of Mexico saturated with oil?
Chevron's announcement this week that the Jack Field located in the Gulf of Mexico 270 miles southwest of New Orleans may have as much as 15 billion barrels of oil was not the only recent find of oil in the Gulf.
In March, Mexico announced the discovery of a new huge oil find, the Noxal Field some 60 miles from the port of Coatzacoalcos on the coast of Veracruz state. Estimated to contain as much as 10 billion barrels of oil, the find could well be larger than Cantarell, Mexico's biggest oil field, near Yucatan.
Like the Jack Field discovery, the Noxal Field is a deep-water find, relying on new drilling technology. Chevron is drilling the Jack Field under some 7,000 feet of water in a 28,175-foot well, in total nearly seven miles under the surface of the Gulf.
The Noxal find was deep-water, though somewhat less so that the Jack field, at under a little more than half a mile of water and a further two and a half miles underground.
"The new deep-water finds in the Gulf of Mexico are more validation for what we wrote in "Black Gold Stranglehold: The Myth of Scarcity and the Politics of Oil," co-author Jerome R. Corsi explained to WND. "The deep-earth, abiotic theory – that the origin of oil has nothing to do with biological material – argues that oil is abundant at levels deep within the earth."
Co-author Craig R. Smith pointed out "all of these Gulf of Mexico oil finds are at deeper levels than traditional-thinking 'fossil fuel' geologists typically looked."
"Moreover, these finds call into question the 'peak oil' theories that we are running out of oil," he said. "When huge new finds are being made in the Gulf, why does President Bush continues to believe we must prepare for a world running out of oil?"
Even before the new Mexican discovery, the Energy Information Agency's own figures estimate proven world oil reserves at 1.28 trillion barrels, more than ever in human history, despite world consumption nearly doubling since the 1970s. Currently, oil is plentiful on world markets and the price has fallen under $70, despite the continuing uncertainty with resolving Iran's enrichment of uranium in defiance of the U.N. Security Council.
The Yucatan seabed is believed to have been deeply cracked by the impact of the huge Chicxulub meteor that killed the dinosaurs at the end of the Mesozoic Era. The Chicxulub impact crater is massive, estimated to be 100 to 150 miles wide. The seismic shock of the meteor fractured the bedrock below the Gulf and set off a series of tsunami activity that caused a huge section of land to break off and fall back into the crater under water.
"It is possible that the Chicxulub meteor fractured much of the bedrock in the Gulf of Mexico," Corsi told WND. "Who knows how much oil will be found in the Gulf of Mexico? 100 billion barrels? 200 billion barrels? Nobody really knows. We have just begun to explore the Gulf at deeper levels for oil."
The deep-earth, abiotic theory of oil's origin argues that oil forms within the mantle of the earth and enters the sedimentary rock layers through fractures in the bedrock.
"The Gulf of Mexico is approximately 550 miles measured north to south," Smith said. "The Gulf has a long shelf all around the perimeter. Deep-sea drilling is the fastest growing segment of the oil industry. We should expect new finds of huge oil deposits beneath the Gulf floor for many years to come."
Earlier this year, Cuba announced plans to hire the communist Chinese to drill for oil off Key West, Fla. The move was made possible by the 1977 agreement under President Jimmy Carter that created for Cuba an "Exclusive Economic Zone" extending from the western tip of Cuba to the north, virtually to Key West.
"If Cuba and communist China believe they too can find oil in the Gulf, we should pull out all stops," argues Smith. "We may be able to bring the price of gasoline down under $2 a gallon if oil can be found in these huge quantities within our territorial waters. It's crazy to think we should be dependent on foreign oil when we've made Mexico our number two supplier of oil with the reserves Mexico has found in the Gulf."
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