New Oil Find Could Turn Australia Into Energy Powerhouse

New drilling and seismic exploration studies show that southern Australia may hold more than $20 trillion in untapped "shale" oil, enough to turn the oil-importing country into an exporter. Brisbane-based  Linc Energy estimates the oil reserves in "Arckaringa Basin" at as much as 233 billion barrels, a gigantic amount that could change the oil and gas energy industry worldwide.

According to Linc managing director Peter Bond:

"If it comes in the way the reports are suggesting, it could well and truly bring Australia back to (oil) self-sufficiency."

Linc says it will invest hundreds of millions of dollars to make sure the new studies are correct. Experts say the find could lead to a new "shale oil boom" like the one going on in the US and Canada.

We say: As long as it lowers gas prices, we're extremely happy!

Learn some mo': $20 trillion shale oil find surrounding Coober Pedy 'can fuel Australia'