Rep. Barton: After apologizing to BP, says 500 million barrels beneath blown-out well

Representative Joe Barton (R-TX), Energy & Commerce Committee Ranking Member, Excerpts from Tony Hayward’s hearing, June 17, 2010:

So could you give us some assessment of why BP and other companies go to such extraordinary measures to drill in these areas?

What is it you think you’ve found or are hoping to find beneath the Gulf of Mexico? …

I was told that it was in the order of magnitude of 500 million barrels.

Hayward answered that BP believes there is only 50 million in the blown-out Macondo well drilled by the Deepwater Horizon rig.

On Wednesday’s edition of the Situation Room, Wolf Blitzer reported that the reservoir beneath the well may contain 1 billion barrels.

On Tuesday, Oil insider Matthew Simmons surmised that over 1 billion barrels was beneath the well.

Why is it important how much oil is underneath the blown-out well? See the following links:

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