U.S. May Have 115 Billion Barrels of Oil Offshore

This is not as encouraging as it might seem at first glance:

The report also included data on economically recoverable oil and gas. At a price of $60 per barrel, 52 billion barrels could be available, the report says. At $160 per barrel, there are 71 billion barrels of economically recoverable oil.

So to really get much of this at all, we need higher oil prices than we have now. And it appears the cost rises exponentially. More:

Technically recoverable resources are those energy supplies that could be recovered using existing technology without regard to the cost. The report estimated as many as 55 billion barrels of such oil in the Atlantic.

The report provided a mean estimate of 86 billion barrels of oil. The mean for natural gas was 420 trillion cubic feet.

The oil and gas projections were based largely on a 2006 assessment of energy resources. Salazar said that the Atlantic coast estimates may be less precise because they were done using seismic studies that are 25 years old.

Peak Oil seems well in tact.