Peak Oil Just Keeps Peaking

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

One portion of the giant field, known as the Wolfcamp formation, was found to hold 20 billion barrels of oil trapped in four layers of shale beneath West Texas. That’s almost three times larger than North Dakota’s Bakken play and the single largest U.S.

Although the Permian has been gushing crude since the 1920s, its multiple layers of oil-soaked shale remained largely untapped until the last several years, when intensive drilling and fracturing techniques perfected in other U.S. regions were adopted. The Wolfcamp, which is as much as a mile thick in some places, has been one of the primary targets.

The Wolfcamp shale also holds 16 trillion cubic feet of natural gas and 1.6 billion barrels of gas liquids, the geological survey said in a statement on Tuesday.

Read more here

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