The Potential Of Oil Shale

Oil Shale

For decades, there has been talk about finding and developing alternative energy sources to solve the problems of a significant and worldwide energy crisis. Today, more than ever, momentum is building as key factors align to make it economically feasible to pursue domestic solutions to the energy problem. Oil Shale is one of the most abundant and accessible energy resources in the country.

• The United States is dependent on foreign oil

• The U.S. imports about 56% of its oil per year and this number is growing

•World demand for oil is growing by almost one billion barrels per year

•The U.S. consumes more than 7 billion barrels of oil per year

•Crude oil prices topped $138.00 per barrel in June of 2008

Part of the solution to our energy problem can be found right here in America—the development of our vast domestic resources of oil shale.Oil shale is one of the most abundant and accessible energy sources in the country.The U.S. geologic survey estimates there are 2.5 to 3 trillion barrels of proven resources of shale oil throughout the world. This is equivalent to one to two times the total world crude oil reserves.Studies show that 72% of the world’s recoverable shale oil lies within the boundaries of the United States, in comparison to only 5% of the world’s recoverable crude oil. The United States’ largest oil shale reserves are located in the Green River Formation, the area composed of southern Colorado, eastern Utah, and western Wyoming. It is estimated that the Green River Valley contains approximately 1.5 trillion barrels of proven resources from oil shale.That is enough oil to meet the United States’ present energy demands for the next 200 years.