The energy picture changes whenever a new oil find is announced or progress in developing an energey alternative is announced. Such changes impact the politics of energy as well.

Chevron Announces New Oil find in Gulf

The announcement made on September 5, 2006 by Chevron and its partners holds the promise of increasing our proven reserves by as much as 50%. Their test well driven to a total depth of 27,000 ft. below the water surface of the Gulf flowed at a rate of 6,000 bbls.per day. That's about what the early wells in Saudi Arabia delivered except at depths of only a few hundred feet! I point out that difference to make but one point...we're having to drill deeper and in more difficult environments today which means at far greater expense.

We haven't heard much political comment about the new discovery yet, but I will wager that it will come in due course. Some may think the find will permit us to get out of Iraq quicker and to become less dependent on foreign source oil. Sorry, not yet. It will take at least 3 years before the impact of the new find will start to be felt. They won't be sure of the volume available for awhile yet either. They are saying now that the field may contain as much as 15 billion bbls. or as little as 3 billion bbls. which puts it in the range of Prudhoe Bay, Alaska. Still, its an excellent discovery which eventually will help us reduce imports. Now, let us go for what promises to be a large find in ANWAR!