Oil Reserve found in America
What
is claimed to be the largest deposit of untapped oil was discovered in
the US, according to the US Geological Survey (USGS). Found in the
Midland Basin part of the famous Permian Basin in Texas, not only does
it have recoverable natural oil, it could also provide massive amounts
of natural gas. The discovery could not only generate roughly 20 billion
barrels of oil but also provide an average of 1.6 billion barrels of
natural gas liquids.
Though this untapped reserve may be recoverable, it will take very intricate measures to extract it. According to the USGS, a process called slant drilling and hydraulic fracturing are the probable means of recovery, both of which are advanced.
The Permian Basin, home to the Wolfcamp Shale, includes a variety of
geological formations in West Texas and Southern New Mexico. In 2013,
another petroleum reserve has also been discovered in this area.
Business Insider reported
that this is historic news as continuous discoveries of enormous
petroleum deposits indicates that there may be more yet to be uncovered.
With the petroleum industry expected to boom once again, this might as
well be very good news for America as they could become exporters to
their neighbouring countries.
Discovery of the largest oil deposit in America may be their most
economic game-changer. This year, the world has seen an incredible
decline in the prices of petrol, and economists have warned that there
are possibilities for it to soar once again. Having an impressively
large recoverable field of natural gas and recoverable oil in Texas will
lessen oil exports and thus further reduce the price of petrol for
consumers.
However, since it has only been discovered, there will be time
consumed to extract and process these oil. It might take years before
the actual benefits may be realized. Federal authorities hope that this
would bring about the resurgence of the oil and gas industry, providing
the jobs lost when the industry once tumbled.
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