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Oil shale deposits in Colorado and neighboring areas of Utah and Wyoming are estimated to contain 800 billion recoverable barrels, three times larger than Saudi Arabia's proven reserves of conventional crude, and the equivalent of 40 years of U.S. oil consumption.
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O'Connor said the company expects commercial production to be profitable as long as international oil prices are at least in the low $30s per barrel, far below the current $70 average.
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Coaxing oil from huge U.S. shale deposits
I know this article is old, but this is the first I've ever heard about this. This would solve a lot of problems with the economy and gas prices.
Stansberry & Associates - Matt Badiali's Oil Report
This has a lot more information about it, but its also a guy trying to sell you his magazine.