New Oil Find In Texas Means Prices Should Stay Low

[Draggingtree]

There Surgent:

New Oil Find In Texas Means Prices Should Stay Low

By David Thornton | November 18, 2016, 03:48pm

The U.S. Geological Survey announced this week that it had discovered the what may be the largest untapped supply of oil ever found in America. The discovery sits in the Permian Basin of West Texas near Midland, an already booming oil town that was the childhood home of President George W. Bush.

 

The find comes amid a two-year oil price slump that has caused pains among Texas companies as well as foreign oil producers like Saudi Arabia, Venezuela and Russia. Many oil companies in Texas have already filed bankruptcy and many more hover on the brink.

 

“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,” said Walter Guidroz of the USGS. “Changes in technology and industry practices can have significant effects on what resources are technically recoverable, and that’s why we continue to perform resource assessments throughout the United States and the world.”

 

[Valin]

@Draggingtree

 

Just What Our Good Friends The Saudis Need To Hear....More Oil....Elsewhere.

 

You know its getting to the point that you can't swing a dead cat without hitting petroleum.