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Old 06-08-2008, 07:22 PM  
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updated 10:12 a.m. ET, Wed., Sept. 6, 2006
WASHINGTON - A trio of oil companies led by Chevron Corp. has tapped a petroleum pool deep beneath the Gulf of Mexico that could boost the nation?s reserves by more than 50 percent. A test well indicates it could be the biggest new domestic oil discovery since Alaska?s Prudhoe Bay a generation ago.

But the vast oil deposit roughly four miles beneath the ocean floor won?t significantly reduce the country?s dependence on foreign oil and it won?t help lower prices at the pump anytime soon.

?It?s a nice positive, but the U.S. still has a big difference between its consumption and indigenous production,? said Art Smith, chief executive of energy consultant John S. Herold. ?We?ll still be importing more than 50 percent of our oil needs.?

Chevron 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. The U.S. consumes roughly 5.7 billion barrels of crude-oil in a year
http://www.msnbc.msn.com/id/14678206/
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