Oil is bubbling up

It’s been a big year for oil; in fact, the biggest year this decade in terms of discoveries.

And, interestingly, not all of the new discoveries are hard-to-get-at deepwater offshore sites.

California has its biggest mainland strike in 35 years.

But, a word of caution. Occidential Petroleum explicitly compared this find in Kern County to some of the newer deepwater finds, saying there’s really nothing else like it on land, at least in the Lower 48 states.

In other words, this isn’t cheap oil.