It seems like we have fallen back to sleep on the issue of independence from foreign oil producers. It now appears that we can drill on US soil, without going off shore.
I just learned about a year old report by the US Geological Survey that points out that we have massive oil reserves in eastern Montana and western North and South Dakota. It’s called the Willston Basin, or more commonly the “Bakken.” With current drilling technology we have access to over 500 billion barrels. Because it is light, sweet crude, it would cost less than $20 per barrel; enough for the entire US for the next 40 years or more. So, US oil exploration is not dead after all.
Did you know this? Do our elected officials know this? Does our administration know this? Sure they do, but they are not doing anything about it. When gas prices approached $5 per gallon, we all seemed very interested in “drilling now.” Now that gas prices are down to $2, our government leadership seems to have lost interest.
Well, know we are in a depression, with modest recovery being projected early next year, and unemployment continuing to rise. It seems to me that we need a “stimulus package” to go after our own oil. This would dramatically reposition the entire US economy through oil independence and trillions in taxable revenue. We should be aggressively extracting this oil as fast as we can. I can’t imagine a more important stimulus program. Far more important than bailing out the failed business model of the auto industry and irresponsible financial institutions, all of whom simply need a chapter 11 bankruptcy to clear their ills.
Sure, we should also be investing in promising alternate sources of energy, but none of them has the potential of giving us energy independence any time soon at a level that makes sense for our economy. These investments of our dollars should not replace those that could gain oil independence, and we should manage the transition to alternative source of energy as they become more efficient and effective.
Read up on this. Form your own views. Then contact your senators, legislators and the media to drive attention back on this issue. Oil independence is actually within our grasp. We need leaders that will take action. If the current crew doesn’t, we should replace them in 2010 with people who will.
Bill Warner is founder and Managing Partner of Paladin and Associates, a consulting firm that helps entrepreneurs create successful businesses by providing a broad array of services that help them create a business strategy and plan, and get them ready for raising the necessary financing to launch or expand their business. He is also co-founder and Executive Director of EntreDot, a business mentoring non-profit organization that assists entrepreneurs who are starting their companies. Bill is a Fund Executive of IMAF-RTP, an angel seed fund investing in start-up companies.