Home > blog > Page
Massive Gulf Oil Discovery Shows Need for More American Energy Exploration
Posted 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.

    Post a Comment
    Fill out the fields below to submit a comment

    Latest News

    Bishop: President’s Budget Stubs Out Hardworking Americans

    Today, the Obama Administration released its budget proposal for the 2017 fiscal year. Chairman Bishop (R-UT) issued the following statement: “To defend this budget would require spin with dexterity t...... Read more

    New York Times: Officials Warn Congress of Major Defaults Without Restructuring

    Puerto Rico and its top advisers made their case in Washington on Friday for a law that would allow broad restructuring of the island’s multibillion-dollar debt, saying that if Congress did not act so...... Read more

    Bishop: FWS Mimics EPA Tactics in Expansive Critical Habitat Proposal

    Today, the U.S. Fish and Wildlife Service and the National Marine Fisheries Service announced the finalization of a new policy for defining and designating critical habitat under the Endangered Specie...... Read more

    View All News

    Calendar

    Legislative Hearing on H.R. 87, H.R. 295, H.R. 1621 and H.R. 2817
    Subcommittee on Federal Lands | 1324 Longworth House Office Building, Washington, D.C. 20515
    The U.S. Department of Treasury's Analysis of the Situation in Puerto Rico
    Full Committee | 1324 Longworth House Office Building, Washington, D.C. 20515
    View All Events