Geologists have found a site in the Permian Basin in Texas that holds some 20 billion barrels of oil. The entire area may hold 75 billion barrels, making it the largest unconventional deposit in the United States, and the second in the world, next only to the Ghawar field in Saudi Arabia.
The oil is in shale and will take fracking. This will bother some people. Does it bother you, or do you see this discovery as a big economic shot in the arm for the country?
From Shale oil in Permian’s Wolfcamp formation called biggest field in U.S. | The Star-Telegram:
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.