NEW YORK (TheStreet) -- A newly discovered deposit of untapped oil in west Texas called Wolfcamp shale holds about 20 billion barrels of oil, which translates into about $900 billion at today's oil prices.
This is about three times the amount of oil discovered in North Dakota's Bakken shale in 2013. However, the Bakken shale could be "bigger over time," former Shell Oil (RDS.A, RDS.B) President John Hofmeister said on Fox Business' "Varney & Company" on Friday morning.
"This country has an endowment of natural resources and it could have such energy independence for so long if we were allowed to produce what we want to produce," he argued. "And we could get out of OPEC's hair."
President-elect Donald Trump made deregulation of energy one of his "main planks in his campaign," noted Fox Business' Stuart Varney.
"And it would be a wise move because OPEC is only going to get worse with time," Hofmeister said in response. OPEC is meeting on November 30 to decide on whether to approve a production cut deal.
This new pocket of shale won't affect oil prices in the near-term, but it will affect our energy independence and our energy security, Varney noted.
"Absolutely and our economic well-being," Hofmeister said. This deposit is all good news because it's value created in our own country that could be exported to create even more value.