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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Thursday, August 4, 2011

US Firms plan rail expansion to profit from oil spread

NEW YORK, Aug 4 (Reuters) - Logistics firms are accelerating plans to build crude-by-rail terminals in the United States as shippers look to transport more oil on railroads to capture massive oil price spreads between the country's northern and southern regions.
Logistics firm Musket said on Thursday it would build capacity to ship 70,000 barrels a day of oil by railroad from North Dakota's Bakken region, and competitor Plains All American (PAA.N) said it is also boosting crude-by-rail capacity.
Oil traders and shipping companies are building rail terminals in the booming Bakken shale and other northern or mid-continent locations in a race to move crude south due to a dearth of pipelines to do the job. Pipeline tariffs remain cheaper than rail, but the boom period for crude-by-rail could last until at least 2013, when new pipelines between the Midwest and Gulf Coast regions enter into play.
The unusually large price spread of more than $20 per barrel between crudes in Cushing, Oklahoma, or further north, and those traded in the U.S. southern Gulf Coast region is providing huge economic incentives to move crude south.
Source: Reuters 
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