Jackpot!

Who needs ANWR or offshore oil rigs? Occidental has announced the biggest oil and gas find in California in the last 35 years-- in Kern County!

The field contains as much as 250 million barrels of oil and, according to the Los Angeles Times, "two-thirds of the new source was believed to be natural gas."

Oxy owns 80% of the field; Chevron has the other 20%.

The obvious question is how such a big deposit could go unnoticed for so long? The company chalks up the find to new exploration technology which might cause one to wonder if domestic oil exploration might not see a renaissance now that new technology has hit upon such a significant score...

In a separate report, the Times notes that, "Occidental's second-quarter results were a big improvement over the first quarter, with net profits rising more than 85% from $368 million, or 45 cents a share."

Oxy Petroleum's oil and gas discovery may be California's largest in 35 years [Los Angeles Times]