This is what all the buying is about in this sectoThe Bakken Oil Formation:
Welcome to the Next Oil Boom
April 15th, 2008
The U.S. Geological Survey just published its official results of a groundbreaking study.
Its report confirmed a massive oil reserve in an area the localshave nicknamed the "Bakken," which stretches across North Dakota,Montana and southeastern Saskatchewan.
The new USGS study estimates a whopping 3.65 billion barrels of oil in the Bakken... but here's what they didn't mention:
The reported 3.65 billion barrels of oil mean estimate is for'undiscovered' oil only, and doesn't include known oil, such asreserves.
In fact, the study reports a 25-fold increase in the amount of oilthat can be recovered... compared to the agency's estimate back in 1995.
Discovered over 50 years ago, the Bakken deposit--once impossible toextract--is now being hailed as the single largest oil find in UShistory.
That's because, today, thanks to breakthrough drilling techniqueslike horizontal drilling, the Bakken's oil shales can be extractedrelatively cheaply.
When that happens, this light, sweet oil will cost Americans just $16 per barrel!
The next oil boom is already upon us.
And, considering that oil prices are likely to remain above $100 abarrel, the time for shock is over. Investors are now faced with anunprecedented opportunity to play the U.S. and Canada's new hottest oilstocks... several of which are poised to make 300% gains during 2008.