BP made a 'giant' oil discovery in the Gulf of Mexico that could add over 1 billion barrels to reserves. To get this oil required one of the deepest holes ever drilled by the industry.
Analyst Iain Armstrong believes this find will "ease concerns about peak oil...." I guess we can continue our wasteful ways because the spigot of cheap oil will never end.
Before we start the high-fives, we should put this 'giant' oil discovery into perspective. One billion barrels of oil is about 12 days of world demand and around 50 days of U.S demand. That's right, this 'giant' oil find, worthy of front page news, is a drop in the bucket. Every week and a half we need another 'giant' oil discovery.
Worldwide oil reserves are falling as consumption is outpacing new discoveries. In the U.S. alone, conservation could save the equivalent of 2 1/2 'giant' BP oil finds each year. And it's good for the pocketbook.