Great news!

http://biz.yahoo.com/ap/060905/major_oil_discovery.html?.v=5

OSLO, Norway (AP) -- Tests of a deep-water well in the Gulf of Mexico could indicate a significant oil discovery, three companies announced Tuesday, in the first project to tap into a region that reportedly could boost U.S. oil and gas reserves by as much as 50 percent.

This is a great find, this means a lot for the global oil markets, but even more for the US markets. Hopefully this field will prove to be of significant size that will allow the US to stop having to rely on the geopolitcal hotspots of the world for energy.

Oil prices dropped slightly after this was announced, but they will not fully price in this discovery until the field sizes are confirmed. Keep your eyes peeled for falling gas prices!