Our World

Massive Oil Field Found

So I was browsing the news today and noticed a rather intriguing article about an underwater oil reserve found in the Gulf of Mexico. This reserve, know as Jake Filed, is estimated to contain 15 billion barrels of oil, and is to boost America's supply of oil, which at this point is 29.3 billion barrels, by more than 50%. This discovery will help with our economy a lot. This is because America will no longer be dependant on foreign oil from the Middle East since we can get it in great abundance so close to home.

This discovery also tests the theory that is oil is formed by ancient plant and animal life, thus being a fossil fuel. Because of this discovery, some think that oil is really a natural product found deep within the earth. If this were the case, then oil would not be a finite resource, but made on a continuous basis. So countries would no longer have to worry about running out of oil for fuel, as long as they can dig deep enough and of course, if this theory about oil is true.

America will now have a large quantity of oil to sell, and use as well. This will help boost international trade and possibly lower the deficit. How many more of these reserves will be found throughout the world? Only by digging and increasing technology will we be able to find out.



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posted by Anonymous @ 9/18/2006 04:17:00 PM