Largest deposit of oil and gas ever discovered in the US just found in Texas

[DanG 1]

Quote

I expect the US will be energy independent in Trump's term.

How do you define energy independent? Net exporter, or we don't import a single drop?

- Dan G

[Phil1111 1,183]

"Last year ExxonMobil’s Outlook for Energy projected a major shift in global energy markets. The report suggested that by 2020 North America will be a net energy exporter for the first time in recent history, with the U.S. making a significant contribution thanks to new supplies of oil from shale fields in North Dakota and Texas. The report was also bullish on the potential for the U.S. to export significant amounts of natural gas, all the while having enough supplies to meet demand here at home."
https://energyfactor.exxonmobil.com/news/america-energy-exporter/

While the current cost of production in the Texas shale field where the OP made reference to new discoveries is $75. That refers to current deposits not the deeper more complex formations associated with the new deposit. However oil industry engineers have always developed technologies and techniques to drive costs down.

I was talking to a steam engineer in the SAG oil business on the weekend. He said that everyone in his company with less than 13 years seniority has been laid off over the last two years. A total of 30%. Yet they are running twice the production that they did before the layoffs.

For one shale field $60 bbl was a area where investment could return and ballance sheets rebuilt.
"I have already discussed the probable causes for lower operating costs but the 20% decrease in capital costs is significant and may be behind some of the claims that rig productivity and efficiency are important. I do not know what percentage of capex for 2014 was for growth vs. maintenance. My allocation of 85% of capex is, therefore, arbitrary but probably over-states the amount of capex savings between 2015 and 2014. It provides a net margin per BOE that is consistent with the positive cash flow for 2014 shown in Table 5, and with recent statements by the company that it would resume full drilling at around $60 per barrel oil prices."
http://www.artberman.com/rig-productivity-is-a-red-herring/

[normiss 898]

Yup, saw that too.
As I had to watch the Japanese news channel, some of the translation isn't too good, they made it sound like it scared the jebus out of them.

American news was stuck on 3 elevator doors and a Broadway show for some stoopid reason.