Massive Oil Deposit Found in Texas’ Midland Basin
Earlier this week, the US Geological Survey said it might have found the largest deposit of oil ever discovered in America.
There is an estimated 20 billion barrels of oil and 1.6 billion barrels of natural gas liquids available in the Midland Basin portion of Texas' Permian Basin. With the current cost of crude oil priced at $45 per barrel, the deposits would be worth about $900 billion.
Oil has recently caused a large number of exploration companies to seek oil in Texas, and this deposit in the Wolfcamp shale has become an important spot for shale drillers.