Exxon Discovers Huge Oil Field in the Gulf

Exxon announced the discovery of two oil wells and a natural gas deposit in the deep water of the Gulf of Mexico that could collectively contain 700 million barrels. Two of the finds had been made in 2009 and 2010, but the company waited until today to unveil the amount of oil inside, reports the Wall Street Journal. The third well was found after the lift of the deep-water drilling moratorium imposed following last year's Deepwater Horizon disaster.

The discovery is the biggest in the Gulf in 12 years, adds Bloomberg, and should help Exxon pick up ground there on Chevron and BP. The GOP didn't hesitate to trumpet the news, notes the Hill. “This is the exact reason why Republicans have been pressuring the Department of the Interior to issue offshore permits—America has abundant oil and natural gas reserves, we simply need to allow the hardworking men and women in the energy industry to do their job,” said Rep. Doc Hastings. (More Exxon Mobil stories.)