Largest Oil Deposit in U.S. History Found in West Texas
On Tuesday (11-15), the U.S. Geological Survey (USGS) announced they discovered the largest oil deposit they’ve ever assessed in America, and it's just up the road from San Angelo.
We are talking about 20 billion barrels of oil and 1.6 billion barrels of natural gas liquid. Experts estimate the find is worth $900 billion.
The deposit is located in the Wolfcamp shale, a section of the West Texas Permian Basin.
Several energy companies have focused their assessment and drilling efforts on the Permian Basin in recent years but new drilling technology has opened up a ton of untapped oil and natural gas in the region. Geologists believe there’s a lot more to find in the region.
The USGS said in a statement...“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.”