It means less than you might think
Chevron’s discovery of massive new oil deposits beneath the Gulf of Mexico has prompted a predictable flood of stupidity from the media. The theory of peak oil is being called into question. Our need to get off of oil is being called into question. The quality of our national dialogue is being called into question.
For one-stop shopping on what the new oil find means — and doesn’t mean — see this definitive post over on Oil Drum.