The Jaw-Dropping Potential in This American Oil Patch Could Change the World
"The pride and joy of Saudi Arabia's oil industry has been the Ghawar oil field, which has been recognized as the largest in the world ever since its discovery in 1948. That is, perhaps, until now. A shale oil formation deep beneath the plains of West Texas has been sitting right under our noses for years, and Pioneer Natural Resources (NYSE: PXD ) estimates that it could usurp the Ghawar field's 60-year reign. "
"Estimates of the Permian's reserves were somewhere in the 10 billion-12 billion barrel range. That's nothing to scoff at, but it certainly didn't come close to the 71 billion barrels in that single formation under the Saudi desert. Apparently, those oilmen simply didn't look hard enough, because they missed the rest of the oil in the Permian.
All 75 billion barrels of it."
Wow, so much for that peak oil nonsense. Drill baby, Drill!! Let's go back to $2/gallon gasoline.