The Largest Oil Deposit in the World

OIl Deposit

Oil Field

The Green River Formation

The largest oil deposit in the world is the Green River Formation located in parts of Wyoming, Utah, and Colorado.  The USGS estimates there are three trillion barrels of oil in the formation. The Rand Corp estimates that 30 to 60 percent of that is recoverable.  That’s anywhere from one trillion to two trillion bareels of oil that are recoverable. This amount is equal to all proven reserves in the world. That means the US has more oil than Saudi Arabia and everyone else combined. This is the equivalent of a two hundred year supply of oil.

The question is now political. Will the PTB allow this field to be developed for the benefit of the United States? The field sits in a remote and largely uninhabitable region of the country. Will the PTB finally allow America to achieve energy independence or will they attempt  to keep us dependent on foreign oil and drain money out of this country in order to destroy the middle class and short circuit an economic recovery? America has huge proven reserves of natural gas. Now we have equally huge reserves of oil. Will we be allowed to develop these reserves and achieve economic prosperity orwill the PTB find a way to sabotage that development? What do you think?

For more information on the Green River Formation go here:

http://www.dailymarkets.com/economy/2012/05/12/200-year-supply-of-oil-in-green-river-formation/

 

 

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