Chevron discovers new oil fields in Gulf of Mexico

| 9/6/2006

No one’s claiming it will lower the price of diesel fuel any time soon, but Chevron is saying the field it’s tapping into in the deep waters of the Gulf of Mexico could produce up to 15 billion barrels of oil, raising U.S. crude oil reserves by 50 percent.

Forbes reports that Chevron’s success with its first deep-water well in the area could spark a new wave of oil exploration featuring other wells that are far offshore and in very deep water.