Yesterday The Hill reported that Exxon has made a major oil discovery in the Gulf of Mexico. The discovery, 700 million barrels of oil equivalent, was made at a deepwater well off the coast of Louisiana.
The article reports:
""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."
At the moment, the Obama administration has been very slow to issue drilling permits in the Gulf of Mexico. Only fifteen deepwater permits have been issued since February.
Congressional Republicans are arguing the drilling permits in the Gulf need to be approved more quickly in order to take advantage of the new discovery.
Approving drilling permits more quickly would help lower unemployment in the Gulf region, and would also result in the creation of more jobs in the Gulf states.
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