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Old 11-17-2016, 12:58 PM   #1
A.T. Hagan
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Default USGS Announces Largest Oil And Gas Deposit Ever Assessed In U.S.

http://www.npr.org/sections/thetwo-w...discovery-ever


A map of the Wolfcamp shale formation. The red line denotes
the boundary of the Permian Basin province; the rest of the thick
colored lines denote areas of newly discovered petroleum, at
varying depths.
U.S. Department of the Interior National Park Service


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The U.S. Geological Survey says a deposit in West Texas is the largest continuous oil and gas deposit ever discovered in the United States.

On Tuesday, the USGS announced that an area known as the Wolfcamp shale contains 20 billion barrels of oil and 16 trillion cubic feet of natural gas.

That is nearly three times more petroleum than the agency found in North Dakota's Bakken shale in 2013.

As NPR's Jeff Brady reported, the amount of oil in the Wolfcamp shale formation is nearly three times the amount of petroleum products used by the entire country in a year.
The rest at NPR.
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Old 11-17-2016, 05:05 PM   #2
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GO Energy Independence.

Now we just need a viable carbon sequestration process to ameliorate the CO2 problem..,
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Old 11-17-2016, 08:49 PM   #3
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Originally Posted by Auburn Boy View Post
GO Energy Independence.

Now we just need a viable carbon sequestration process to ameliorate the CO2 problem..,
CO2 makes plants grow, what you got against plants; you a Plantist or some thing?
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Old 11-17-2016, 08:58 PM   #4
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GO Energy Independence.
Aye carumba.

The US consumes about 18.5m bpd. We produce a bit under 9. That is, we don't produce half our oil consumption.

Second, this discovery wasn't "oil" as such. It was shale. Shale has to be extracted. It costs a lot of money. If you can extract oil for $2000000000 a barrel, is that great? No. Expense matters. So let's see how expensive this shale is, before we get suckered again by these charlatans.
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Old 11-17-2016, 09:17 PM   #5
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Don't sweat it. It is money in the bank for Texas.

As the oil depletes, the price per barrel will go up, and it will be competitive again.

Plus I would bet because of the location, it isn't as biodegraded as Canadian oil hence more recoverable.

Not like a flowing well, but recovery will begin when oil hits US$75 I would bet. (Not in the oil industry.)
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Old 11-18-2016, 12:07 AM   #6
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Frackin' fantastic!
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Old 11-18-2016, 05:56 AM   #7
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Quote:
Originally Posted by Potemkin View Post
Don't sweat it. It is money in the bank for Texas.

As the oil depletes, the price per barrel will go up, and it will be competitive again.

Plus I would bet because of the location, it isn't as biodegraded as Canadian oil hence more recoverable.

Not like a flowing well, but recovery will begin when oil hits US$75 I would bet. (Not in the oil industry.)
Problem with this report is, it doesn't gives estimates for the strike price--the price above which frackers are in the money. So we don't know. Could be $75. But could be more. Could be a price at which the economy tanks.
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