God bless Texas. As Americans continue to face near-record high gas prices, recent interest in vast oil shale deposits in the Lone Star State could be a boon to domestic production and significantly lessen our dependence on foreign oil. Of course, this assumes that bureaucrats stay out of the way; one Texas-size assumption
According to a story published by The New York Times late last month, the area known as Eagle Ford in South Texas and other deposits around the state, could generate as many as 420,000 barrels per day by 2015. This represents possibly two or three times as much oil as in Prudhoe Bay, Alaska – the largest oil field in the nation – and could boost domestic production by as much as 25 percent. One oil expert interviewed by the Times noted this would be “like adding another Venezuela or Kuwait by 2020, except these tight oil fields are in the United States.”
Certainly, the hope of extracting the estimated three billion barrels of this valuable natural