Musical version: http://m4gw.com/videos/950-drill-baby-drill
Posted on 12/06/2018 2:26:32 PM PST by reaganaut1
The federal government has discovered a massive new reserve of oil and natural gas in Texas and New Mexico that it says has the “largest continuous oil and gas resource potential ever assessed.”
“Christmas came a few weeks early this year,” Secretary of the Interior Ryan Zinke said of the new reserve, which is believed to have enough energy to fuel the U.S. for nearly seven years.
In all, the new reserve is said to contain 281 trillion cubic feet of natural gas, 46.3 billion barrels of oil, and 20 billion barrels of natural-gas liquids, the Interior Department’s U.S. Geological Survey said.
Almost a third of the U.S.’s total crude-oil production comes from the Permian Basin where the reserve was found, making it the biggest shale-oil-producing region in the U.S.
(Excerpt) Read more at nationalreview.com ...
Clarification: this resource, while enormous, is not the largest ever found worldwide. It is the largest directly assessed by USGS.
Fabulous, incredible news in any case, but the post may give the impression this was the largest ever worldwide.
That is my question as well...since when does the USGS conduct grass-roots exploration projects?
It may be that the GS has compiled reservoir reserves from independents' drilling on Federal leases??
Is this not the San Juan field north of Farmington NM?
Drilling has been ongoing there for years
Wheee...that quantity of “natural gas liquids” oughta bring down the cost of gasoline!
Oil and Gas for days ,LOL, ya right we should have run out 20 years ago
Might need thorazine.
At current Natural Gas consumption levels, this field alone can supply 10 years.
Peak Oil was back around 2008, about 20 years before we were going to get the Next Ice Age, and just before Global Warming (aka Climate Change) became a thing.
I wondered about that as well. the *FEDS* are looking???
Very misleading headline. No news here. The Delaware Basin has been in active exploration for several years now. And oh by the way, the Federal Government had -0- to do with discovery and development of this basin. 100% drilled, discovered and developed by private oil and gas companies risking capital in the free market system.
Musical version: http://m4gw.com/videos/950-drill-baby-drill
Nope....Farmington is the San Juan Basin...this is SE of Farmington in the Delaware and Permian Basin.
There could easily be forced data sharing of various private exploration efforts on Fed land that they (USGS) are able to integrate.
It sorta makes sense except for the parcel extraction lease bidding process where the many could unethically benefit from the expenditures of the few if the USGS didn’t have appropriate data privacy.
Actually, it’s the Delaware Basin in West Texas and Southeast New Mexico. The oil and gas industry has known about it for about a hundred years. But the federal government just now figured out that it was there. So, they “discovered” something everybody else was aware of around 1920.
Drill Gaia like a drunken prom date!
7 years worth? That’s it? Shouldn’t it be 70?
Cool!
I think the name needs to be changed. “Delaware” Basin? Joe Biden is from Delaware. Not good.
Frack-a-laka
It doesn’t matter. We will just ship it all over seas for a little or nothing and then buy overseas oil for a fortune.
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