Black Gold

BP Discovers 'Giant' Oil Field

What's that about renewable resources? BP says it has stuck a massive vein of oil in the Gulf of Mexico that could yield more than 3 billion barrels once the operation is fully under way. The discovery comes after BP drilled deeper than the height of Mt. Everest, making it the deepest well on the planet, Bloomberg reports. With the new well, daily oil output from the Gulf of Mexico could equal the amount of oil coming out of Saudi Arabia every year after 2020. BP's stock value rose on the news, which reinforces the petroleum giant's standing as a powerhouse in the oil industry. The discovery will likely encourage other oil companies to conduct further drilling in the Gulf of Mexico.