Hopefully this will not only help strengthen our economy, but also get gas prices down to where I can afford to drive the Jeep on a regular basis!
Excerpt from South Texas Enjoys Major Boom from Oil Frackin:
Excerpt from South Texas Enjoys Major Boom from Oil Frackin:
Cheers! M2The economic transformation is the result of a new drilling method, hydraulic fracturing, combined with horizontal drilling, that allows companies to extract oil and gas from impermeable layers of shale. Major industry players have joined the Eagle Ford project, including Anadarko, Range Resources and Shell. Chesapeake Energy of Oklahoma City signed a multi-billion dollar deal with the Chinese state-owned oil company to raise cash to drill in the shale.
No solid estimate of likely production has been made, but the American Petroleum Institute said the field should yield billions of barrels of oil. The project already supports 12,600 fulltime jobs, and by 2020 could account for $11.6 billion and nearly 68,000 jobs in a 24-county area, according to study in February by the University of Texas' Center for Community and Business Research.