Exxon Discovers 700 Million Barrels Of Oil in Gulf Of Mexico

In 2009 and 2010 Exxon discovered two oil wells and a natural gas deposit that are expected to contain 700 million barrels of fuel and on Wednesday the company finally revealed their find.

According to the energy giant the third well was found after deep-water drilling was allowed to continue following a moratorium caused by the BP oil disaster in the Gulf.

If the company’s 700 million barrels projection is correct it will be the biggest oil discover in the Gulf in 12 years and will allow the company to better compete in the area with BP and Chevron who have previously discovered large deposits of their own in the Gulf of Mexico.

Jumping at the chance to support his party Rep. Doc Hasting told 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.”

That’s funny, Doc Hasting wasn’t saying anything when oil was spilling all over the ocean.