US Geological Survey Discovers Largest Continuous Oil and Gas Resources Texas-New Mexico

GP ^ | December 6, 2018 | Jim Hoft

[Hojczyk]

This is terrific news for American workers and consumers… Unless, of course, Democrats ever regain control of government.

Science Daily reported:

Today, the U.S. Department of the Interior announced the Wolfcamp Shale and overlying Bone Spring Formation in the Delaware Basin portion of Texas and New Mexico’s Permian Basin province contain an estimated mean of 46.3 billion barrels of oil, 281 trillion cubic feet of natural gas, and 20 billion barrels of natural gas liquids, according to an assessment by the U.S. Geological Survey (USGS). This estimate is for continuous (unconventional) oil, and consists of undiscovered, technically recoverable resources.

“Christmas came a few weeks early this year,” said U.S. Secretary of the Interior Ryan Zinke. “American strength flows from American energy, and as it turns out, we have a lot of American energy. Before this assessment came down, I was bullish on oil and gas production in the United States. Now, I know for a fact that American energy dominance is within our grasp as a nation.”

“In the 1980’s, during my time in the petroleum industry, the Permian and similar mature basins were not considered viable for producing large new recoverable resources. Today, thanks to advances in technology, the Permian Basin continues to impress in terms of resource potential. The results of this most recent assessment and that of the Wolfcamp Formation in the Midland Basin in 2016 are our largest continuous oil and gas assessments ever released,” said Dr. Jim Reilly, USGS Director. “Knowing where these resources are located and how much exists is crucial to ensuring both our energy independence and energy dominance.”

[karnage]

This:

https://www.usgs.gov/news/usgs-estimates-20-billion-barrels-oil-texas-wolfcamp-shale-formation

November 2016

[Zenjitsuman]

Time to buy me a Corvette Grand Sport. Expensive car cheap gas equals big fun.

[gdc61]

What will Levon and Jesus do?

[Tea Party Terrorist]

Saudi itself is largely unexplored (for oil). There’s likely a lot more there than what’s known.

[PIF]

Everybody seems to be missing the point here: 281 trillion cubic feet of natural gas is 7.9 trillion cubic meters of natural gas making the rest of the world's combined reserves of natural gas a ROUNDING ERROR.

[mabarker1]

?Conspire to raise x7 and make the Sandheads have to pay in Gold ONLY.?

[FreedomPoster]

There is way too much BLM land in the West.

[Hot Tabasco]

Here In Michigan it’s around $2.50 per gal. I was wondering why it’s so high compared to others here who says they were paying under $2.00 Then I remembered this past year the state raised our gas taxes making it $.60 per gal in fed. and state taxes......

[eartick]

ehhhhh, hasn’t this been being developed now for about 2 years?

[rktman]

Supposedly the states “claim” (in some cases)they don’t want it back because it will cost them money to maintain it. Uh, okay. I have about an extra 1/2 acre that I don’t “maintain” and it’s still sitting there doing just fine.

[TheConservativeTejano]

There’s a lot down there. We aren’t running out anytime soon.

Partner, we already knew this was the largest oil field in the world, since this is all we heard when I was growing up.

Conventional methods only got around 35% of the oil then "Fracking" and "Horizontal Drilling" happened.

Partner, they are still doing geological oil and gas surveys in West Texas and S.W. N.M. regions.

The governor of N.M. who is a flaming liberal anti Trump gov'nor did not even know the folks in S.E. N.M. were looking for people to work and drill new oil fields. Amazing story on oil.

[100American]

Estimates, far below new number, thx for the link, this to me made it more official and bigger impact

[karnage]

Good to know. Sometimes, old news gets recycled and folks miss that fact. Glad that this new story actually represents new information.

[CedarDave]

The governor of N.M. who is a flaming liberal anti Trump gov'nor did not even know the folks in S.E. N.M. were looking for people to work and drill new oil fields. Amazing story on oil.

Talking about the current Pub governor or the new far-left Dem gov who takes office in three weeks?

The new Gov is anti-fracking, pro-windmills and solar panels and will do her best to slow down production on the NM side of the Basin. The new Land Office head is even worse essentially wanting to keep state lands for the cows and other critters who contribute next to nothing in state funds for education.

And our current Pub US congressman (and member of the Freedom Caucus) who ran for governor and was handily trounced (talk about tilting at windmills!), has been replaced by a far-left Latina who won election both by Pub voters disappointed with the Pub selection staying home, and the Dems using "ballot harvesting" in Las Cruces to get to win a day or two after the election.

[CedarDave]

NM list PING!

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[IYAS9YAS]

Unless, of course, Democrats ever regain control of government.

Considering New Mexico went full retard this last November, it's likely going to do us no good here.

[IYAS9YAS]

Gas today is $3.65 at a local Chevron. Criminal. Should be $1.00 max.

One Chevron in my area is about 12 cents/gallon higher than the lower-priced alternatives.

The lowest price near me is $1.96, with the lowest Chevron price being $2.08. Just a few short miles down the road, another Chevron is sitting on $2.29/gallon, and another is sitting on $2.69/gallon. These are preying on those without GasBuddy, or a willingness to drive a bit in either direction.

[IYAS9YAS]

Story is 2 years old. Not sure why it would affect oil markets today.

This one is from yesterday.

USGS: New Mexico's Permian Basin contains 46 billion barrels of oil

[karnage]

Yes, it looks like the news is that there’s more oil there than previously thought.

[upchuck]

Excellent! As gas slips below $2 a gallon here in Georgia.

Super!

Gas in Aiken County, SC is averaging $1.899/gal