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>> Older oil fields get a new lease on life. I'm Ernie Scheider with Reuters in Texas, where US oil companies have begun drilling far more aggressively than they have in the past in an area known as the Austin Chalk. It's not a shale field, like the Permian of West Texas or the Bakken of North Dakota.
Instead, it's a layer of carbonite and chalk containing almost a billion barrels of oil, according to US government figures, despite pumping since the 1920s. Now that's appealing to a host of companies, including ConocoPhillips, EOG Resources, and WildHorse Resource Development, which contracted the rig you can see right over my shoulder.
Now, that rig is boring deep into the Austin Chalk in hopes of sucking out some of that oil and bringing it to global markets. That's going to confound OPEC's plan to bring global supply and demand better into balance.