15 billion gallons of oil in the Gulf of Mexico
Chevron Corp. said Tuesday it had successfully drilled for oil in the Gulf of Mexico’s deep waters, and one published report suggested the breakthrough could increase U.S. oil reserves by as much as 50 percent.
The Wall Street Journal cited Chevron officials as estimating recent discoveries in the Gulf of Mexico could hold as much as 15 billion barrels of oil and gas reserves. That would boost U.S. current reserves by 50 percent.
It would seem to me as soon as these new wells come online, our reliance on the Middle East should be marginalized. We’re already been leaning more and more on Mexico and Canada. Once this well, and others yet found in the Gulf and elsewhere, the political dynamics of the US regarding the Middle East should change. No longer will there be any incentive at all to look the other way when Saudi Arabia disses the US. No longer will there be the “it’s all about oil” copout when we try to deal with Iraq. The radical elements of the Middle East are funded by the excessive wealth being generated by oil which the US in large part buys. Although China and other countries will quickly fill our void buying their oil, it eliminates a stigma when the US tries to do something about these radical elements. And, more importantly, it eliminates a weapon the Middle East terrorists have against the US vis a vis attacking oil production facilities. They don’t seem too concerned about attacking Chinese interests there.
Start drilling tomorrow Chevron. If you need help getting it up and going, I’d think it be in the best interests of Homeland Security to help them get it going. And, don’t forget, with the increased reserves and production, I expect a discount at the pump!