While yearly production fluctuates, output rose from 200,000 barrels per day in 2007 to 1.5 million barrels per day by late 2019, the report says. Watch Video: Mississippi approves $62 million in projects 11 years after BP oil spill Post misstates cost, status of Bakken oil extractionĭespite the post's claim that "we now have access" to the Bakken's reserves due to a recent technological breakthrough, the area has been actively mined for oil and gas since 1953, according to a North Dakota Department of Mineral Resources publication. It's not as cheap as the post claims, either.įollowing the proliferation of fracking technology, production in the Bakken escalated in the late 2000s, when the area represented “an outsized share of all new hydraulically fractured oil wells in the United States,” according to a November report from the Institute for Energy Economics and Financial Analysis. At this rate of consumption, the proven reserves in the Bakken would last less than a year. consumed more than 6 billion barrels of oil in 2020, according to Energy Information Administration data. for 2,000 years.įact check: Price of oil has not more than doubled during Biden presidency That's nowhere close to enough to power the U.S. That's about 1/80th what the post claims. However, the agency's “ most recent estimate for proved oil reserves" in the Bakken is about 5.9 billion barrels, spokesperson Chris Higginbotham told USA TODAY in an email. Energy Information Administration estimates there are 503 billion barrels of accessible oil in the Bakken. "To produce the oil and gas economically, techniques like hydraulic fracturing (fracking) and directional drilling must be used.” Geological Survey, told USA TODAY in an email. “The oil and gas is spread through the rock formation," Alex Demas, a spokesperson for the U.S. Non-conventional extraction techniques are necessary to access Bakken oil due to the formation's geological structure. The Bakken is a geological formation containing oil and gas resources that extends across parts of North Dakota, South Dakota, Montana and Canada. It is located within the boundaries of the larger Williston Basin. Reserve estimated to have 5.9 billion barrels of oil USA TODAY reached out to the social media users who shared the claim for comment. Neither the claimed 500 billion barrels nor the actual Bakken reserves could “fuel the American economy” for more than 2,000 years. The Bakken reserve does not contain nearly 500 billion barrels of oil, and the cost of extraction is much higher than $16 per barrel. The post is incorrect on multiple counts.įact check: Rising gas prices due to high demand and low supply, not Biden's policies The post, whose text takes the form of a roughly 900-word essay, was shared more than 2,300 times in two weeks. Other versions of the post have been circulating online – and been previously fact-checked – for more than a decade. Those billions of barrels will cost Americans just $16 PER BARREL!!!!!! That's enough crude to fully fuel the American economy for 2041 years Straight." 26 Facebook post. "And because this is Light, sweet oil. We now have access of up to 500 billion barrels," reads an Oct. “A recent technological breakthrough has opened up the Bakken's Massive reserves. economy for more than 2,000 yearsĪ years-old claim that a massive oil reserve was recently discovered in and around the Dakotas has resurfaced on social media. Watch Video: Biden at COP26 summit addresses fight against climate change The claim: The Bakken contains more than 500 billion barrels of cheap oil, enough to power the U.S.
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