the double dip

Reports on ‘Bakken Oil’ discovery in North Dakota, USA

151 million barrels — United States Geological Survey (USGS) assessment 1995

2 Trillion barrels — Stansberry Report Online – 4/20/2006

3.65 billion barrels — United States Geological Survey (USGS) April 10, 2008

271 to 503 billion barrels — Leigh Price, Energy Information Administration (EIA) August 2000.

Which estimate do you believe?

With so much oil, why has North Dakota only one oil refinery?

Who is talking up ‘Bakken Oil’?

You guessed it, the usual snake oil salesmen. — “Investors have a once-in-a-lifetime opportunity to play this massive oil discovery!” — Keith Kohl http://www.energyandcapital.com

With the price of oil running at $US107 per barrell some greedy people  are out to rip off the naive and stupid. Big oil has discovered how difficult it is to drill offshore without destroying the environment. The Gulf of Mexico oil spill started the rise in oil prices. This man made and natural catastrophes have triggered a global economic crisis.

The global economy now is going into a double dip recession.

The combined shock of the increase in the price of oil, sovereign debt default in Europe, earthquakes, tsunamis and now nuclear meltdown in Japan has brought what our leaders said would not happen.

The first recession was brought about by financial fraud in the US housing market.

The second has occured in the real economy and threatens to be worse. This new crisis has come from economic instability in Europe, uncertainty in the Middle East combined with natural disasters and nuclear fallout in the Asia-Pacific. Austalia is less likely to escape this second recession.

Ian Curr
18 Mar 2011

Source: http://energy.usgs.gov/

One thought on “Oil and the double dip

  1. Actually the National Guard was called out in the 60s during the Civil Rights Marches led by Father James Groppi and later when there was rioting as well.

What do you think about this article?