Alaska's untapped oil reserves estimate lowered by about 90 percent

[phantom power]

(CNN) -- The U.S. Geological Survey says a revised estimate for the amount of conventional, undiscovered oil in the National Petroleum Reserve in Alaska is a fraction of a previous estimate.

The group estimates about 896 million barrels of such oil are in the reserve, about 90 percent less than a 2002 estimate of 10.6 billion barrels.

The new estimate is mainly due to the incorporation of new data from recent exploration drilling revealing gas occurrence rather than oil in much of the area, the geological survey said.

...

The organization also estimates 8 trillion cubic feet less gas than a 2002 estimate of 61 trillion cubic feet of undiscovered, conventional, non-associated gas -- meaning gas found in discrete accumulations with little to no crude oil in the reservoir.

http://www.cnn.com/2010/US/10/27/alaska.oil.reserves/index.html

[no_hypocrisy]

1. I remember hearing that there was barely any oil in ANWR but * kept

pushing for the land to be opened up to drilling.