Posted on 11/18/2016 11:34:24 AM PST by Lorianne
The US Geological Survey said Tuesday that it assessed what could be the largest deposit of untapped oil ever discovered in America.
An estimated average of 20 billion barrels of oil and 1.6 billion barrels of natural gas liquids are available for the taking in the Wolfcamp shale, which is in the Midland Basin portion of Texas' Permian Basin.
Based on a West Texas Intermediate crude oil price of $45 per barrel, those deposits are worth about $900 billion.
US oil exploration companies have flocked to the superrich Permian Basin in recent years and used shale-drilling technology to create an oil boom that simultaneously helped trigger a price crash two years ago. The count of active oil rigs fell with prices, but has risen over the past few months, mostly in the Permian. Bloomberg noted that the Wolfcamp, where this deposit was found, has been one of the primary targets of shale drillers.
"The fact that this is the largest assessment of continuous oil we have ever done just goes to show that, even in areas that have produced billions of barrels of oil, there is still the potential to find billions more," Walter Guidroz, program coordinator for the USGS Energy Resources Program, said in a statement.
(Excerpt) Read more at businessinsider.com ...
Everyone should expect that Russia has the same amount per square mile. There is Oil and NG everywhere. And NG is renewable. It occurs faster than we can use it. Energy is becoming cheaper by the minute. Add to that solar, wind and hydro, don’t expect expensive oil unless someone stops creates a monopoly.
The bald eagles are applauding this oil find.
They should not have announced it 60 days before O’Bunhole is out, he still has time to declare texas a national park
Black gold, Texas tea.
Trump hasn’t been sworn in and he’s already creating jobs.
We just had an independent company drill a well on our ranch this week. Very excited to see how it does.
It won't be the last.
Absolutely!! If it had been discovered during the reign of obama it would never have gotten pumped out of the ground.
Do you own the mineral rights? I would check.
Definitely.
Only if we decide to develop the field and provide jobs for the many unemployed O&G engineers pounding the pavement in Houston and other cities in TX. Not too long ago, the Apache corp. discovered a huge oil and gas field in that general area but no increase in jobs has been noticeable so far.
Not sure Trump had anything to do with it, but hey, why not? Obama got the Nobel Peace Prize after all.
Develop LNG facilities — that will expand the job market.
"Now what happens if you dump free energy onto the world market? Stock markets around the world would plummet. Our own economy would collapse overnight. Recession, unemployment, war....the world is speeding up too fast, we can barely hold on as it is."
- - Lyman Shannon in "Chain Reaction"
Wait a minute....I distinctly remember being told 40 years ago we were almost out!!!
stop importing and start exporting. if we drive down the price of oil these terrorist would lose funding as Saudi princes have to choose between there life style or terrorism.
EBIT (everything’s bigger in Texas)
Everyone should expect that Russia has the same amount per square mile. There is Oil and NG everywhere. And NG is renewable. It occurs faster than we can use it. Energy is becoming cheaper by the minute. Add to that solar, wind and hydro, don’t expect expensive oil unless someone stops creates a monopoly.
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