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The largest oil deposit ever found in America was just discovered in Texas

By indigenous following x   2016 Nov 16, 9:09pm 10,493 views   40 comments   watch   nsfw   quote     share    


(Thomson Reuters)
The US Geological Survey said Tuesday that it found what could be the largest deposit of untapped oil ever discovered in America.

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.

US oil exploration companies have flocked to the superrich Permian Basin in recent years and used shale-drilling technology to create an oil boom that simultaneously helped trigger a price crash two years ago. The count of active oil rigs fell with prices, but has risen over the past few months, mostly in the Permian. Bloomberg noted that the Wolfcamp, where this deposit was found, has been one of the primary targets of shale drillers.

"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.

More than 3,000 horizontal oil wells have already been drilled and completed in the Midland Basin Wolfcamp section, according to the USGS. To get the oil, producers fracture, or "frack," the earth below with a high-pressure liquid mixture to untap oil and gas from shale rock.

This map from the USGS shows the area where the deposit was found:

http://finance.yahoo.com/news/largest-oil-deposit-ever-found-143906119.html

1   joshuatrio   ignore (0)   2016 Nov 17, 4:51am   ↑ like (3)   ↓ dislike (0)   quote   flag        

I don't know if anyone's ever been out that way, but I sure as hell wouldn't want to live there. Lubbock smells like absolute shit when you drive through.

2   CBOEtrader   ignore (5)   2016 Nov 17, 5:17am   ↑ like (1)   ↓ dislike (0)   quote   flag        

Some freshly minted beverly hillbillies

3   CBOEtrader   ignore (5)   2016 Nov 17, 5:19am   ↑ like (2)   ↓ dislike (0)   quote   flag        

joshuatrio says

I don't know if anyone's ever been out that way, but I sure as hell wouldn't want to live there. Lubbock smells like absolute shit when you drive through.

From texas, yes that is not the pretty part. The people there as well have a bygone rough/tumble redneckness to them... if you walk into a bar be ready to explain to Billy Joe, a 6'4'' oil worker w a 10 gallon hat on why you arent a pussy.

4   Rin   ignore (3)   2016 Nov 17, 6:02am   ↑ like (0)   ↓ dislike (0)   quote   flag        

CBOEtrader says

The people there as well have a bygone rough/tumble redneckness to them

I think a New York City thug like Vin Diesel, had answered that question ...

5   indigenous   ignore (0)   2016 Nov 17, 6:12am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Yes, the movies are very entertaining, especially the foreplay silliness that never happens.

6   zzyzzx   ignore (1)   2016 Nov 17, 7:59am   ↑ like (0)   ↓ dislike (0)   quote   flag        

That's roughly equivalent to 3 years worth of US oil consumption, right?

7   CBOEtrader   ignore (5)   2016 Nov 17, 8:02am   ↑ like (0)   ↓ dislike (0)   quote   flag        

indigenous says

Yes, the movies are very entertaining, especially the foreplay silliness that never happens.

Yeah he woulda been shived in the back halfway through his second sentence.

8   Strategist   ignore (2)   2016 Nov 17, 8:39am   ↑ like (1)   ↓ dislike (0)   quote   flag        

indigenous says

The US Geological Survey said Tuesday that it found what could be the largest deposit of untapped oil ever discovered in America.

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.

Bad news for Saudis. he he he.

9   Tenpoundbass   ignore (14)   2016 Nov 17, 8:41am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Strategist says

Bad news for Saudis. he he he.

Um yeah... We're going a different way with this thing...

10   freespeechforever   ignore (0)   2016 Nov 17, 8:45am   ↑ like (1)   ↓ dislike (0)   quote   flag        

Wait, what about the geologists, petroengineers, and other "experts" and "scientists" who claimed that we'd be running out of oil, ala Twilight In The Desert, by now!!!!!???

OMG!!! We're drowning in the stuff!!!

Don't tell the peeps over at that oildrum.com site or their heads will explode!

#PeakOilWankers

11   P N Dr Lo R   ignore (0)   2016 Nov 17, 9:10am   ↑ like (1)   ↓ dislike (0)   quote   flag        

joshuatrio says

Lubbock smells like absolute shit when you drive through

It's like Houston in West Texas--you can tell where you are by the odor.

12   Tenpoundbass   ignore (14)   2016 Nov 17, 9:12am   ↑ like (0)   ↓ dislike (1)   quote   flag        

Peak Oil my Ass.

Just like Global Warming it's a scam to maximize Political profits from the Citizens of the world. It all goes right into George Soros pocket so he can beat us up in the streets after Democratic elctions and the people have spoke out against him.

13   indigenous   ignore (0)   2016 Nov 17, 9:15am   ↑ like (1)   ↓ dislike (0)   quote   flag        

Tenpoundbass says

Peak Oil my Ass.

Sactly, Thomas Sowell says Peak anything is dependent on technology.

14   P N Dr Lo R   ignore (0)   2016 Nov 17, 9:26am   ↑ like (2)   ↓ dislike (0)   quote   flag        

And pretty much makes the Keystone XL pipeline unnecessary.

15   indigenous   ignore (0)   2016 Nov 17, 9:48am   ↑ like (2)   ↓ dislike (0)   quote   flag        

P N Dr Lo R says

And pretty much make the Keystone XL pipeline unnecessary.

Ruh roo, Buffet is not going to be happy

16   justme   ignore (0)   2016 Nov 17, 10:18am   ↑ like (4)   ↓ dislike (0)   quote   flag        

The US consumes about 7B barrels a year, which is insanely high. Those 20B barrels will be good for a short 3 years.

LEAVE IT IN THE GROUND.

17   justme   ignore (0)   2016 Nov 17, 10:20am   ↑ like (2)   ↓ dislike (0)   quote   flag        

Also interesting to see that it is the USGS and therefore the taxpayer that pays for the unprofitable activity of finding and exploring/surveying oil fields, while private industry gets low risk and guaranteed profits. Capitalism!

18   Peter P   ignore (0)   2016 Nov 17, 10:44am   ↑ like (1)   ↓ dislike (0)   quote   flag        

justme says

The US consumes about 7B barrels a year, which is insanely high. Those 20B barrels will be good for a short 3 years.

LEAVE IT IN THE GROUND.

Exploration and extraction should commence, albeit slowly.

It can be used as foreign policy leverage.

America can benefit so much from an oil-dependent world. I just don't see how the Paris Agreement can be allowed to stand.

19   P N Dr Lo R   ignore (0)   2016 Nov 17, 11:44am   ↑ like (2)   ↓ dislike (1)   quote   flag        

Peter P is sad says

I just don't see how the Paris Agreement can be allowed to stand.

Environmentalism/climate change/global warming, whatever you want to call it, is the bandwagon all of the Marxists that were orphaned by the Soviet Union's collapse are clambering aboard. We defeated national Marxism, but it's impulses still live on in the hearts of what I call Little Soviets--the incarnation of the resentment and class envy that animated the Soviet Union for some 70 years. The college campuses are full of these people as are much of the media and any other forum that influences public opinion.

20   Tim Aurora   ignore (0)   2016 Nov 17, 1:59pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

P N Dr Lo R says

Environmentalism/climate change/global warming, whatever you want to call it, is the bandwagon all of the Marxists that were orphaned by the Soviet Union's collapse are clambering aboard. We defeated national Marxism, but it's impulses still live on in the hearts of what I call Little Soviets--the incarnation of the resentment and class envy that animated the Soviet Union for some 70 years.

First of all communists are not for the environment.
Secondly, this rant has no basis, just "ad populam". As long as you can call any community issue as communist .... you can bash the people supporting it.

And last but not least, the only known communist I see now is "Trump" , who is all buddy buddy with Putin

21   Peter P   ignore (0)   2016 Nov 17, 2:05pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

P N Dr Lo R says

The college campuses are full of these people as are much of the media and any other forum that influences public opinion.

This is why "free college" would be the end of the world.

22   P N Dr Lo R   ignore (0)   2016 Nov 17, 3:00pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Peter P is sad says

free college

You get the benefit, I pay for it.

23   Peter P   ignore (0)   2016 Nov 17, 3:19pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

P N Dr Lo R says

Peter P is sad says

free college

You get the benefit, I pay for it.

Worse. They get brainwashed, we pay for it.

Free college is a bad idea even if we can get Mexico to pay for it.

24   Rew   ignore (0)   2016 Nov 17, 3:22pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Quick, get Palin out there! We know she can suck it dry.

25   MAGA   ignore (1)   2016 Nov 17, 3:59pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

Plenty of oil for our trucks here in Texas.

26   Strategist   ignore (2)   2016 Nov 17, 4:50pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Remember folks......Oil may be bad for the environment, but American oil is far better then Saudi oil.

27   Rew   ignore (0)   2016 Nov 17, 5:02pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Strategist says

Oil may be bad for the environment, but American oil is far better then Saudi oil.

Because local land environmental impacts are the same? And except for the fact that it continues to hamper any sane effort to go Nuke as a bridge to renewables ... and our oil production is already some of the highest it is ever been but ... Yay oil!

jvolstad says

Plenty of oil for our trucks here in Texas.

The real issue isn't for fuel for vehicles (I'm sure that truck isn't compensating for anything). Bigger issue is plastics. Pre-plastic era things were made out of wood, stone, antler, bone, etc. The plastic revolution and no large enough economic incentive to capture CO2 = our Fermi Paradox clincher. There is almost no product you currently wear, hold, or use on a daily basis that doesn't have petro chemical derivatives in it.

The energy aspect is big, but the material science aspect looks even more hopeless, as we are currently geared.

Our new head of the EPA will probably tell me not to worry though, so I'll feel much better. Cheers.

28   Strategist   ignore (2)   2016 Nov 17, 5:12pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

Rew says

Strategist says

Oil may be bad for the environment, but American oil is far better then Saudi oil.

Because local land environmental impacts are the same? And except for the fact that it continues to hamper any sane effort to go Nuke as a bridge to renewables ... and our oil production is already some of the highest it is ever been but ... Yay oil!

Don't get me wrong. I'm a fucking die hard environmentalist and a liberal when it comes to pollution. Saudi oil pollutes the planet, and so does American oil. If you must choose, lets choose our oil, the lesser of the evils, because when we import from the Saudis some of the money ends up in the hands of terrorists.
Also the Saudis are useless, lazy bums that do no good for the rest of mankind. If they have less money from oil, they may be forced to do some real work for a change.

29   Strategist   ignore (2)   2018 Jun 21, 6:32pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Feux Follets says
The Permian is growing at 800,0000 barrels a day annually and production currently stands at 3.3 million barrels a day, said Sheffield, who first drilled wells in the region in 1979 and is considered one of the architects of the shale revolution. Total pipeline capacity is 3.6 million barrels, so the region will reach capacity in the next three to four months and the bottleneck isn’t likely to ease for at least a year, he added.

Permian production could remain flat for the next year because of pipeline restraints, Sheffield told a session of the OPEC conference.


So build more pipeline capacity. One year is just a temporary problem, therefore not a real problem.
Venezuela, watch and learn. Communism fails. Capitalism succeeds.
30   HEYYOU   ignore (31)   2018 Jun 21, 7:13pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

Burn it! You are going to die anyway.
31   Strategist   ignore (2)   2018 Jun 21, 8:06pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Feux Follets says
Never as simple as just build more of this, drill more of that etc. - of course you do not want to even go into the regulation of said pipelines.


Let them worry about their own business. They will fix it.
We on Patnet need to concentrate on fixing the World's problems like North Korea, Iran, terrorism, pollution, housing and technology. So far we are doing pretty good.
32   komputodo   ignore (1)   2018 Jun 22, 7:25am   ↑ like (0)   ↓ dislike (0)   quote   flag        

CBOEtrader says

Some freshly minted beverly hillbillies



Time to flip houses in Beverly Hills.
33   komputodo   ignore (1)   2018 Jun 22, 7:29am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Feux Follets says
If you are waiting for American made pipe for those pipelines - you will be waiting much more than a year - much much more but then again I was not the one who made the campaign promise that will get broken...just sayin


The "greatest country in the world" can't make steel pipe? No wonder the country is all fucked up.
34   rocketjoe79   ignore (0)   2018 Jun 22, 11:28am   ↑ like (0)   ↓ dislike (0)   quote   flag        

joshuatrio says

I don't know if anyone's ever been out that way, but I sure as hell wouldn't want to live there. Lubbock smells like absolute shit when you drive through.



All water in Texas tastes like brimstone. Yeech. And it's sticky hot mostly everywhere. Or over 105 degrees. And the Gulf coast water is icky. About the only thing they have is huge roadways and bypasses next to the roadways because there is so much land! And, yet, there is still terribad traffic in Houston. Which was, after all built on a swamp.

Solution: declare the state a superfund cleanup site, but keep oil and gas pumping until we bankrupt the Russians (again) and OPEC.
35   jazz_music   ignore (12)   2018 Jun 22, 1:00pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Feux Follets says
Then again I am not making campaign and stump speech promises to fire up the base

Why do you hate America so much?

You should go live in Venezuela where you can be a commie.

(my god, that was an effortless comment and I can act superior to anyone who criticizes the king klepto, the orange tornado that never ends)
36   jazz_music   ignore (12)   2018 Jun 22, 1:07pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Midland, TX was always a central location for oil exploration: I am aware of this as far back as 1979.

They always knew the vast oil reserve was there, Schlumberger and other consultants could detect it, but in the early 80's they didn't have the technologies to drill to it.

https://www.slb.com/about.aspx

The oil is deep there because of plate tectonics. The zone is referred to as the "overthrust belt" where the plates that make up America exist.
37   jazz_music   ignore (12)   2018 Jun 22, 1:10pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

P N Dr Lo R says
And pretty much makes the Keystone XL pipeline unnecessary.

Profits for shareholders such as Trump and Koch make it more important than any lives that get in the way.
38   jazz_music   ignore (12)   2018 Jun 22, 1:12pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Peter P says
Exploration and extraction should commence

Explotaion follows a history of feast and famine.

The feast is when oil profits are high, the famine is when oil companies have to tighten belts to maintain shareholder profits.
39   jazz_music   ignore (12)   2018 Jun 22, 1:16pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

jazz_music says
the only known communist I see now is "Trump"
40   MrMagic   ignore (11)   2018 Jun 22, 1:16pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Feux Follets says
The biggest U.S. shale region will have to shut wells within four months because there aren’t enough pipelines to get the oil to customers,


Gee, sounds like a tough dilemma... I wonder if they've ever heard about one of these.


Pretty amazing technology, don't you think?

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