In a time when the US is just getting out from under the thumb of Saudi Oil Princes by opening up Shale gas markets, the final nail in the coffin of Arabian control over domestic power might finally be at an end.
According to the Geological Survey, a new discovery of oil AND natural gas liquids has been found in Texas. Preliminary figures suggest that there could be around 20 billion barrels of oil and a staggering 1.6 bilion barrels of natural gas liquids available for exploitation.
Prices of oil fluctuate wildly (mostly because industries are often in thrall to Middle Eastern Oil suppliers), but if a conservative estimate of $45 per barrel was used, this is a game-changing event in terms of the US economy and energy independence.
But it actually shows us a wider picture. Where before, we were asked to assume that these resources were all but gone, and that our only hope was renewable (heavily subsidized) energy sources, we can now look for much more sustainable long term solutions that will actually be effective and pay for themselves.
Energy independence is necessary for any nation to be truly free. This is a good start.
The Geological Survey said just gave Americans some wonderful news.
A new discovery shows that around 20 billion barrels of oil and 1.6 billion barrels of natural gas liquids, on average, are available for the taking in the Wolfcamp shale region of Texas, according to Business Insider.
Those deposits are worth about $900 billion if the numbers are based on West Texas Intermediate crude oil price of around $45 per barrel.
There is already active “fracking” in the area — but, to their surprise, they found out that they haven’t even made a dent.
“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.
Now, imagine a president who will [a] free up restrictions so American energy companies can drill here and [b] not having to rely on the a state that sponsors terrorism for our fuel.
Also, check out this map from the USGS showing the area where the deposit was found: