A headline from Bloomberg News about big discoveries in shale formations is making waves in business news – but not so much in political circles.
Yet, recent revelations about the Permian Basin – specifically, that a portion of the field known as the Wolfcamp formation was found to contain 20 billion barrels of oil beneath layers of shale in West Texas – is a huge political plus for Donald Trump. And then again, maybe that’s why these headlines are staying firmly entrenched in the business sections of news outlets, rather than plastered all over the front pages, among the political offerings.
Here’s the backstory, beginning with the oil discovery.
“Wolfcamp formation [oil reserves is] 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,” the Star-Telegram reported. “At current prices, that oil is worth almost $90 billion.”
Those are significant dollar signs. But here’s the bigger political news: Trump’s been calling for energy independence since his campaign days, and even before, as a businessman. And so has Texas Gov. Greg Abbott.
This Permian Basin discovery comes at a time when Trump is poised to take full advantage. His ascension to the White House, combined with cooperation from a like-minded Texas executive, Abbott, could bring a windfall of opportunity for the new president to instill an energy independence in America that would last for years.
In May, on the campaign trail, Trump spoke of his America-first mentality and vowed not only to free the energy sector from much of its environmentally driven bondage, but also forge ahead with new research and discovery programs aimed at uncovering energy sources. Specifically, he vowed more fossil fuel development and less dependence on OPEC.
“Complete American energy independence,” Trump said then, Politico reported. “This plan will make America wealthy again.”