JUST IN: Largest Reserve of Oil in 30 Years Found In…

American oil producers are making big moves in Alaska after a monumental oil discovery.

Oil industry companies Repsol and Armstrong Energy Corporation have claimed they found “the largest U.S. onshore oil discovery in 30 years, located in Alaska’s North Slope.”

The announcement was following the results of tests conducted through this past winter season.

Per Fox Business:

The Repsol discovery follows the revelation of what geologists believe is the largest shale oil play in the country.

Companies are quickly looking to make the most of the findings:

American oil producers, including Exxon Mobil (XOM) and Noble Energy (NBL), have sought to increase their bets on the Permian, one of the hottest production regions in the U.S. Exxon will pay as much as $6.6 billion for 275,000 acres of land in the Permian, doubling the company’s estimated resources in the Texas oil play.

This discovery could result in job creation and energy independence.