Crude Prices Spark Nevada Oil Boom - 8 News NOW

Crude Prices Spark Nevada Oil Boom

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Higher prices for crude have sparked something off an oil boom here in Nevada.

As the channel 8 I-Team has reported over the past three years, many oil experts think Nevada has almost unimaginable potential as an oil source.

Our state is already home to the single most productive oil well in the nation. This year, oil speculators have been gobbling up drilling rights to hundreds of thousands of acres of public land in central Nevada, and it's not hard to understand why.

Oil wildcatter Charles Laser says, "You have the largest organic mature rock source anyplace in the world except Saudi Arabia or Kuwait. California, Texas, Louisiana -- they have 400 to 1000 feet of source rock. You have 2000 feet of rich chainman shale, creating billions and billions of barrels of oil that haven't been found yet."

One problem is that the oil reserves, if they exist here, are much deeper than oil fields in other parts of the country, so finding the black gold is a hit-or-miss proposition in Nevada. Still, dozens of oil companies are now moving into the state, according to industry executives.

 

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