Large Oil Find in the Gulf of Mexico

Mexico announced a few months ago that they had tapped a large oil reserve in the Gulf of Mexico, and now California-based Chevron has located another large find:

A trio of oil companies led by Chevron Corp. has tapped a petroleum pool deep beneath the Gulf of Mexico that has the potential to boost the nation's reserves by more than 50 percent. A test well indicates it could be the biggest domestic oil discovery since Alaska's Prudhoe Bay more than a generation ago.

But the vast oil deposit about four miles beneath the ocean floor won't significantly reduce the country's dependence on foreign oil and won't help lower prices at the pump anytime soon.

"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 officer of energy consultant John S. Herold Inc. "We'll still be importing more than 50 percent of our oil needs."

Chevron yesterday estimated that the 300-square-mile region where its test well sits could hold 3 billion to 15 billion barrels of oil and natural gas liquids. The U.S. consumes about 5.7 billion barrels of crude oil in a year.

The environwackos will undoubtedly try to stop any progress we make on fossil fuels, but we can't let them control the debate. The Bush adminstration needs to push for as much exploration as possible in the area...before Mexico gets it all.