TSXV:VER.H - Post by User
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Negotia8er1on Mar 16, 2011 8:44am
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Cramer (Mad Money) say, "Bakken Bonanza!"
Cramer (Mad Money) say, "Bakken Bonanza!"
Oil Reserve Bonanza
"The Bakken is rocking," Cramer told viewers, as he explained how a major oil play is afoot right here in the U.S. It's called the Bakken shale region of North Dakota and Montana, and according to recent estimates, this region has reserves of 24 billion barrels of oil.
To put that in perspective, the United States in its entirety, is thought to only have 20 billion barrels of oil remaining. That means the Bakken has just more than doubled U.S. oil reserves. Cramer said there are already 165 rigs operating in the Bakken, and could produce as much 1 million barrels of oil a day.
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It's unknown why the discoveries in the Bakken area, and the new technologies that are drilling there, are not mainstream news, but Cramer said with so much emphasis on energy independence, its only a matter of time before a lot more oil is flowing from the Bakken shale.
With the Bakken shale fields in North Dakota and Montana representing the biggest domestic oil discovery in a generation, Cramer said it's not enough to just concentrate on the oil drillers, as a whole host of companies will benefit from this huge new source of energy.
See more:
https://stocks.investopedia.com/stock-analysis/jimcramer/CramersMadMoneyRecapApplesStarPowerFinal.aspx