That bites, but...

NEW YORK (Reuters) - Oil surged to a record high over $112 a barrel on Wednesday after a government report showed a sharp drop in U.S. inventories ahead of the summer driving season.

… U.S. crude stockpiles fell 3.2 million barrels last week as imports declined, countering analyst expectations for a build, while gasoline and distillate inventories also tumbled, the U.S. Energy Information Administration reported.

But (emphasis added):

The largely untapped energy potential in the Bakken Oil Formation, considered by some to be a potential solution to national energy problems, has attracted national attention. It’s within the Williston Basin, which covers much of North Dakota, southeast Montana, and parts of Saskatchewan, Manitoba and northwest South Dakota.

Some think the formation has oil reserves even larger than those in the Middle East.

The U.S. Geological Survey is supposed to release a report tomorrow, or so I've read, telling us whether or not "some" is right.

We'll see.