$1.2-trillion ‘Wolfcamp’ discovery means Canada’s oilsands should fear Texas

The oilsands suddenly have a real reason to fear Texas. The United States Geological Survey (USGS) announced this week that a massive deposit of shale oil had been discovered in west Texas, the largest such field yet found in the U.S.

Known as the Wolfcamp formation, it contains an estimated 20 billion barrels of oil and 16 billion barrels of natural gas.