Right here in America there is a modern day oil & gas boom. Using a geology-based assessment methodology, the U.S. Geological Survey estimated mean undiscovered volumes of 3.65 billion barrels of oil, 1.85 trillion cubic feet of associated/dissolved natural gas, and 148 million barrels of natural gas liquids in the Bakken Shale Formation of the Williston Basin Province, Montana and North Dakota.

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Monday, July 25, 2011

Union Pacific sees rail oil shipments quadrupling

NEW YORK, July 22 (Reuters) - Union Pacific Corp (UNP.N: Quote), the largest publicly held U.S. railroad, said it it expects to quadruple the amount of oil it carries this year from the Bakken shale formation in North Dakota to U.S. Gulf Coast refineries.
"We'll probably quadruple the amount this year in terms of moving from the Bakken down to the St. James and elsewhere. We're seeing just a lot of interest overall," said Jack Koraleski, executive fice president of marketing and sales.
He said the company moved about 4,400 carloads of crude oil out of Bakken Shale in 2010.
"We expect to move a little more than 16,000 carloads in 2011." he said, adding the railroad moved a total of 8.8 million carloads in 2010.
By rail, oil generally travels in batches of 60,000 barrels or more on unit trains of 100 cars.
Source: Reuters
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