$1 Trillion of Oil Discovered Beneath Texas

An oil supply that is worth more than a hundred billion dollars was discovered in Texas and has been labelled by the United States Geological Survey (USGS) to be one of the biggest oil sources discovered in America. The USGS also stated that the find is bigger than the oil fields that were discovered in North Dakota. The USGS stated that the oil source is said to produce more than fifteen billion barrels of oil, and is said to hold more than 10 trillion cubic feet of natural gas, along with multiple barrels of liquid gas in quantities of the billions.

The discovery was made at Wolfcamp in Permian Basin, located in the western part of Texas. The oil source is said to be valued at more than five hundred billion dollars based on the current price ($47.98 on Nov. 24) of oil per barrel.

Walter Guidroz, the Program Coordinator for the U.S. Geological Survey, says that the Wolfcamp oil surveys are one of the largest assessments that he has ever done. He further added that such areas already produce a billion barrels of oil, but more research in such areas can help find a well that might produce a billion more.

Walter also stated that because of the advancements in technology and the new approach taken by the experts, engineers have been able to extract more out of those fields than was possible only a few years ago.

However, because of this recent discovery, many oil and gas companies have rushed to Texas, setting up their plants, with many of them using hydraulic fracturing and horizontal drilling to extract the oil. The US Geological Survey added that more than two thousand horizontal oil wells have so far been drilled and established in the Wolfcamp area.

Surveys have been conducted in the area before, but Wolfcamp shale has offered a long and progressive examination of the oil and gas resources. The oil discovered in the area is so large, that it even touches the Delaware Basin and the Permian Basin province. However, reports suggest that the agency is yet to include them in their assessments, as the Permian Basin touches New Mexico and is known for already producing heavy amounts of oil and gas in the United States.

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