Vast Oil Pool Tapped in Gulf of Mexico
 

Vast Oil Pool Tapped in Gulf of Mexico

By BRAD FOSS
AP Business Writer


WASHINGTON (AP) -- A trio of oil companies led by Chevron Corp. have tapped a petroleum pool deep beneath the Gulf of Mexico could boost the nation's reserves by more than 50 percent.

A test well indicates it could be the biggest new domestic oil discovery since Alaska's Prudhoe Bay a generation ago. But the vast oil deposit roughly four miles beneath the ocean floor won't significantly reduce the country's dependence on foreign oil and it won't help lower prices at the pump anytime soon, analysts said.

"It's a nice positive, but the U.S. still has a big difference between its consumption and indigenous production," said Art Smith, chief executive of energy consultant John S. Herold. "We'll still be importing more than 50 percent of our oil needs."

If you do the math on how much oil the U.S. uses a day, it's about 1 year's worth. It will be nearly a decade before we see a drop of it, I'd lay money down on that. People are making way too big a deal about it.

Frankly I don't know what to believe. The left keeps saying exactly what you said above, but the right says the opposite.

I am going to stick with the motto of "hope for the best, prepare for the worst." I really hope there is as much oil there as they say. Imagine no longer being dependent on foreign oil.

Start building your electric car now and when the gas runs out you will be all set to keep on driving! Do oil people EVER tell the truth?

Global warming...increased huirricane rate = trouble in paradise?

First big storm...and there goes the rig?

Don't care how you slice and dice it...the dummies are just gonna have to USE LESS OIL! ...and other polluting substances.

the artical states that it could boost the nations RESERVES by more then 50%, the national oil reserve is suposed to have enough oil to supply the country for 6 months, and that this would be boosting that 6 month supply by UP TO 50%.
after all, it's only 4 miles under water.