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US geologists stumble upon shale oil reserve motherlode valued at $900 billion

from Financial Post

In a troubled oil world, the Permian Basin is the gift that keeps on giving. One portion of the giant field, known as the Wolfcamp formation, was found to hold 20 billion barrels of oil trapped in four layers of shale beneath the desert in West Texas, the U.S. Geological Survey said in a report on Nov. 15. That's almost three times larger than North Dakota's Bakken play and the single largest U.S. unconventional crude accumulation ever assessed. more


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