On Thursday, the U.S. Geological Survey is going to release a document on the study of what is know as the Bakken formation.
This formation is an oil shale deposit that covers roughly 200,000 square miles. Basically, most of North and South Dakota, a good chunk of Montana and Saskatchewan and Manitoba.
Here is some research on the Bakken formation.
Estimates have varied widely but what the big deal here is that in the last 10 years since the last time this formation was looked at, estimates have risen drastically. The geologist that first found it and started studying it estimated potential production to be close to 1 billion barrels. But given new technology, studies by a Leigh Price have shown that there is a potential of 900 billion barrels.
If that is true, the boon to the economy and resulting plummeting of fuel prices would bring this housing market fueled recession to a screeching halt and start running full speed the other way.
It won't fix the housing market but it will likely drop fuel prices and mean more money back in your pocket instead of your gas tank. This is kind of a big deal and it'll be interesting to see what the USGS has to say on Thursday.