Posted on 11/16/2016 5:58:32 AM PST by McGruff
In a troubled oil world, the Permian Basin is the gift that keeps on giving.
One portion of the giant field, known as the Wolfcamp formation, was found to hold 20 billion barrels of oil trapped in four layers of shale beneath West Texas. That’s almost three times larger than North Dakota’s Bakken play and the single largest U.S. unconventional crude accumulation ever assessed, according to the U.S. Geological Survey. At current prices, that oil is worth almost $900 billion.
The estimate lends credence to the assertion from Pioneer Natural Resources Chief Executive Officer Scott Sheffield that the Permian’s shale could hold as much as 75 billion barrels, making it second only to Saudi Arabia’s Ghawar field. Irving-based Pioneer has been increasing its production targets all year as drilling in the Wolfcamp produced bigger gushers than the company’s engineers and geologists forecast.
(Excerpt) Read more at star-telegram.com ...
:: Hopefully TxDoT can repair all the overpasses around Odessa/Midland ::
You and me BOTH bruh!
But we know that most of the E&P money in Ector/Midland counties is going to “accommodate” multi-gender bathrooms at our local schools!
[SPIT!]
If the news doesn’t print it or tv cameras won’t film it....
Repubs screaming at the top of their lungs in an empty forest. Would anyone hear it?
I hear you. I thought maybe West Texas would be immune to the PC cancer but as long as they stay away from the football programs the commies are getting away with it.
Texas already produces the most wind power in the Republic.
Loving it, West Texas! But just think, all of that oil is valued at LESS than the money El Bozo spent on “shovel ready projects” in his ‘09 stimulus bill that simply disappeared to his cronies. Amazing. All we saw were a few dozen Obama Project signs that were put up as some potholes were repaired in a few Democrat cities. Shame on the Republicans that didn’t raise hell about such a theft from the taxpayers of this country.
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point well made!
amazing how much he wasted & gave away ‘transforming amerikka”
Kudos to the oil industry for changing our geopolitical position for the better.
These things happen when initiative is unleashed.
Take that Saudi Arabia!
We won’t have to lift a finger to get that oil if we play it right. Simply threaten Saudi Arabia that we’re going after our own oil if they don’t sell oil to us as prices we “suggest”.
Bumped!
Watch the Trump Dept. Energy Open that up like a an unshuttered gate.
Drill baby , drill!
BFL
Sarah Palin Wants To Be Secretary Of Energy, And Then Disband That Federal Department
Yep! Sarah would make a great Sec. Energy. She would end the fellatio games that department has been playing with the Arabs for 30 years.
Drill, baby drill!
So true! Several of my best friends went to and played football at Midland Lee. They swear to this day Mojo is real.
Even more amazing that trillion dollar stimulus was included in ever CR that the Scum GOP leadership gave him every year. Wonder no more where he got all that money he was handing out with no budget to constrain him came from, we gave it to him gratis.
Time to drain the swamp
I am glad you outed your own industry as collusists and market manipulators which we kind of knew. From the refiners, government, to the the schlub who owns the Marathon gas station you all are gouging. I never understood and it was never explained how in 1994 when oil was $25.00 per barrel unleaded was about $1.15 per gallon but today $44 per barrel and gas in my neck of the woods is $2.50. I also researched the taxes and nope, not enough to explain the difference in the spread of price per barrel of crude and gallon of refined gasoline. Your industry is rife with inefficiencies, gouging and yes graft. I had a guy who rented my home, a driller, an average guy, he made 100k a year...no way this meathead was worth that much, he was a limited skill blue collar worker. Your labor costs are too high and your promises to your investors on ROI you have to make come true are outrageous. In summation your industry is ripping America off, period.
Run the fed and state taxes, fool.
the world is awash in oil
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