GOOD NEWS FOR CHEVRON

Chevron has had a very good start to this week. First, the company revealed that a test field in the Gulf of Mexico could hold three billion to fifteen billion barrels of oil. To put it into perspective, fifteen billion barrels would approximately double United States oil reserves according to Kristina Shevory of TheStreet.com. The announcement put pressure on oil prices today as light, sweet crude closed down $0.59 at $68.60 on the Nymex. The second piece of good news for Chevron was the announcement that President Idriss Deby of Chad is willing to negotiate a settlement with Chevron and Petronas over the tax dispute that caused him to expel both companies last week.