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Economy

Texas Oil Patch just got much larger

2016-11-16

[Breitbart] A western Texas oil and natural gas shale formation was labeled the "largest" of its kind by the U.S. Geological Survey on Tuesday.

Federal surveyors announced that the Wolfcamp shale in the Midland Basin portion of Texas’ Permian Basin now holds the record for most oil, natural gas, and gas liquid deposits that are "undiscovered, technically recoverable resources."

The USGS notes that within its survey spanning from north of Lubbock to remote regions southwest of San Angelo, an estimated and previously unaccounted for 20 billion barrels of crude oil; 16 trillion cubic feet of natural gas; and 1.6 billion barrels of natural gas liquids are able to be extracted by means typically involving slant drilling and hydraulic fracturing, commonly known as "fracking". The figures are based on official methods that project untapped resources amid formations already surveyed and exploited.
Con't.

Posted by:Besoeker

#6 the twitching of the Saudi/Iranian/UAE/Qatari oil ticks must be approaching Michael J. Fox levels

/(all sympathies to MJF, except for his Dem partisan hackiness)

Posted by: Frank G 2016-11-16 18:54

#5 Heh. I still have a tiny vial (<<1cc) of sperm whale oil. It was used to lubricate the bearing in a SINS (once, I should point out), but the "sell by" date (which was roughly 100 years) hit and it was being tossed. I snagged it for posterity.

Posted by: Whiskey Mike 2016-11-16 15:18

#4 #2 Peak oil my ass.

Come on, dude! Peak oil is serious stuff. We use whale oil for lighting and lubrication, and sooner or later, we're going to run out of whales.

Posted by: SteveS 2016-11-16 14:42

#3 for context,

Total US proved reserves were about 20 B barrels in 2008 and are about 40 B barrels in 2016.

Unconventional deposits in the US include tight formations, kerogen (aka oil shale) formations, oil sands and so forth. Combined they are somewhere about a trillion or so barrels. As technology improves additional increments of these deposits become economical to extract.

Posted by: lord garth 2016-11-16 11:53

#2 Peak oil my ass.

Posted by: Whiskey Mike 2016-11-16 11:19

#1 [BIG SIGH]
Texas, God's gift to modern civilization! Drill 'em deep, boys! Can't let my one-ton diesel go dry.

Posted by: AlmostAnonymous5839 2016-11-16 08:36

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