Thursday, February 10, 2011

Oil Boom in the West

A week or so back I blogged about the high-speed rail and peak oil, pointing out that peak oil has been a moving target ever since the term appeared back about 35 years ago.  Well, new drilling techniques just might push the peak oil further to the right yet again.

The new technique, which forces oil to be released from shale, has made possible the extraction of oil in North Dakota and South Texas.  Further discoveries in Wyoming, Colorado, Nebraska, Kansas, New Mexico, and California have looked very promising. (source: Yahoo Finance via TigerHawk)

The oil extraction has brought a bustling economy to North Dakota, which has an unemployment rate of 3.8%.

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