Oil in the Rocky Mountains--sound far fetched? Well, it might not be. Oil prices continue to rise, fueled further by the unfortunate assassination of former Pakistani prime minister Benazir Bhutto yesterday. In addition, a new energy bill was just signed by President Bush, further reinforcing the desire for the U.S. to become energy independent.
Oil shale is abundant in the Rocky Mountains and there is already technology in place that can generate oil from the shale. As the cost to generate this oil continues to drop and the price of oil continues to rise, it seems to be only a matter of time before the U.S. turns the Rockies into an oil field.
Of course there are some drawbacks to drawing oil from shale, including, among other things, pollution concerns. As long as the price of oil stays high, though, these concerns will become increasingly overlooked, as with the oil sands production in Canada. For more information, read our article on Rocky Mountain Oil. But before you get too carried away and buy up land in the Rocky Mountains, it might also be good to read about real estate booms and busts.