Scientists from the University of Cornell have discovered a massive amount of Oil off the coast of Louisiana.The find is some 60 billion barrels or 3 Times more than current US recoverable Oil of 20 Billion barrels, and would bring US total reserves to 80 billion barrels which is on par with Venezuela. In comparison to other finds around the world, this is twice the size of all Oil ever found in the North Sea and 6 times larger than the estimates of the Alaskan ANWR oil deposits.

....The area is about 10,000 sq. miles in size, and was found under layers of salt dooms by a new method of oil discovery known as "gas washing" . A process in which geologist are able to track the movement of oil deposits by the way they interact with the flow of natural gas. This method helps scientists to make extremely accurate 3D-seismic maps of deep underground oil deposits and mitigate the risk involved in drilling such deep under sea wells.

....The information was gathered from source rocks deep below the sea and was discovered by a team lead by Larry Cathles, a chemical geologist from Cornell and funded by a grant from Chevron

I called and talked to Larry Cathles and he said it was a bogus fabrication. There is a large amount of source rock down there, and his group studied where it was migrating to, but in no sense did they find significant amounts of recoverable oil.