Huge New Shale Oil Field Found in Texas

Monday, 30 May 2011 10:51 AM

  Comment  |
   Contact  |
  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.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Send me more news as it happens.
 
 
Get me on The Wire
Send me more news as it happens.
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:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

Garth Brooks, Justin Timberlake Wow Crowd With Surprise Duo

Monday, 22 Dec 2014 11:28 AM

Country music superstar Garth Brooks joined pop sensation Justin Timberlake on stage at Nashville's Bridgestone Arena to . . .

Orangutan's Argentina Human Rights Case Settled in Her Favor

Monday, 22 Dec 2014 11:08 AM

An orangutan has been recognized by a court as a "non-human person" unlawfully deprived of its freedom by an Argentine z . . .

Jaycee Chan, Jackie's Son, Faces Formal Drugs Offense in China

Monday, 22 Dec 2014 10:39 AM

Jaycee Chan, son of kung fu movie star Jackie Chan, has been formally charged with a drugs offense, meaning he is almost . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

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