Big Oil Deposit Found Beneath Gulf of Mexico

BP says it's found a deep oil field in the Gulf of Mexico that could generate more than 3 billion barrels of petroleum. It'll likely be a few years before a solid estimate is made, and the depth — 35,000 feet — means prices would have to be at $70 a barrel to make it worth drilling.

The United States typically uses more than 7.5 billion barrels a year.

Regardless, the find represents success for new search and find technologies, analysts said.

Researchers have assumed there was more oil to be found in the Gulf. The question now is: Will this discovery and others to come push back the ultimate arrival of "peak oil," when demand exceeds what everyone agrees is a limited supply (what's not known for sure is how much ultimately, there is). Some have argued the peak is upon us, though reduced consumption during the global recession may have altered that argument.