Hydraulic fracking technology developed in ND helps U.S. become dominant oil player

Published: Jul. 6, 2016 at 3:15 PM CDT
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Hydraulic fracturing technology developed in North Dakota's Bakken oil fields has helped the United States become the world's dominant oil player.

A report released this week estimates America is sitting on 264 billion barrels of oil reserves. That includes oil in existing fields, new projects and recent discoveries, as well as projections in undiscovered fields.

Ron Ness, president of the North Dakota Petroleum Council, says surpassing Saudi Arabia and Russia in oil potential is a major accomplishment.

"I absolutely think it's significant what the U.S. has been able to do on oil reserves, but you know that's all based on what we've been able to do in the Bakken with technology, and now the people across the U.S. are looking for oil in places they never even thought it was possible before," says Ness.

Canada was ranked fourth in the Rystad Energy Study with 167 billion barrels in reserve and Iran came in fifth.