Shell Oil Becoming a Strong Player in Shale Oil

Oil & Natural Gas / Oil Shale / Exploration

Date posted: 06/14/11

The discovery of shale deposits in Texas, and other states, could very well be the beginning of another oil boom in the United States that can be monumental in helping the country reduce its dependence on imported foreign oil. The largest shale deposits of the world are here in the US, making it a potential goldmine. In the Green River Formation of Utah, etc., shale oil deposits are estimated to be 1.2 to 1.8 trillion barrels, almost five times the reserves of Saudi Arabia. Though not all of it is recoverable, even if only 25% were, it could help the US meet its rising energy demands. With natural gas prices declining and crude oil prices reaching all-time highs and Brent futures trading at over $115 a barrel, shale oil seems to offer a potential solution to America\'s energy crisis. Also shale oil exploration will mean more domestic jobs and less dependence on foreign oil.