Vast Oil Pool Tapped in Gulf of Mexico

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."
http://hosted.ap.org/dynamic/stories/M/MAJOR_OIL_DISCOVERY?SITE=FLTAM&SECTION=HOME&TEMPLATE=customwire.htm

What this means, though, is that Europe will be buying a lot more oil from us than from the OPEC countries. Hmmm.

I think I heard on the news tonight that it will take 5 years to start getting that oil.

Devon energy might be a good bet for investment.

Marthatex said:

I think I heard on the news tonight that it will take 5 years to start getting that oil.

Devon energy might be a good bet for investment.

Click to expand...

Their stock has already shot up, and will no doubt continue to do so. Same with the Dutch oil company involved.