I'm sure some of us have heard about the discovery of the new oil field (I think it was near Puerto Rico, correct me if I'm wrong). How will that effect the supply and demand for oil in the US? Will gas prices be effected in the future?
2006-09-13 14:10:10 · 4 answers · asked by Anonymous in Social Science ➔ Economics
One small oilfield won't make much difference. A huge new oil "province" (area with oil) would be another matter, like when they discovered Alaska.
2006-09-13 18:59:16 · answer #1 · answered by MBK 7 · 0⤊ 0⤋
The new field should start producing in about 5 years - that petroleum will somewhat reduce the demand for oil from foreign sources and there might be a slight relaxation in prices. However, if the economy and population of the US continues to grow and the demand for energy also grows, the reduction in Price at the pump should be negligible.
2006-09-17 19:55:18 · answer #2 · answered by John the Revelator 5 · 0⤊ 0⤋
That was found in the Gulf of Mexico and it's enough oil to last one hundred and something years That's it! And God Bless!
2006-09-13 21:38:33 · answer #3 · answered by SecretUser 4 · 0⤊ 0⤋
herd something it was in the ocean i know the gas went down its 209 here
2006-09-13 21:21:38 · answer #4 · answered by casper 6 · 0⤊ 0⤋