2 Stocks to Profit Most From the ‘Texas Oil Boom’ : PXD, PER

As I wrote up this analysis of the best investments in oil, a familiar saying came to mind: “Everything old is new again.”

A truer statement could not be said about the Permian Basin, which is a geological formation roughly 300 miles long and 250 miles across that stretches across west Texas and eastern New Mexico.

It has been producing oil (29 billion barrels worth) since 1921. But even as recently as a decade ago, it was thought to be played out.

That was before new drilling technologies such as fracking were considered for use in the region.

Nearly 48% of all drilling rigs in the country are drilling right now in Texas, with over 400 drilling rigs in the Permian Basin alone. (more)

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