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More Good News For Gas Prices

Fox News reports that a new discovery of oil in the Gulf of Mexico has already started to affect gas prices positively.

Tests of a deep-water well in the Gulf of Mexico could indicate a significant oil discovery, three companies announced Tuesday, in the first project to tap into a region that reportedly could boost U.S. oil and gas reserves by as much as 50 percent.
The Wall Street Journal reported Monday that the region where the well is located could become the nation's biggest new domestic source of oil since the discovery of Alaska's North Slope more than a generation ago.

The Journal said Chevron and Devon officials estimate that recent discoveries in the Gulf of Mexico's lower-tertiary formations hold up to 15 billion barrels' worth of oil and gas reserves, a total that would boost the nation's current reserves by 50 percent.

The story linked above did not include the reference to gas prices beginning to drop already as a result of the news. I heard one of the Fox News business reporters say that on television a few minutes ago, but did not see it posted at the website yet.

Comments (11)

It's really going to get in... (Below threshold)

It's really going to get interesting when people realize that some of the old "exhausted" fields are refilling from reservoirs lower down... it's already been observed in Louisiana, for example.

Environmentalists in Congre... (Below threshold)

Environmentalists in Congress probably already have legislation to shut it down.

Don't worry. There'll be s... (Below threshold)
Steve L.:

Don't worry. There'll be some kind of wiggleworm or ugly fish that will prevent the oil industry from being able to drill unless there is a Democrat in the Oval Office.

I'm not sure if a Democrat ... (Below threshold)

I'm not sure if a Democrat in office would help. It's very simple really. Using petrolium is *bad*, therefore new sources of oil are *bad* because it just means we'll use more and put more pollutants into the air and cause more global warming. I don't think that the logic goes beyond that to the consequences of dependancy on foreign sources of oil. What's more the political windfall of high oil prices is entirely unrelated and will be missed come November.

If people were serious about the issue we'd be drilling in Alaska and building nuclear plants.

... but nuclear is *bad* and the logic doesn't go beyond that.

For those too young (or too... (Below threshold)

For those too young (or too old) to remember, gas prices were totally out of control in the 1970s when JAMES EARL CARTER, JR. was President. He was then a Democrat. I'm not sure what he is now.

In the meantime, gas was $2.34 per gallon here in Columbus, Ohio on Saturday at the gas station near my house.

Just think - we have cheap gas AND the Buckeyes!

Just think - we have che... (Below threshold)

Just think - we have cheap gas AND the Buckeyes!

Well, at least you have cheap gas, then.

I sure wish gas was $2.34/g... (Below threshold)

I sure wish gas was $2.34/gallon here in southern California. We are finally seeing $2.97 again.

On election day gas prices ... (Below threshold)
John S:

On election day gas prices will be below $2.00 a gallon. You can count on it. The oil companies don't relish the thought of a Democrat-held Congress.

The oil companies don't ... (Below threshold)

The oil companies don't relish the thought of a Democrat-held Congress.

I'm just wondering how many votes you believe will swing to the Republicans because people saved a couple of bucks filling up their cars on election day...

"Yeah, I hate their politics, I hate their stance on abortion, I hate their stance on the war, I generally don't like anything about them, but hey, that extra 50 cents a gallon really makes me wanna vote for the party of Ted Kennedy!"

Actually owners of big SUVs... (Below threshold)
John S:

Actually owners of big SUVs will be saving $20 to $30 per fillup. Sort of like a $100 billion tax break. But the point is that Democrats have the price of gas to campaign on and ABSOLUTELY nothing else that non-DU types care about. They just lost their single issue.

Just think - we have che... (Below threshold)
James CLoninger:

Just think - we have cheap gas AND the Buckeyes!
Well, at least you have cheap gas, then.

The only thing I hate about the fall in Ohio is the non-stop blathering on the news about the Buckeyes/Wolverines...and Maurice Clarette...






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