Seems that has been the conventional wisdom, but it's not likely, especially after today's find:

WASHINGTON - Chevron Corp.'s announcement Tuesday that it successfully extracted oil from a deposit more than five miles below the surface of the Gulf of Mexico is a discovery that could boost U.S. oil reserves by 50 percent and ease fears that the world is running out of oil.

Experts predict that Chevron's successful test drill of its Walker Ridge Block some 5.3 miles below the deep Gulf waters may lead to 750,000 barrels of new daily U.S. crude oil production within six years. That's equal to about 15 percent of last week's U.S. oil production of 5.03 million barrels per day - welcome news amid today's high oil prices caused by a world growing thirstier for oil.

"This play has been unfolding in the ultra-deep waters of the Gulf of Mexico for five years, and this is the breakthrough announcement," said Daniel Yergin, author of "The Prize," an award-winning history of oil production. "This discovery is at the frontier for world oil. You won't see the impact of this at the gas pump tomorrow, but you could in five or six years."

Despite today's tight oil markets and high prices, Yergin, who heads the oil consultancy Cambridge Energy Research Associates, maintains that oil should again be plentiful somewhere between 2010 and 2015, thanks in large measure to new technology that permits recovery from previously inaccessible reserves.

This is great news at a time when we need some really good news.

Now let's go find some more hot oil spots in the Gulf of Mexico, enough to be able to be able to drastically reduce our Middle East oil consumption and reduce those oil dollars flowing to Islamic jihadist terrorists.

If the Democrats would stop obstructing then we might even get some exploration and drilling up in the ANWR, which would further drop our reliance on Middle East oil. This should be drilled into voters minds all the way to November.