New Oil Field in the Gulf of Mexico?

USA Today is reporting the discovery of a potentially huge oil field in the Gulf of Mexico.

Tests of a deep-water well in the Gulf of Mexico could indicate a significant oil discovery, three companies said Tuesday, in the first project to tap into a region that reportedly could boost U.S. oil and gas reserves as much as 50%.

Okay, that's big.

Granted, we're still in the early stages of this, and the size of the field and quality of the oil have yet to be determined. But this is exciting and potentially very good news.