As the years have progressed, the estimates of oil and gas reserves in the US have dramatically risen. Estimates change over time due to technological advances and other factors, which the “peak oil” theory doesn’t take into consideration.
Despite these abundant reserves, the Obama administration pressed on with green renewable energy alternatives, even though “green” industries have largely collapsed amidst scandals and financial troubles.
Meanwhile, by 2012, Bill Gates was investing in small-scale nuclear reactors that use depleted uranium as fuel, which is a waste product of traditional nuclear reactors, to produce power over many years without human intervention.
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The Great Oil Conspiracy: How the US Government Hid the Nazi Discovery of Abiotic Oil from the American People by Jerome R. Corsi, 2014 edition
Please note: The following has been summarised by an AI programme. AI programmes are prone to inaccuracies and “hallucinations.” We advise readers to refer to the original book to check the accuracy of information. A copy of the book can be downloaded HERE and you can listen to the audiobook HERE.
Chapter 6: “Drill, Baby, Drill” – Achieving USA Energy Independence Now
The Debate on Oil Reserves and Peak Oil Theory
The concept of the United States running out of hydrocarbon fuels is based on the assumption that the quantity of these fuels is known, and that they are finite, not subject to expansion by technological advances, as pointed out by critics of peak production theorists, including those responding to claims made by President Barack Obama.
President Obama has claimed that the United States consumes more than 20 percent of the world’s oil reserves, but has less than 2 percent of the world’s oil reserves, which raises questions about how he can know the exact size of the US or global oil reserves, as noted by the Washington Post.
The Washington Post cited estimates from the US Geological Survey and the Bureau of Ocean Energy Management, which reported that the US had 219 billion barrels of “undiscovered technically recoverable resources” in 2011, which is ten times more than the 21 billion barrels of oil that the Energy Information Administration claimed the US had in 2011, highlighting that these estimates can change over time due to technological advances and other factors.
The Bakken Formation, which stretches across three states in the northern United States and into southern Canada, is a significant example of how estimates of oil reserves can change, as it was initially thought to have only 151 million barrels of recoverable oil in 1995, but was later reassessed to have an estimated 3 to 4.3 billion barrels of technically recoverable oil, a 2,800 percent increase, due to advances in drilling technology, including horizontal drilling and fracturing efforts.
Technological Advancements in Oil Production and Their Impact
The success of horizontal drilling and fracturing efforts in the Bakken Formation has been attributed to the use of new technologies, such as hydraulic fracturing, which has allowed for a significant increase in oil production, from 3,000 barrels per day in 2005 to 225,000 barrels per day in 2010, as reported by Richard Newell, the EIA administrator, to the House Committee on Natural Resources.
The US government currently estimates that there are nearly 24 billion barrels of technically recoverable oil in the Bakken Formation, and the Energy Information Administration has recognized the importance of technological advances in increasing oil production, as noted in the context of the “shale shock” and the rapid rise of oil production from shale plays, particularly in the Bakken shale in North Dakota.
The US Department of Energy’s Energy Information Administration reported a significant increase in US natural gas reserves, which grew by 63 percent between 2000 and 2010, due to the use of horizontal drilling and hydraulic fracturing in shale oil formations, including the Bakken Formation.
The Bakken Formation: Resource Estimates and Technological Reassessment
The Bakken Formation, located in the Williston Basin, is estimated to have 3 to 4.3 billion barrels of technically recoverable oil, which is 25 times more than the 1995 estimate, and is considered the largest continuous oil accumulation ever assessed by the US Geological Survey.
The technological revolution in the oil and gas industry has revitalized the resource base in the onshore lower 48 states, allowing producers to profitably produce crude oil and natural gas from low permeability geologic formations, particularly shale oil formations, as stated by Richard Newell, Administrator of the Energy Information Administration.
The Shale Gas Boom and Energy Policy Shifts
Aubrey McClendon, the chief executive of Chesapeake Energy Corporation, proclaimed that shale gas makes the United States the Saudi Arabia of natural gas, and newly explored shale oil and shale gas reserves in North America promise to provide abundant domestic reserves adequate to meet US energy needs for hundreds of years to come.
Despite the abundance of shale oil reserves, the Obama administration has been pressing a carbon-hysteria agenda, preferring green renewable energy alternatives such as wind and solar power, and is unlikely to tout abundant shale oil reserves as a solution to provide cheap energy for decades to come, while the green industries have largely collapsed amidst scandals and financial troubles.
The oil and gas arena has seen a boom due to technological advances, creating a horizon for sustainable profits into the foreseeable future, barring political intervention and disruption from an ideologically driven Environmental Protection Agency.
The Wall Street Journal reported in December 2011 that the boom in low-cost natural gas obtained from shale is driving investment in plants that use gas for fuel or as a raw material, leading to a surge in US natural-gas production and a decrease in prices from $15 per million British thermal units to below $3.20.
The energy play for 2012 and beyond is expected to remain in the oil and natural gas fields, rather than in green energy technologies, despite the preferences of the Obama administration, with the shale gas industry now accounting for more than one-third of all US natural-gas production.
Emerging Nuclear Energy Innovations and Small Modular Reactors (SMRs)
Bill Gates, the founder of Microsoft, has financed TerraPower LLC, a company that aims to build small-scale nuclear reactors, known as traveling-wave reactors, which can power a local community for decades without needing to be refueled and have the potential to produce cheap, zero-carbon energy.
The TerraPower reactor is designed to be buried in the ground, where it would run for 100 years, and uses depleted uranium as fuel, which is a waste product of traditional nuclear reactors, to produce plutonium in a controlled reaction that can burn slowly over many years without human intervention.
Another company, Hyperion Power Generation, Inc., is marketing a small, modular, non-weapons grade nuclear power generator that can power industrial plants, military bases, hospitals, and other facilities, and has developed a small reactor that can be buried underground and provide power for 7 to 10 years with minimal maintenance and no greenhouse gas emissions.
The success of companies like TerraPower and Hyperion has led to the emergence of a new industry grouping, known as Small and Modular Nuclear Power Reactors (SMRs), which have the advantage of providing power away from large grids and can be used to generate electricity in remote areas, according to the World Nuclear Association.
SMRs, such as those developed by TerraPower and Hyperion, have the potential to provide cheap, reliable, and clean energy, and could play a significant role in the future of energy production, with the ability to power thousands of homes and facilities with minimal environmental impact.
Featured image: Bill Gates (left) and TerraPower sign (right) taken from ‘Meta Signs Deal with Bill Gates’ TerraPower to Build up to 8 Advanced Nuclear Reactors in US’, ESG Today, 9 January 2026
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