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 ...
Peak Oil has been delayed it would seem.
But what about the spotted bunny owl lizard mouse that lives there? Quick, declare it a national wildlife refugee...
Can we count this as another Trump train win?
Must have....more.....unproductive....overpriced...windmills...
Well, things are bigger in Texas. LOL
Yeah but if they drill it up that’s racist
We’ve barely touched what’s in the Bakken oilfields in ND. We could probably stop all imports from the ME within a few years if we really wanted to.
This will help us MAGA!
lol. Grab a gun and take care of them.
Bye Bye saudi arabia :)
We’ve got the guy coming into the White House to take advantage of this....
The Department of Energy (DOE) estimates that about 1.8 trillion barrels of shale oil potentially underlay Colorado, Utah and Wyoming in deposits greater than 15 barrels/ton.
But we need to pay for all of Obama’s solar panels!
Drill baybeeeeeeeee Drill
Lol, someone ought to inform these ex-oildrum.com flunkies:
“Jefferson’s conclusion is stark: “Put bluntly, the standard claim that the world has proved conventional oil reserves of nearly 1.7 trillion barrels is overstated by about 875 billion barrels. Thus, despite the fall in crude oil prices from a new peak in June, 2014, after that of July, 2008, the ‘peak oil’ issue remains with us.” -http://peakoilbarrel.com/peak-oil-back/
They just ain’t peeked in all the right places.................
Won't happen in 62 days...chupacabra better high tail his rear back to Mexico, before the wall is built. lol
Hehe!!! God Bless Texas!!!
Between what’s under Texas and what’s under Pennsylvania, we can put the Saudis out of business....
A sovereign nation in the making, don’t you know.
Can’t be. When I was in college in the late 1950’s, the left wing professors were telling us that the US was running out of petroleum. Therefore, we needed middle east oil to survive as a nation.
The Opecker Princes bought out our politicians and universities with their lies decades ago.
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