Huge New Shale Oil Field Found in Texas

Monday, 30 May 2011 10:51 AM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
More than a dozen companies plan to drill up to 3,000 wells around the ragged town of Catarina, Texas in the next 12 months. Known as the Eagle Ford, the sprawling site is but one of a score of new onshore oil fields that may pump up the nation’s oil output by 25 percent within the next ten years, according to a New York Times report.

catarina texas iol fieldThe oil from the Eagle Ford and other such fields can be tapped by using the somewhat controversial hydraulic fracturing method. So-called “fracking” utilizes a mix of water, sand and hazardous chemicals under high pressure to bore through the rocks and release the oil trapped within.

Fracking has been in the past a method to get at natural gas lurking in rocky formations underground. With the technology now being used in extracting oil, a concern has risen as to potential contamination of submersed water supplies.

Contamination dangers or not, the risk seems acceptable to most in the oil industry, which touts that fracking in the new fields can ramp up over two million new jobs and enrich cash-strapped states to the tune of tens-of-billions of dollars. Looking to realize the oil windfall are such states as Texas, Oklahoma, Ohio, Michigan and Kansas.

“It’s the one thing we have seen in our adult lives that could take us away from imported oil,” said Aubrey McClendon, chief executive of Chesapeake Energy. “What if we have found three of the world’s biggest oil fields in the last three years right here in the U.S.? How transformative could that be for the U.S. economy?”

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Obama Plan Would Let Young Hondurans Enter US as Refugees

Thursday, 24 Jul 2014 23:24 PM

The Obama administration is considering a two-year, $47 million pilot program that would screen children and young adult . . .

US Army War College to Launch Plagiarism Probe on Senator's Thesis

Thursday, 24 Jul 2014 21:36 PM

The political hole deepens for beleaguered U.S. Sen. John Walsh of Montana, a Democrat who is running for re-election a . . .

Honduran President: US Policy Partly to Blame for Border Crisis

Thursday, 24 Jul 2014 21:10 PM

The president of Honduras lays part of the blame for the border crisis on an unclear immigration policy of the United St . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved