The Geological Survey just gave Americans a wonderful gift that will keep on giving.
A new discovery shows that around 20 billion barrels of oil and 1.6 billion barrels of natural gas liquids, on average, are available for the taking in the Wolfcamp shale region of Texas, according to Business Insider.
Those deposits are worth about $900 billion if the numbers are based on West Texas Intermediate crude oil price of around $45 per barrel.
There is already active “fracking” in the area — but, to their surprise, they found out that they haven’t even made a dent.
“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.
Now just imagine if President Trump were to [a] free up restrictions so American energy companies can drill here and [b] make sure that the U.S. doesn’t need to rely on nations that fund terrorism for our fuel.
Check out this map from the USGS showing the area where the deposit was found:
Here’s a portion of a statement from USGS about their findings and process:
“Although the USGS has assessed oil and gas resources in the Permian Basin province, this is the first assessment of continuous resources in the Wolfcamp shale in the Midland Basin portion of the Permian.
“Since the 1980s, the Wolfcamp shale in the Midland Basin has been part of the “Wolfberry” play that encompasses Mississippian, Pennsylvanian, and Lower Permian reservoirs. Oil has been produced using traditional vertical well technology.
“However, more recently, oil and gas companies have been using horizontal drilling and hydraulic fracturing, and more than 3,000 horizontal wells have been drilled and completed in the Midland Basin Wolfcamp section.
“The Wolfcamp shale is also present in the Delaware Basin portion of the Permian Basin province, but was not included in this assessment. The Permian Basin province includes a series of basins and other geologic formations in West Texas and southern New Mexico. It is one of the most productive areas for oil and gas in the entire United States.
“Continuous oil and gas is dispersed throughout a geologic formation rather than existing as discrete, localized occurrences, such as those in conventional accumulations. Because of that, continuous resources commonly require special technical drilling and recovery methods, such as hydraulic fracturing.
“Undiscovered resources are those that are estimated to exist based on geologic knowledge and theory, while technically recoverable resources are those that can be produced using currently available technology and industry practices. Whether or not it is profitable to produce these resources has not been evaluated.
“USGS is the only provider of publicly available estimates of undiscovered technically recoverable oil and gas resources of onshore lands and offshore state waters. The USGS Wolfcamp shale assessment was undertaken as part of a nationwide project assessing domestic petroleum basins using standardized methodology and protocol.”
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