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Permian’s Wolfcamp formation called biggest shale oil field in U.S.

"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."

Couple this with an administration that will get out of the way instead of throttle the production of this find and our country looks to be on it's way to oil independence.
 

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Just the boost Texas needs to rejuvenate oil production.
 

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Won't happen at this oil price. Let's hope for some positive results from the OPEC meeting this week.

Darr
 

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Recent articles say $45 a barrel using modern techniques is the profit point.

Ironic in that Saudi Araba increased output to shut down production in the USA and Canada (drive them out of business). Instead, the industry got serious about finding cheaper ways of producing.

Every time prices surge, production will be increase. Prices drop and oil production will drop, but everyone keeping an eye on $45 a barrel.

I doubt short of war we in are lifetimes will every see oil at $100 a barrel.
 
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