I have never read that anywhere but from you. Oil (WTI) spiked in June 2008 at $156 and then plummeted to $48 in Jan 2009. The price drop was an effect of the recession, not a cause, or was coincidental and owing to other market forces, such as manipulation. Financial bubbles and lack of regulation of overleveraged securities, themselves in a bubble, caused the financial collapse that led to the recession. The following spike in April 2011 at $123 was a return to demand under the prevailing market condition of scarce oil. In June 2014 the Saudis, who own the world's cheapest oil, decided to drive competitors out of the market by creating a glut, which continues today; by march 2016 oil had dropped to $37.

The Bakken formation is only a fraction of the total oil in the Williston Basin which, as I said, includes several more identical strata with either proven or projected reserves awaiting development. It is a large reservoir. The Permian Basin in Texas is geologically similar.