The good news is that another well has hit oil in Belize; the bad news is that gasoline prices keep going up in the country.
This Monday, the Geology and Petroleum Department confirmed that a third well drilled at Spanish Lookout has also tapped into the same oil bearing formation, not far from the first two successful strikes.
Named Michael Usher Number Three, the well hit the jackpot at a slightly deeper level than the first two wells. Additional wells will be drilled which, along with 3-D seismic work, should provide an outline of the size of the field, which is believe to run between two thousand and four thousand acres.
Meanwhile, in less exciting petroleum news, the cost of imported fuel has resumed its upward path. As of midnight Monday, premium gasoline is up seventy cents to $9.78, regular rose thirty-four cents to $9.29, and diesel climbed by seven cents per gallon to $6.91. From: News5
