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Geological Survey in Texas Uncovers 1.6 Billion Barrels of Oil…

Oil Rig
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by Mack Shaw at Fox 7 Austin

The Brief

    • A new USGS study finds major undiscovered oil and gas reserves in Texas’ Permian Basin.
    • The resources could supply the U.S. with natural gas for 10 months and oil for 10 weeks.
    • Advances in drilling technology are making these deep shale deposits newly recoverable.

PERMIAN BASIN – A recent U.S. Geological Survey assessment of previously undiscovered gas and oil in Texas’ Permian Basin has found that there are enough resources there to fuel the entire nation for months.

The gas and oil, measured in trillions of cubic feet and billions of barrels, are located in the Woodford and Barnett shale, which to date have produced only a day’s worth of U.S. oil consumption.

Undiscovered oil in Texas

The assessment found that there are technically recoverable resources of 28.3 trillion cubic feet of gas and 1.6 billion barrels of oil, the USGS said in their Wednesday release.

According to the USGS, that’s enough gas to supply the United States for 10 months at the current rate of consumption, and enough oil for 10 weeks…

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