Recently, Caelus Energy announced it had found an oil field off the North Slope in Alaska that could produce as much as 2.4 billion barrels of oil. Earlier, Apache Corporation found an oil field in West Texas, containing at least three billion barrels of oil and 75 trillion cubic feet of natural gas. These new finds coupled with increased efficiencies in production from shale resources show that U.S. oil and natural gas producers will continue to be able to domestically produce affordable and reliable energy for years to come. This is welcome news.
