New energy resources in Colorado?

April 6, 2009 | Print this Page.
New oil shale resources in Colorado.
A new geological survey shows that significantly more oil shale resources may be available in Colorado.

According to an announcement earlier this week by the United States Geological Survey, the Piceance Basin - considered one of the thickest and richest oil shale deposits in the world - has 50 percent more oil shale resources than a previous study from 1989 showed.

The Piceance Basin is the focus of most on-going oil shale research and development extraction projects in the country, says the USGS.

"For the first time in 20 years, we have an updated assessment of in-place oil shale in the Piceance Basin of Colorado," said Secretary of the Interior Ken Salazar.

"The USGS scientific report shows significant quantities of oil locked up in the shale rocks of the Piceance Basin. I believe it demonstrates the need for our continued research and development efforts."

The struggling oil and gas services industry has been dealing with decreased funds for investment and exploration given the drop in oil prices since last summer. The ongoing weak demand does not bode well for a price increase.

However, new domestic discoveries may not result in new oil production or a means to reduce foreign oil dependence because it is technologically and environmentally costly to extract these resources.

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