[lbo-talk] Mo oil, mo oil, mo oil ...

[Miles Jackson]

Jordan Hayes wrote:
> http://biz.yahoo.com/ap/060905/major_oil_discovery.html
> 
> AP
> U.S. Oil Reserves Could Grow by 50 Pct.
> Tuesday September 5, 1:30 pm ET
> By Brad Foss, AP Business Writer
> 
> Successful Test Well in Gulf of Mexico Means U.S. Oil Reserves Could 
> Grow More Than 50 Percent
> 
> WASHINGTON (AP) -- Results from a deep-water test well in the Gulf of 
> Mexico suggest a new pool of oil and gas that could boost U.S. reserves 
> by as much as 50 percent.
> 
> Chevron Corp. on Tuesday estimated the 300-square-mile region where its 
> test well sits could hold between 3 billion and 15 billion barrels of 
> oil and natural gas liquids. Analysts are calling it the most 
> significant domestic discovery since Alaska's Prudhoe Bay more than a 
> generation ago.

And, as Hubbert correctly predicted decades ago, even the full 
exploitation of this new source will not reverse the fact that oil 
production in the U. S. peaked in the 1970s and has declined ever since.

Miles