40 Years Worth of Light Sweet US Oil Supply

Although it can not be argued that peak oil will not occur, a more meaningful discussion may be to determine when it will occur. That will allow for the investment in alternative sources for energy, much like Portugal and Denmark have done;where they are on target to meet 30% of national energy needs from renewable resources by 2020. In looking on the internet there are a wide range of opinions out there. Based on the research of Söderberg & Partners (retirement planning) and the USGS there does not seem to be an issue in my lifetime though.

http://www.usgs.gov/newsroom/article.asp?ID=1911

At first the Bakken field was thought to be the largest domestic oil discovery in the USA since Alaska’s Prudhoe Bay, but has since been downsized, then increased 25 fold by the USGS when shale production is taken into account. There’s enough crude to fully fuel the American economy for 40 years straight. And because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL! Well, except we know those damn oil barrons are going to gouge us, but cheap oil nonetheless.

usgs.gov