The Eagle Ford shale formation in Southern Texas is the largest oil formation in the United States – and it's making investors very rich.
In fact, its daily production of more than 1.36 million barrels is going to lift these oil stock prices in 2014…
You see, the production from Eagle Ford has increased at an incredible rate. The shale formation now produces about 25 times as much oil as it did in 2010.
Oil drilling in Eagle Ford didn't begin until 2009, but it has already surpassed the Bakken Shale in North Dakota as the largest tight oil formation in the United States. According to the U.S. Energy Information Administration (EIA), the formation's tight oil reserves jumped to 3.37 billion barrels in 2012, up from 1.25 billion in 2011.
"In March 2013, Texas oil production reached its highest level since 1984," Money Morning's Global Energy Strategist Dr. Kent Moors said. "In all, the Lone Star State pumped more than 74 million barrels of crude, which means if Texas were a country, it would be one of the 15 largest oil producers in the world."
Soaring output from Texas helped the United States account for 10% of the global oil output in the fourth quarter of 2013. Eagle Ford and the Bakken combined to produce 63% of the United States' oil production in 2013.
"Vast new fields and new drilling techniques developed in the U.S. have created a 'supply shock' that is turning the global energy industry on its head," Moors said.
The Eagle Ford's surging output is one of the main reasons why the International Energy Agency (IEA) expects the United States to be the world's top oil producer by 2015, and continue to lead production through the 2020s.
This means investors can play this trend now. Here are three oil stock prices that will climb higher in 2014 thanks to the Eagle Ford oil boom.