A Huge New Oil Find in . . . Texas

The latest from the fracking front:

Last week, the Wall Street Journal reported on an energy bonanza. A company discovered a new field with “the equivalent of at least two billion barrels of oil” that “has the promise to become one of the biggest energy finds of the past decade.”

But the discovery wasn’t made by a foreign company in the Amazon, or deep in the waters off the coast off Africa, or in Kazakhstan—or any of the other politically treacherous, high-risk, low-infrastructure places where Big Oil has been prospecting for gigantic new gushers. Instead, the lucky firm was Texas-based Apache Corporation, which struck black gold in Texas’s Permian Basin, one of America’s most prolific and picked-over sources of oil and natural gas for decades.

Fracking is not a static technology, it's a new and dynamic technology that is still rapidly getting better and cheaper. So watch for more discoveries like this one of massive oil and gas deposits in places once thought worked out.