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Seems there might finally be some good news for three big oil companies after all.
Today, Chevron, Statoil ASA and Devon Energy were able to tap an oil pool in the Gulf of Mexico which is about 300 square miles in size. It is believed there could be up to 15 billion barrels of oil and natural gas contained within the oil pool.
If these numbers are correct, this oil pool could increase American oil reserves by 50%.
Unfortunately, it does not appear full time production will take place until 2010, meaning this newly found oil field will not dramatically affect the price of oil for quite some time.
However, the news of the discovery did cause the price of crude oil to continue to fall, where it closed at $68.60, down $.58 from Friday’s finish.
