Massive Gulf Oil Discovery Shows Need for More American Energy ExplorationPosted by Jamie Hennigan on June 08, 2011
Today, ExxonMobil announced three major American energy discoveries in the Gulf of Mexico while drilling their first deepwater exploration well since President Obama’s drilling moratorium was officially lifted. The discovery is projected at over 700 million barrels of recoverable oil equivalent, making it one of the largest in the last decade. This find translates into 14 billion gallons of gasoline and approximately 2 ½ months of current U.S oil production.
The discovery, coupled with OPEC’s announcement that it will not increase production to alleviate rapidly rising gas prices, underscores the importance of allowing industry to continue to explore for American resources.
While Americans continue to suffer from the many effects of rising gas prices, House Republicans have passed legislation that would immediately create jobs, increase our supply of American made energy, and decrease our dependence on unstable foreign nations for energy.
It’s time for President Obama and his anti-energy allies to reverse course and support expansion of American energy exploration and production. Today’s discovery is a perfect example of how America can decrease our foreign energy dependence if we simply explore, develop and produce the resources in our own back yard.