So much for the peak oil myth.
Exxon Mobil Corp. (XOM) announced it found the equivalent of 700 million barrels of oil beneath the Gulf of Mexico, the biggest discovery in the region in 12 years.
The estimated size of the Hadrian field may increase as drilling continues, Exxon said in a statement today. The discovery is about 250 miles (400 kilometers) southwest of New Orleans in 7,000 feet of water, Irving, Texas-based Exxon said.
Exxon Finds Biggest Oil Field in Gulf of Mexico Since 1999 - Bloomberg