New Oil Found by Chevron in Gulf of Mexico
An oil discovery by Chevron Corp. has bolstered prospects that petroleum companies will be able to tap giant reserves that lie far beneath the deep waters of the Gulf of Mexico.
Oil analysts and company executives said newly released test results from a well 175 miles off the coast of Louisiana indicate that the oil industry will be able to recover well more than 3 billion barrels, and perhaps as much as 15 billion barrels, of oil from a geological area known as the lower tertiary trend, making it the biggest addition to U.S. petroleum reserves in decades. The upper end of the estimate could boost U.S. reserves by 50 percent.
 Hopefully such a discovery, something that expects are estimating could increase US Oil Reserves by up to 50%, will actually have an impact on the end users who buy the refined product. In the past, such discoveries have been very good for the companies who made the discoveries, but have had little impact on the prices you and I pay to fill up.
 Will that change this time? We can hope.