Old news, but good news. Yes, it's true.
Is it really true? Do you have other sources? I guess it'S realistic and imaginable, but this would be HUGE news!
I can imagine all those Enviro-loonies clamoring, there will be no more oil in future...Lol! Even without this (apparent) Jumbo-Oilfield, we can cover our needs and even export by Oil-shale.
We should jump off the Arabs oil and let them slip into irrelevance.
There has been a oil find in central Utah that is estimated at 200 million to as high as 1 billion barrels recently:
http://deseretnews.com/dn/view/0,1249,600131526,00.html
There is oil in the western US. The reason why it hasn't been found, much less exploited is that the drilling depths are much deeper than in previous finds, and the exploration costs much more. That, and the USGS models of geology in Utah, Nevada, western CO, etc are simply wrong.
There are oil wells here in Nevada in the Railroad Valley that were good finds in their day. There is oil here in western intermountain states, it is just that the geology isn't operating according to West Texas models. This means that oil exploration companies need to have deep, deep pockets to develop new (and accurate) geological models, seismic surveys, do exploratory drilling, etc, etc.
There is plenty of oil in the CONUS area. We just have to quit listening to the environmentalist twaddle, pablum and dogma against drilling.