Good News From the Gulf

Chevron and two partners have made what may be the second-biggest domestic oil discovery ever, in the Gulf of Mexico. If the oil field is as vast as it appears, it will increase the country’s oil reserves by more than 50%. Of our domestic oil fields, only Prudhoe Bay is believed to be bigger.

The new oil field could be producing as early as 2010, in time for the next administration, whatever it may be, to take credit for lower prices at the pump.

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