The Bakken formation in North Dakota became one of the world’s most important shale oil regions through horizontal drilling and hydraulic fracturing, but current wells recover only a small portion of the oil in place. A new initiative exploring CO₂ enhanced oil recovery (EOR) aims to inject captured carbon dioxide into reservoirs to increase recovery rates, potentially unlocking billions of additional barrels of oil and extending the life of the Bakken.

Oil and gasoline prices recently surged due to escalating conflict in the Middle East, which raised fears of supply disruptions through key routes like the Strait of Hormuz and pushed crude prices above $80 per barrel. Prices may ease if global supply increases—such as allowing more Russian crude exports, boosting production, releasing strategic reserves, or stabilizing shipping and refinery operations.

A proposed 645-mile pipeline expansion from Montana to the Guernsey crude hub could transport up to 550,000 barrels per day, improving crude takeaway capacity for Wyoming’s Powder River Basin. By linking Canadian crude flows entering Montana with existing U.S. pipeline infrastructure, the project could partially restore the transportation role once envisioned by the cancelled Keystone XL pipeline.

A report from National Bank of Canada argues that TC Energy should restart its dormant Line 2 pipeline to strengthen Canada’s east–west energy corridor and supply growing electricity demand in Ontario and Quebec. Reopening the pipeline could deliver Western Canadian natural gas to support power generation, industrial growth, and energy security while the province expands nuclear capacity and other long-term energy projects.