President Obama Touts New Mexico Oil Production impacts RainChief
President Obama Touts New Mexico Oil Production Positive impacts RainChief [img]http://www.rainchief.com/wp-content/themes/RainChief1/images/rain-chief-logo.png[/img]
RainChief's Gulf Jensen Prospect is located in the historically productive Basin.
Commenting on Permian Basin oil exploration and development, the President stated bluntly, "If you hear anybody say that we're against drilling for oil, they either don't know what they're talking about or they're not telling you the truth. We're drilling all over the place."
The Permian Basin has produced over 20 billion barrels of oil with a financial value that exceeds $2 trillion, based on today's oil prices. The Basin produces 17% of total United States crude oil and represents 66% of Texas' current oil production. Proven reserves are second only to Alaska and New Mexico's portion of the Basin holds three of the 100 largest oil fields in the US.