USGS discovers “largest oil deposit ever discovered in America”Posted: November 17, 2016
“Peak oil” update …
Familiar sight in Texas [image credit: StateImpact Texas]
Close to a trillion dollars worth of oil at today’s prices – this should be music to the ears of the incoming Trump administration. Anti-fossil fuel groups not so much.
The US Geological Survey said Tuesday that it found what could be the largest deposit of untapped oil ever discovered in America, reports Business Insider.
An estimated average of 20 billion barrels of oil and 1.6 billion barrels of natural gas liquids are available for the taking in the Wolfcamp shale, which is in the Midland Basin portion of Texas’ Permian Basin. Based on a West Texas Intermediate crude oil price of $45 per barrel, those deposits are worth about $900 billion.
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