Bakken formation oil reserves fall well short of hopes, reviving “peak oil” concerns

In North Dakota, estimates from the US Geological Survey on the size of the Bakken Formation oil field fell well short of expectations. The USGS projected recoverable reserves of 3 billion to 4.3 billion barrels of oil using “current technology”. Some observers has projected recoverable reserves of up to 200 billion barrels, or 10 times the current US proven reserves.

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