In order to bring back American prosperity, President-Elect Trump will need to develop a solid energy policy that brings the costs of energy down while meeting the constantly increasing demands for oil.
America’s dependence on foreign oil has left her vulnerable to higher prices per barrel, and at the gas pump plus a limited supply when middle eastern oil producers kept a tight control over their oil resources.
But all of that may be about to change.
A new oil field has been discovered in West Texas that may produce up to as many as 75 billion barrels, by some estimates, which could rival the output of Saudi Arabia’s Ghawar oil field.
From the Star-Telegram:
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. unconventional crude accumulation ever assessed, according to the U.S. Geological Survey. At current prices, that oil is worth almost $900 billion.
The estimate lends credence to the assertion from Pioneer Natural Resources CEO Scott Sheffield that the Permian’s shale could hold as much as 75 billion barrels, making it second only to Saudi Arabia’s Ghawar field. Irving-based Pioneer has been increasing its production targets all year as drilling in the Wolfcamp produced bigger gushers than the company’s engineers and geologists forecast.
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.
Walter Guidroz, coordinator for the geological survey’s energy resources program explained why the discovery is generating so much excitement:
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.
We are especially pleased that it could spell the end of president Obama’s disastrous energy policy and could possibly lead to an America independent of any foreign energy sources.
Another massive path to victory just opened up for Trump’s plan to make America prosperous and safe again.