Here is a news item from the website Watts Up With That that just reminds us that the peak oil supply fear of some years ago remains a false fear and its many supporters have gone into hiding. . As many have reported recently , the problem now is too much oil and how to restrain its production and distribution. And as the market continually discovers , restraining the Middle East producers who love to cheat and make false promises this is a daunting task
‘Newsbytes: U.S. Geological Survey Discovers ‘Largest Oil & Gas Deposit Ever Discovered In America’
Anthony Watts / 24 hours ago November 17, 2016
The Never-Ending Shale Revolution That Keep On Giving
On Tuesday, the USGS announced that a swath of West Texas known as the Wolfcamp shale contains 20 billion barrels of oil and 16 trillion cubic feet of natural gas.
That is nearly three times more petroleum than the agency found in North Dakota’s Bakken shale in 2013.
As NPR’s Jeff Brady reported, the amount of oil in the Wolfcamp shale formation is nearly three times the amount of petroleum products used by the entire country in a year.
The USGS says all 20 billion barrels of oil are “technically recoverable,” meaning the oil could be brought to the surface “using currently available technology and industry practices.”
“The Texas discovery is in a place that has been drilled before by conventional methods,” Jeff reported for NPR’s Newscast Unit. “But now that oil companies use horizontal drilling and hydraulic fracturing — or fracking — they can access reserves that previously were out of reach.”