Permian `Super Basin’ Holds up to $3.3 Trillion in Untapped Oil
The Permian basin of Texas and New Mexico holds 60 to 70 Bbbl of yet-to-be pumped crude oil, according to a study by IHS Markit Ltd.
The Permian region’s so-called recoverable resources would be enough to supply every refinery in the U.S. for 12 years and have a market value of about $3.3 trillion at current prices for West Texas Intermediate oil, the domestic benchmark.
The Permian Basin Still Has “an Awful Lot of Oil”
“How can we have been drilling in the Permian Basin for 100 years and then find out it has twice as much as we thought?” —T. Boone Pickens
Oil in bull market nears $52 on signs U.S. stockpiles declined.
The Oil Ghost Towns of Texas
“Lord, just give me one more boom, and this time I promise I won’t piss it away.”
If Texas’s Permian Basin is Exhibit A for the U.S. oil boom that refuses to die, then the Eagle Ford, a smaller shale patch some 400 miles to the east, represents all those places that have been left behind.