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

Discussion in '2006 Archive' started by KenH, Sep 6, 2006.

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  1. KenH

    KenH Active Member

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    This shows what we can do in finding major new supplies of oil. We just need the Congress to stand up to the extreme environmentalists and open up drilling on our east and west coasts and in ANWR.

    Vast Oil Pool Tapped in Gulf of Mexico
    Tuesday September 5, 5:55 pm ET
    By Brad Foss, AP Business Writer ​

    Oil Pool Tapped in Gulf of Mexico Could Boost U.S. Reserves by 50 Percent​

    WASHINGTON (AP) -- A trio of oil companies led by Chevron Corp. has tapped a petroleum pool deep beneath the Gulf of Mexico that could boost the nation's reserves by more than 50 percent. A test well indicates it could be the biggest new domestic oil discovery since Alaska's Prudhoe Bay a generation ago.

    - rest at http://biz.yahoo.com/ap/060905/major_oil_discovery.html?.v=16
     
  2. JamieinNH

    JamieinNH New Member

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    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?
     
  3. KenH

    KenH Active Member

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    Maybe. But I doubt it will be during the first half of this century.
     
  4. JamieinNH

    JamieinNH New Member

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    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
     
  5. El_Guero

    El_Guero New Member

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    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!
     
  6. KenH

    KenH Active Member

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    There have been. :thumbs:
     
  7. KenH

    KenH Active Member

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    We are. But what I see as the coming collapse in the price of oil will make alternatives non-competitive unless they are massively subsidized by the taxpayers.
     
  8. LadyEagle

    LadyEagle <b>Moderator</b> <img src =/israel.gif>

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  9. El_Guero

    El_Guero New Member

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

     
  10. KenH

    KenH Active Member

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    Yep. I am very familiar with Eugene Island. It's an oldie but a goodie. :)
     
  11. KenH

    KenH Active Member

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    Yes, but human ingenuity is marvelous to behold. :)
     
  12. Tommy Jefferson

    Tommy Jefferson New Member

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    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]
     
  13. Tommy Jefferson

    Tommy Jefferson New Member

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    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.
     
  14. faithgirl46

    faithgirl46 Active Member
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    I wondered about the exteme enviormentalists myself.
    Faithgirl
     
  15. faithgirl46

    faithgirl46 Active Member
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    The eviormental people will say that there will be another Exxon Valdese if we drill in the Gulf of Mexico.
    Faithgirl
     
  16. Revmitchell

    Revmitchell Well-Known Member
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    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.
     
  17. DeeJay

    DeeJay New Member

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    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.
     
  18. Hope of Glory

    Hope of Glory New Member

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

    The Galatian New Member

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    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.
     
  20. hill

    hill New Member

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    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.
     
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