Vast Oil Pool Tapped in Gulf of Mexico

Discussion in 'Up to the Minute' started by Beyond Belief, Sep 5, 2006.

  1. Beyond Belief

    Beyond Belief New Member

    Messages:
    14,497
    Likes Received:
    1
    Trophy Points:
    0
    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
     
  2. Loading...


  3. BillyGoatGruff

    BillyGoatGruff New Member

    Messages:
    2,173
    Likes Received:
    0
    Trophy Points:
    0
    What this means, though, is that Europe will be buying a lot more oil from us than from the OPEC countries. Hmmm.
     
  4. Marthatex

    Marthatex New Member

    Messages:
    17,715
    Likes Received:
    0
    Trophy Points:
    0
    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.
     
  5. BillyGoatGruff

    BillyGoatGruff New Member

    Messages:
    2,173
    Likes Received:
    0
    Trophy Points:
    0
    Their stock has already shot up, and will no doubt continue to do so. Same with the Dutch oil company involved.
     

Share This Page

  1. This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
    By continuing to use this site, you are consenting to our use of cookies.
    Dismiss Notice