U.S. Oil Reserves May Have Just Increased 50%

Although I am glad we found the new resources, I think we still need to be focused on getting away from oil.

It's coming sooner or later...

Jamie
BioDiesel anyone?

 

Does it matter to the timeframe? Why not start working on a solution now, instead of waiting until the last moment?

Now, I know it won't happen overnight, and there is some processes going now that is working on solutions, but I don't think we are working anywhere as fast as we should.

Jamie

 

Gas prices are not high enough to make this find a near term bonanza . . . Unless there have been big advances in drilling technology . . .

23,000 feet is DEEP!

 

You may be interested in this: (IOW, fossil fuel depletion is a myth):

http://64.233.187.104/search?q=cache:VZ-ijzxqItoJ:www.craigrsmith.com/ExecutiveSummaryBGS.pdf+gulf+of+mexico+oil+replenished&hl=en&gl=us&ct=clnk&cd=11



Google Eugene Island, too. There was another one in the Gulf of Mexico, but I can't remember the name right now. Had posted about it on the old board.

 

23k feet is deep . . . even with advances . . .

 

Big Whoop.

[FONT=verdana, arial, helvetica]Low estimate for this "Jack 2" petroleum field is 3 billion barrels. That equals 35 days of global consumption.

Wildly optimistic estimate is 15 billion barrels. That equals 6 months of global consumption.

[/FONT][FONT=verdana, arial, helvetica]The media is making a big deal of this new Chevron find. It's not a big deal. [/FONT][FONT=verdana, arial, helvetica]

We only need to locate two of these fields per year, ...forever, and we can continue current levels of consumption. :laugh:

Also silly is the notion this is somehow "America's Oil". [/FONT][FONT=verdana, arial, helvetica]Petroleum is a global commodity like grain, copper, or soybeans. The market does not care whether it comes from Venezuela, Iran, or Santa Claus. The price is the same.


[/FONT]

 

Right. The old Russian 'Abiotic Oil' chestnut.

[FONT=verdana, arial, helvetica] Basically, it's horse-pucky.

If oilfields magically refilled, Chevron wouldn't be spending billions of dollars to drill 5 miles deep, 170 miles out in the ocean. They would just pump the Texas and Pennsylvania oil fields faster.

[/FONT]Discoveries would not be declining, as they have been since the 1960s. Spare production capacity would not be viturally gone. Production from the old, super-giant oil fields the world has depended upon for the majority of its production would not be declining.

 

I wondered about the exteme enviormentalists myself.
Faithgirl

 

The eviormental people will say that there will be another Exxon Valdese if we drill in the Gulf of Mexico.
Faithgirl

 

We just need to go to a better fuel. It could destroy the terrorists, especially Iran and maybe provide a new and better source in our economy.

 

When the technology is right and the market will support it you will see auto companys bring the technology out. When they can make money, it will happen by private industry.

One thing I am pretty sure of is that goverments will not develope the technology, private industry will. And if goverment trys to force sub quality technology on the market before the market is ready to buy oil free autos it will be a disaster.

 

Oil may be a renewable resource, contrary to popular belief. Click the link: Oil Renewing?

 

For that matter, the tar sands in Canada have a huge potential, but it's harder to get than just pumping it out of the ground.

In the long run, it's all going away.

We need to work on alternatives now.

 

I've read the book and was predisposed to accept the premise it puts forth, because we've already consumed more oil than the entire animal and plant life that ever existed on planet earth could have provided. (At the most 6,000 years worth) So the Black gold book made sense to me.

If the enviro's succeed in stopping us, then Cuba, Mexico and other Gulf countries will harvest the oil and we'll buy from them, missing out on the blessing of ownership.