Reuters reports that a group of U.S. Senators raised questions about a proposed $7 billion pipeline to bring oil from Canadian oil sands. The market news is quoted as saying: The lawmakers, 10 Democrats and one independent, said the State Department needs to answer several key questions before deciding whether to approve TransCanada’s (TRP.TO) application [...]
In 1951 a significant oil discovery was made on the Bakken Formation, which is a very old geological deposit occupying about 520,000 square km of the subsurface of the Williston Basin, covering parts of Montana, North Dakota, and Saskatchewan. An April 2008 USGS report estimated the amount of technically recoverable oil within the Bakken Formation at 3.0 to 4.3 billion barrels.
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