Texas isn’t the only place they are finding new oil.
True and I’m keeping some of those a secret
The United States has vast reserves of oil and this has been known for several decades.
The problem with developing these resources is that they have to be able to sell the oil for 40 - 60 dollars per barrel to be profitable.
During the 80s the oil companies invested in US production due to the oil shortages of the 70’s only to see the Saudis crash oil prices to below 20 dollars per barrel.
For a decade or so it was much cheaper to deplete Saudi oil reserves at rock bottom prices per barrel.
World demand is such that it is now the time to develop US domestic reserves
They’re finding oil all over the place—like southern illinios, Oklahoma, Kansas, Missippi, New Mexico — but Texas is the biggest.
(My wild ass guess is that the Monterey shale formation in California will prove to be too fractured by fault zones to be profitably fracked in any scaled up volumes.)
What’s your favorite —most interesting place they’re finding oil?