World's 2nd largest oil field in US? Cramer Video
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World's 2nd largest oil field in US?
You've probably heard that the US could become energy independent by 2020.
That's in large part because energy companies are now able to recover oil and gas from reserves that were impossible to access just a few years ago.
"Even a decade ago, nobody thought that the oil in the Bakken or the Eagle Ford or much of the Permian Basin could be recovered in an economical manner," said Cramer.
However, thanks to advances in technology developed by companies such as Core Labs, that's all changed.
Perhaps the ultimate example of Core Labs technology at work is the Spraberry Wolfcamp formation; the new technology could make this Texas oil field the second largest oil field in the world.
"It's only behind a giant field in Saudi Arabia," revealed Core Labs CEO David Demshur on Mad Money.
How does Core Labs do it?
"The reservoir description business at Core Labs is able to determine how to drill in order to get the most value out of an asset," Cramer said. Also, "Core technology is able to analyze the rock and the fluids in reservoirs in order to generate more oil on a daily basis."
"On top of that, Core Labs' technology allows drillers to extract more oil over the entire life of a given reservoir," he added
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