New look at the Permian Basin

Texas's great Permian Basin, an underground province that has so far yielded some 300 billion barrels of oil and gas, is due for its first comprehensive geologic analysis in 50 years thanks to a seed grant from the federal government. A story in the Odessa American says that of the ten oil companies that expressed interest a few months ago, only three are ready to actually put up $19,000 a year for the new information. With what we know about the geology of petroleum and the advances of the last 50 years, this money ought to quickly pay itself back. It makes sense to look for new oil in old lands.