USGS: Largest Ever Oil and Gas Resource Potential Found in Permian Basin

ODESSA, TX-- The largest continuous oil and gas potential ever found was discovered recently in the Permian Basin recently by the United States Geological Survey.

The Wolfcamp Shale and overlying Bone Spring Formation in the Delaware Basin portion of Texas and New Mexico’s Permian Basin is believed to contain 46.3 billion barrels of oil, 281 trillion cubic feet of natural gas, and 20 billion barrels of natural gas liquids.

This will bring tons of work for the Permian Basin. "Christmas came a few weeks early this year," said U.S. Secretary of the Interior Ryan Zinke. "American strength flows from American energy, and as it turns out, we have a lot of American energy. Before this assessment came down, I was bullish on oil and gas production in the United States. Now, I know for a fact that American energy dominance is within our grasp as a nation."

The United States Geological Survey say that these estimates consist of undiscovered, technically recoverable resources. "Undiscovered resources are those that are estimated to exist based on geologic knowledge and already established production, while technically recoverable resources are those that can be produced using currently available technology and industry practices. Whether or not it is profitable to produce these resources has not been evaluated."