Thursday, October 15, 2015

North Dakota's Oil Bloom

 

Today I learned about North Dakota's oil bloom, and that this was the major reason the price of Oil went down around the world. As always, the source was wierd, I was watching John Oliver's show on youtube, and ran into this North Dakota rambling episode. A geologist named Mike Johnson recognized a pattern  in the regions rock formation, and this lead to the discovery of the Parshall oil fields. The discovery of the oil field and new vertical drilling technologies has lead to a surplus of oil in the US, which lead them to buy lesser oil internationally, leading to the global dip in oil prices. US is so excited about the whole affairs, they even have a new TV show about the area and oil discovery.

Of course there is a flip side to all this new found drilled out wealth. The new technologies and drill sites popping all over the bakken area is destroying the environment, and affecting local economy and lifestyles. Oliver himself was calling on people to demand better environment management and practices from the oil companies and government.

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