Exxon Announces Major Oil Find in the Gulf

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Exxon Mobil has discovered more than 700 million barrels of oil in the Gulf of Mexico, officials announced Wednesday.

"This is one of the largest discoveries in the Gulf of Mexico in the last decade," Exxon Mobil Exploration Company President Steve Greenlee said in a statement.

It was the first discovery made from a new deep water well off the Louisiana coast since last year's oil spill.

Advocates of deep water drilling said that this discovery should push the administration to speed up permits for offshore drilling.

They say that the Gulf is a domestic source of energy and it should be used to meet the energy needs of the U.S.

However, some energy analysts argue the idea of any lowering of gasoline pump prices as a result of finds like this one are pure fantasy.

They say such large oil finds made in deepwater or in the frozen arctic will not be cheap to develop and that consumers need to get used to the fact that there is no such thing as cheap oil.

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