Peak Oil or Peek Oil?

This will take time to play out

NYTimes:

New Oil Field in Gulf May Yield Billions of Barrels

Published: September 5, 2006

What could be a major discovery of domestic oil in the Gulf of Mexico was announced today by a trio of companies led by Chevron.

Estimates of recoverable reserves run from 5Billion Barrels to 15Billion. The higher numbers would add 50 PERCENT to current total US Reserve Estimates.
Likely
1) won't come onstream for almost a decade
2) will encourage a push for further offshore exploration and opening of other areas currently off limits
3) will tend to depress oil prices even if production is years off.