NEW YORK (TheStreet) — A newly discovered deposit of untapped oil in west Texas called Wolfcamp shale holds about 20 billion barrels of oil, which translates into about $900 billion at today’s oil prices. This is about three times the amount of oil discovered in North Dakota’s Bakken shale in 2013. However, the Bakken shale could be “bigger over time,” former Shell Oil (RDS.A, RDS.B) President John Hofmeister said on Fox Business’ “Varney & Company” on Friday morning. “This country has an endowment of natural resources and it could have such energy independence for so long if we were allowed to produce what we want to produce,” he argued. “And we could get out of OPEC’s hair.” President-elect Donald Trump made deregulation of energy one of his “main planks in his campaign,” noted Fox Business’ Stuart Varney.
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