Tipsheet

BP Finds Massive New Oil Reserves

Jillian Bandes | September 03, 2009 9:16 AM

BP drilled to a depth greater than the height of Mount Everest. Then, it found what it predicts will be 3 billion new barrels of oil. Located 250 miles south of Houston in the Gulf of Mexico, it is equal to the amount of oil Saudi Arabia puts out in an entire year.

I wonder if President Obama would discourage the exploitation of this stuff on the grounds that it would encourage more car-driven global warming. I mean, wouldn't this set back his cash-for-clunkers plan by at least a month?