U.S. Crude Oil Reserves Double with Massive New Permian Discovery

January 24, 2019

Nearly one third of the United States’ oil and gas comes from the Permian Basin.  The Permian is the largest shale-oil producing region in the United States.  That said, on November 28, 2018, The United States Geological Survey (USGS) published an assessment of oil and gas resources in a part of the  Permian oil and gas basin that straddles Western Texas and Southeastern New Mexico. The potentially recoverable reserves are officially the largest on the planet.  The findings by the USGS are nothing short of incredible:

  • The USGS estimates that over 46 billion barrels of oil are within the Permian Basin’s shale formations
  • The USGS estimates that over 280 trillion cubic feet of gas are within the Permian Basin’s shale formations
  • The USGS estimates that 20 billion barrels of natural gas liquids are within the Permian Basin’s shale formations.

To put these findings in perspective, at the end of 2017, think about this: at the end of 2017, “total U.S. proven reserves of crude oil hovered around 40 billion barrels. For natural gas, figures stood around 465 trillion cubic feet (tcf). The new upward revision of Permian resources represents a more than 100% and 65% increase in U.S. oil and gas reserves, respectively, if they can be extracted economically.”

With all the energy-producing potential of the Permian Basin it is important that oil and gas companies ensure proper safety policies are implemented and followed.

Oilfield Deaths From 2008 Until 2017 Rival Those Suffered By U.S. Troops Defending America

Drilling for oil is extremely dangerous.  The fatality rate for oil drillers was nearly five times that of all industries in the United States combined in 2014.  Production pressures — and the temptation to cut corners — intensify during boom times, as America is experiencing now due to a rush of fossil-fuel exports.

From 2008 through 2017, 1,566 oilfield workers died from injuries in the oil and gas drilling industry and related fields, according to data from the U.S. Department of Labor’s Bureau of Labor Statistics.  That’s about as many U.S. troops died fighting in Afghanistan during that period.

Nearly 7,000 OSHA Citations During the Past Decade Were for “Serious” Violations

From 2008 through Oct. 25 of this year, Occupational Safety and Health Administration cited companies in the oil and gas extraction industry for 10,873 violations.  Sixty-four percent of the violations were classified by the agency as “serious.”  Serious means that inspectors found hazards likely to result in death or serious physical harm.  3 percent of the violations were classified as “repeated,” meaning the company was previously cited for the hazard.  Repeat offenders who don’t clean up their acts are seen to be willfully disregarding the safety of employees.

If you or a family member has experienced an accident while in the course of their employment in the oilfield, or if you have questions regarding how to handle a particular incident, please contact our team of legal professionals that specifically handle oilfield injury cases. The oilfield injury lawyers at Morrow & Sheppard are privileged to assist those who have been injured and have experience litigating the complicated legal issues involved in an oilfield claim.

Call us today at 800-489-2216 today for help with your potential claim.

Get a Free Case Review by Calling Morrow & Sheppard Now.

We’re available 24/7.

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