With the economy looking up in many sectors, now Chevron and Total (these used to be Gulf Oil and Fina) have announced a major oil discovery about 75 miles from the Louisiana coast in the Mississippi Canyon area of the Gulf. According to Total spokesmen, it's the largest crude oil find in history for the company.

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The location is about 100 miles southeast of New Orleans

The Paris, France based Total along with Chevron announced the oil was struck at some 30,000 feet, the companies are assessing the discovery to determine the best way to proceed in the development of the well.

Officials are calling the discovery the "Ballymore" prospect and have declared it already as a commercially viable. The site is about 3 miles from another Chevron platform the "Blind Faith" so there's a chance the new oil can be quickly connected to existing offshore infrastructure.

This would mean quicker access to the resource in getting it onshore for refining and shipping, and all of this means more good jobs.