Energy Resources - Petroleum and Reality - Deep Drill Process Reaffirmed

• Reconfirmation of the oil discovery in the Gulf of Mexico is discussed by columnist William Perry Pendley, TownHall.com, writes:

… Early last month, Chevron and its partners, including Devon Energy, released news that Chris Isidore of CNN reported “could be the biggest breakthrough in domestic oil supplies since the opening of the Alaska pipeline.” Located 270 miles southwest of New Orleans and 175 miles offshore in 7,000 feet of water and drilled through 20,000 feet of rock, the Jack 2 well had a test flow rate of more than 6,000 barrels of crude oil a day. Although Chevron had announced the Jack 2 discovery in September 2004, last month’s test confirmed suspicions as to its potential and caused Chevron to conclude that the Gulf of Mexico’s “lower tertiary region” may hold “3 billion to 15 billion barrels of oil.” U.S. reserves are estimated at less than 30 billion barrels of oil. No wonder the news made headlines!