Gold

On 60 Minutes tonight (2/12/12) it was reported that India has the greatest stores of gold in the world. And I was thinking when I heard that, “Yes, and we have the greatest stores of liquid gold but Uncle Sap would prefer to spend over 500 billion dollars a year buying it from foreign hostile nations instead of mining our own.”

http://www.usgs.gov/newsroom/article.asp?ID=1911

Excerpts from that link on the Internet:

The U.S. Geological Service issued a report in April (’08) that only 20 scientists and oilmen knew was coming, but man was it big. It was a revised report (hadn’t been updated since ’95) on how much oil was in this area of the western 2/3 of North Dakota, western South Dakota, and extreme eastern Montana. . Check this out:

The Bakken is the largest domestic oil discovery since Alaska’s Prudhoe Bay, and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable…at $107 a barrel, we’re looking at a resource base worth more than $5.3 trillion.
…….
This sizable find is now the highest producing onshore oil field found in the past 56 years, reports The Pittsburgh Post.
……..
The article reports that we have more oil inside our borders than all the other proven reserves on earth. Here are the official estimates:

8 times as much oil as Saudi Arabia
18 times as much oil as Iraq
21 times as much oil as Kuwait
22 times as much oil as Iran
500 times as much oil as Yemen
…….
Another article stated, “New geologic models applied to the Bakken formation, advances in drilling and production technologies and recent oil discoveries have resulted in those substantially larger technically recoverable oil volumes.”
…….

An article about the price of gasoline in Saudi Arabia dated 1/24/11 stated that after converting riyals to dollars and cents and litres to gallons that, “For $3.60 you would get almost 8 gallons of gas.” It probably wouldn’t be much different than that right now.

The Federal Government is currently getting 27% of the income from oil production. The revenue generated from aggressively going after our own stores of oil and natural gas would give us a bountiful font of money to invest in research and development of renewable sources of energy.