Texas is once again making life difficult for OPEC.The Permian Basin of Texas and New Mexico has emerged as the new poster boy of the U.S. shale oil revolution. Land prices in the Permian have skyrocketed, drilling activity has tripled since last year and production there is poised to soar despite cheap oil prices.
Some are even predicting this hotbed of shale activity could eventually surpass the colossal Ghawar field in Saudi Arabia as the world's biggest oilfield.
The Permian's rise on the global stage couldn't come at a worse time for OPEC, which just last November cobbled together a delicate deal to deal with the oil glut by cutting production...