Looks like Oxy is kicking the peak oil theorists in the teeth with their latest find; a “gusher,” onshore, in California, with over 1 billion barrels. Just hope that Obama and his minions don’t get too close a look at it, they’d shut it down in a heart beat (after they “shared” any money that might have been made so far).
Now Occidental is breaking ranks in another way, by upsetting the commonplace view that the days of “easy oil” in the U.S. are over. Last year Oxy announced a new find outside Bakersfield, in Kern County, Calif., which is shaping up to be the biggest onshore oil discovery the U.S. has seen in three decades. It likely holds more than 1 billion barrels of oil (and natural gas equivalents) that will be easy and cheap to extract.