There is no doubt unconventional oil techniques and technologies are going to help control oil prices in the years ahead. How long it takes to get production of unconventional fields in places like Russia going is difficult to estimate though.
Everyone has heard about the Bakken shale, the huge expanse of oil-bearing rock underneath North Dakota and Montana that billionaireHarold Hamm thinks could yield 24 billion barrels of oil in the decades to come. The Bakken is a huge boon, both to the economic health of the northern Plains states, but also to the petroleum balance of the United States. From just 60,000 barrels per day five years ago, the Bakken is now giving up 500,000 bpd, with 210,000 bpd of that coming on in just the past year. Given the availability of enough rigs to drill it and crews to frack it, there’s no reason why the Bakken couldn’t be producing more than 1 million bpd by the end of the decade, a level that could be maintained for halfway through the century.