How much do you think gas prices are going to be now?

Okay, oil has recently been discovered in the Gulf of Mexico (about 1 billion barrels of oil), by the major oil company BP Plc. Now that they've discovered more oil for us to guzzle up with our cars and other automobiles, how much do you think gas prices are going to be now? In your town? In your region? In your state? In the country???



Full story @ http://finance.yahoo.com/news/article/107659/bp-makes-giant-oil-find-in-gulf-of-mexico



P.S., I don't understand economists, so please give me a thorough, yet understandable answer.
How much do you think gas prices are going to be now?
I assume this Q is of American origin..so..just for your information.. here in the UK we pay about 10 dollars a gallon ..in Italy it's about 12 dollars a gallon..Germany about 12 dollars as well..i believe in the USA its abour 5 dollars ..so just be happy it's not at European levels..
How much do you think gas prices are going to be now?
i have no idea, but i wonder what kind of damage is done when you leave big gaping holes in the ground that used to be filled with 1 billion barrels of oil



Earthquakes? like the increase in Earthquakes the bible talks about
Yes it was a big find, but the location of the oil makes it difficult and expensive to get to, so it won't be on the market anytime soon. There still a glut of oil on the market (and in storage) because Canada, Russia and OPEC continues to produce oil at a good pace. Gas prices will stay low as long as supply is greater than demand.
they will be expensive.
Well, considering 1 billion gallons of oil is not that big of a supply, i doubt it will make much difference. But they will probably up the price since they have to set up a new oil rig to get it out, oh, and they will also use equipment they already own, but charge as if it was all brand new. More oil, more greed, more enviromental destruction to make the American public happy.