For the first time since 1973, the United States now leads the world in terms of oil production. And according to reports, we have the ground underneath Western Texas and Eastern New Mexico to thank.
A new assessment by the U.S. Geological Survey (USGS) estimates that untapped regions of what’s known as the Delaware Basin, a component of the greater Permian Basin, contain 46.3 billion barrels of oil, 281 trillion cubic feet of natural gas, and 20 billion barrels of natural gas liquids – an amount two times larger than what was estimated in a 2016 assessment of just the Wolfcamp shale play in Permian’s Midland Basin. Continue reading “Why America is the new Middle East in terms of oil production: World’s largest reserves just discovered under Texas”