- Feb 13, 2005
- Reaction score
- Wildwood New Jersey
lightninboy said:I think here’s where I heard it:
Secrets (Volume 178)
Friday, June 3, 2011
Texe Marrs examines things the controlled media dare not report: 3) Huge new oil field find in Texas proves once again that America has no shortage of oil;
Texe Marrs says there's enough oil in the U.S.A. to make every citizen a millionaire if it was divided up.
he might be right on this one... we may have plenty of oil.. and a huge find in (onshore) Texas would be a bit ironic. but after reading his article i was left feeling like he wasted my time..
Black gold boom: Texas prepares to drill 3,000 oil wells in a YEAR that could deliver major boost for U.S. economy
For experts believe that the astonishing finds in 20 new onshore oil fields could, together, increase the country's oil output by 25 per cent in just ten years.
The Texas field, also known as Eagle Ford, is one of the 20 and more than a dozen companies plan to drill 3,000 wells over the next 12 months in Catarina, South Texas.
Just five years ago the oil fields were considered useless. But then an engineer discovered that oil could be extracted in the same way as natural gas - through a process of hydraulic fracturing - and U.S. oil giant EOG bought thousands of acres of land in Texas.
we have found three of the world’s biggest oil fields in the last three years right here in the US? How transformative could that be for the U.S. economy?'
Drillers believe that the oil fields will be able to produce up to three million barrels a day by 2020, from their current half a million barrels output.
Despite having its first well drilled just three years ago, The Eagle Ford is already making 100,000 barrels a day and could reach 420,000 by 2015.
The oil fields have transformed Texas with house prices doubling as a result of the oil boom and unemployment is down by a half.
Further north in North Dakota, the Bakken field is now producing 400,000 barrels a day after discovering a trickle just four years ago.
it was always there.. it just took new technology to be able to extract it..
Much of the area has been an oilfield for over eighty years and there is a lot of experience with regulation and inspection of new wells. Existing pipelines and oil refineries close by will make this major new American oil discovery highly profitable for those companies who have already leased up land to drill on
While geologists have known about many of these rock formations, such as the Eagle Ford shale in South Texas, and recognized they hold massive amounts of crude, it was only recently that oil exploration companies developed a method to extract it. Oil exploration companies are now able to extract oil and gas from shale using a technology called directional or horizontal drilling, in conjunction with hydraulic fracturing.
sure hope Texe invested in the companies.. :shock: but I bet he didn't.. :?