U.S, Canada ban offshore drilling in the Arctic

Huge new oil discovery in Texas.


(CNN) — Geologists say a new survey shows an oilfield in west Texas dwarfs others found so far in the United States, according to the US Geological Survey.

The Midland Basin of the Wolfcamp Shale area in the Permian Basin is now estimated to have 20 billion barrels of oil and 1.6 billion barrels of natural gas, according to a new assessment by the USGS.





That makes it three times larger than the assessment of the oil in the mammoth Bakken formation in North Dakota.

The estimate would make the oilfield, which encompasses the cities of Lubbock and Midland -- 118 miles apart -- the largest "continuous oil" discovery in the United States, according to the USGS.

http://www.cnn.com/2016/11/17/us/midland-texas-mammoth-oil-discovery/

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Robert, the US can't get oil out of the ground for $10 a barrel.

 

You will be the first person I tell if I ever believe oil can today be brought up at $10 a barrel.

Due to fracking, what is your figure for a minimal cost to the oil producer? Profit would of course get added.

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Really???, well to show you, I used one that is up to date.

 

In the US offshore.. About $42-45 a barrel.

Conventional oil $20-25 a barrel.

Fracking $30-40 a barrel.

http://www.investopedia.com/articles/investing/072215/can-fracking-survive-60-barrel.asp

 

That's the hypocritical nature of them. They don't care if it 'ruins' someone else's country. Take China for example. Big polluters, yet Dems remain silent and give approval to them as a trading partner.

 

I've never seen oil wells as definite major threats to earth or sea. To me the unarguably real direct threats are over-fishing and pollution, flowing nonstop into the oceans from our rivers, inlets, coasts, and shipping lanes. I think that Obamas drilling ban will do more to interfere with the next President than to ensure the oceans survival.