Sep 8, 2006
Oil Discovery Could Mean Energy ReliefSource: Various

The recent discovery of a new petroleum pool beneath the Gulf of Mexico reportedly could boost the nation’s oil reserves by more than 50 percent. While this oil is still years away from the marketplace, it offers a glimmer of hope for growers who have been hit hard in recent years by increased energy prices.

A trio of oil companies led by Chevron Corporation discovered the oil pool about four miles below the ocean floor. Chevron estimated the 300 sq. mile region where the oil was discovered could hold 3-15 billion barrels of oil and natural gas liquids. The oil pool was discovered in the Walker Ridge area of the Gulf approximately 270 miles southwest of New Orleans and 175 miles off the coast. It is the biggest domestic oil discovery since Alaska’s Prudhoe Bay in the late 1960s.

The petroleum pool’s proximity to the United States also could put more pressure on states that have outlawed drilling in their offshore waters.

According to one analyst, the oil may not reach the market until 2010 depending on how much more testing the oil companies have to do.

The AAA’s Daily Fuel Gauge Report announced last week the average price for gasoline in the United States dropped to $2.72 per gal., down from $3.03 just a month ago. Industry analysts expect gas prices to continue to decline to $2.60 per gal. or lower in the coming weeks.




Latest Photos see all »

Lupine Staircase series (Green Fuse Botanicals)
IMG_0518 copy
IMG_0469 copy
IMG_1488 copy
IMG_1587 copy
IMG_1517 copy
40under40
GPN recognizes 40 industry professionals under the age of 40 who are helping to determine the future of the horticulture industry. These individuals are today’s movers and shakers who are already setting the pace for tomorrow.
TaraTischauser
Stevens Craig
LaHoff
40u40-jpwilliams
Beneduce-Hiles-GPN-pic-(1)_56929c8058342
Brill-383533_584336264693_35308621_n.jpg
990107152_036_1
Watson Tiffany 1
KaraMilaegers40under40_2

75 Applewood Drive, Suite A
P.O. Box 128
Sparta, MI 49345

616.887.9008
GPNAugust_Cover
Interested in reading the print edition of Greenhouse Product News? Preview our digital edition »

Get one year of Greenhouse Product News in both print and digital editions for free.

Subscribe Today »


Be sure to check
out our sister site.
website development by deyo designs