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Wednesday, March 15, 2006

Mexico Finds Huge New Oil Reserve

Mexican President Vicente Fox has announced the discovery of a new deep-water oil field, which is believed to contain 10bn barrels of crude.

The field is in the Gulf of Mexico, and Mexico says it could be bigger than its largest oil field, Cantarell.

This is good news, but the downside is, it'll likely bring the price of oil down, which will in turn reduce the cost-effectiveness of alternative energy sources (wind, solar, bio, etc.).

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