The newest numbers on oil reserves in the Permian Basin are in, and Dr. Perryman says they are staggering.
It now appears the Permian Basin will be the largest oil and gas field in history. Dr. Perryman says by 2020, the Permian will produce seven to eight million barrels per day.
Exxon Mobil says it's purchasing the Bass interest in the Permian Basin for a whopping $7 billion. Dr. Perryman says this is a clear signal.
Dr. Perryman says the massive discovery in the Permian Basin that could yield three billion barrels of oil is just the most recent chapter in the region's storied history.
Dr. Perryman notes that drilling is trending upward in the Permian Basin and explains why 40% of all rigs in the US are in the region.