After my post yesterday in which I talk a little about the lower gasoline prices, remarkable news today from a trio of companies led by Chevron: a new oil discovery which could be the United States’ largest - bigger even than Prudhoe Bay in Alaska.

“It could be the biggest domestic oil find in 38 years,” reports CNN.

“Chevron said the well, known as Jack #2, and located 270 miles southwest of New Orleans, produced a ’sustained flow rate of more than 6,000 barrels of crude oil per day’ in a production test. The company said it found the oil producing formation about 20,000 feet below the bottom of the Gulf, with the well drilled to a total depth of 28,175 feet,” reports the New York Times.

“New Gulf of Mexico discovery could increase U.S. oil reserves by 50%,” reports Mineweb.

“Chevron, Devon Energy and Statoil, the Norwegian oil giant, said Tuesday that they had found 3 billion to 15 billion barrels,” reports the International Herald Tribune.

“Stocks gain after Chevron climbs on new oil,” reports Reuters.

Clearly, folks, we’ve all been given a big break here. Not only does this provide the United States with a supply that could greatly decrease our dependence upon foreign (read ‘Middle East’) oil, but it proves that there are giant supplies of oil places around the world in which we have not yet drilled. Now, let’s go to ANWR (Arctic National Wildlife Refuge) and drill there too: and the nation’s fossil fuel supply is guaranteed for years to come with less need to buy it from corrupt, sleazy Arabs.

I’ve been criticised before on this blog for suggesting drilling in ANWR. I’ll reiterate verbatim what I wrote in response to a reader, Greg in Sacramento: “Do you know what percentage of the National Arctic Wildlife Refuge would be utilised in any potential drilling operation there? 10 percent? 3 percent? The answer is 0.001 percent: that’s a measly, microscopic, infinitesimal 2000 acres out of ANWR’s total 20,000,000. By the way, concerns over the welfare of the caribou that live there are unfounded: their numbers have tripled since the pipeline from neighbouring Prudhoe Bay was constructed (they bask in its warmth and raise their young nearby). I’ve heard that environmentalists are concerned about some “ecologically fragile” flora and fauna growing up there. Do you think 19,998,000 acres would be sufficient unsullied sanctuary to ensure their survival? Or might they require more? How big are these weeds anyway?”

With or without ANWR now, things are looking up with regard to the energy crisis today. And I’ll go on the record again to say that I don’t believe we’ll need fossil fuels in a few decades: newer, cleaner technology will allow us to progress without the need to drill for oil, and will solve the long-term environmental concerns to boot. Until then, however, discoveries like this one today will remain an integral, vital part of a good solution to energy problems.

Well, let’s hear it for Big Oil! Hip hip…..

John Wright

johnwright@libertarianreason.com