Wednesday, September 13, 2006

Success in Deep Drilling

The news is that Chevron has discovered oil 5.3 miles below the Gulf of Mexico that may lead to 750,000 barrels of new daily U.S. crude-oil production within six years. This bolsters prospects that petroleum companies will be able to tap giant reserves that lie far beneath the Earth's crust.

The spin MSM spin is: production is years away, it won't reverse the nation's growing reliance on imports, it will not have any meaningful effect at the gasoline pump, requires gas prices to remain high to justify the investment, is a drop in the bucket, and it only exacerbates our evil oil-based economy.

It certainly isn't energy independence but it is one positive in a world of negatives.

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