Supply and Demand

In case any of my 3 or 4 readers do not know what is going on in Iraq and their oil supplies, this will be the two-minute explanation:

• After we deposed Saddam, thus ending combat operations involved in the takeover of Iraq with the largest coalition of allies ever put together in world history (in-other-words, not unilateral in the invasion), we began assisting in rebuilding the Iraqi infrastructure, the final consensus being that all the revenue from Iraqi sales of their oil would be put into a fund governed by the United Nations which was then to be put right back into the rebuilding effort. America has never seen any of the revenues from these sales, nor have they gotten any of the oil... much to the chagrin of all those lefties who think Bush went to war for oil. In fact, if memory serves me, the first time Iraq actually took over the sales of this natural resource, China and a few other countries (India, Vietnam, and Indonesia) were set up for contracts. America was not in those contracts... so sorry Code Pink (e.g., all the really left leaning persons) and (*wink*) Kimba (e.g., anyone who is left on the left, known as confused stragglers).

Now the Democrats (who, again if you remember, said we went to war for oil) want us to get in on the oil deals from Iraq. Hmmmm. Maybe they want to go to war for oil? I don't know, but this sure is helpful in arguing against a five-year long premise that we went to war for oil. At any rate, this is a great segway into an article from World Net Daily (props) that discusses a recent find, the only question is then -- considering this find -- will the Democrats beholden to Greenpeace (e.g., the whacko loony enviro-fascists) allow drilling in these areas (we eschatologically minded folks are waiting for Israel to strike that "bubblin' crude"):

Billions of gallons of oil in North Dakota, Montana
Geological Survey calls find largest reserves outside Alaska

A shale formation stretching North Dakota and Montana may have an estimated 3.0 to 4.3 billion barrels of technically recoverable oil, according to a U.S. Geological Survey assessment.

Known as the Bakken Formation, this find would make the recoverable oil in North Dakota and Montana the largest United States oil reserves outside Alaska.

The recently released assessment shows a 2,800 percent, or 28-times increase in the amount of oil recoverable from the Bakken Formation, compared to the agency's 1995 estimate of 151 million barrels of oil.

According to the USGS, the dramatically increased estimate of recoverable oil in the Bakken Formation results from new geological models, advances in drilling and production technologies, and recent oil discoveries.

By the end of 2007, approximately 105 million barrels of oil have been produced from the Bakken Foundation.

"The Bakken Formation estimate is larger than all other current USGS oil assessments of the lower 48 states and is the largest 'continuous' oil accumulation ever assessed by the USGS," said a news release making the announcement.

The Bakken Formation lies in "Williston Basin," a geological formation in the north central United States, underlying much of North Dakota, eastern Montana, northwestern South Dakota, and southern Saskatchewan and Manitoba, Canada, according to the Energy Information Administration of the U.S. Department of Energy.

The EIA attributes the success of horizontal drilling and fracturing efforts in Montana as the reason a decision was made to re-evaluate the 1995 USGS Assessment of Resources that had estimated only 151 million barrels were technically recoverable from the Bakken Formation.