"BP Finds Giant Oil Field Deep in Gulf of Mexico"

"HOUSTON -- BP announced on Wednesday the discovery of what it characterized as a giant oil field several miles under the Gulf of Mexico, but it may take years to assess how much crude can actually be recovered.

The discovery should have no immediate effect on world oil or gasoline prices because it could take three years or more to begin extracting oil. Because the oil is so deep underwater and difficult to extract, the price of oil will need to be above $70 a barrel to make drilling profitable, energy analysts said."

Clifford Krauss reports for the New York Times September 2, 2009.

Thursday, September 3, 2009