Just recently, I happened to drive through the southern end of the Bakken Field in North Dakota on my way to Montana. I can tell you that an oil boom in the making is absolutely awesome to behold! There is black gold in them thar hills!
The I-94 freeway was a solid line of trucks ferrying equipment to the oil fields. Low-level hotel and motel rooms are booked 4 years out and cost in the upper $-100s per night. Everywhere over North Dakota’s (very attractive, in my view) rolling western plains you see oil storage tanks and pumps blending (yes, blending…they are not ugly or obtrusive) in the countryside. The crush of people from all over and construction in small-but-fast-growing towns like Dickinson and Williston is energizing. Oh, if I was young again…
I met a semi-retired petroleum engineer in Alberta that was working on the Canadian tar sands development. I asked him what he had heard regarding the size of the Bakken oil field. He indicated that, pessimistically, it contained 1x the reserves of Saudi Arabia, while the optimistic projection was 3x the Saudi oil reserves. Plus, there are all the other oil fields out there waiting to be developed (e.g., Western Colorado) and the natural gas fields scattered throughout the country.
Interestingly, he also told me that he thought the Obama administration made the right call on the Keystone Pipeline in that the forced redirection of the pipeline would be much more responsible (environmentally speaking), given the shallow ground water tables in Nebraska.
I don’t believe that this can be stopped. Cheap energy is at hand and it will change our country and the world.