'Giant' oil discovery in the Gulf of Mexico

[texdav]

The deep water gulf oil has been know for some time but the amount is not known. It would atke 10 years to bring it into prodction ebecause its so deep and would nt be worth it without stable $100 a barrel crude prices.Noone wants to risk the money involved.

[MovingForward]

FABULOUS!

LET'S GO RAPE THE PLANET SOME MORE!!!!

YAY!!!!

The ignorance is astounding. We are all as good as dead if we keep this up.

[jetgraphics]

Originally Posted by nononsenseguy

Another one? I have been reading for several years now that the US has more oil than all of the Middle East combined.

Please let us in on what you've been reading.
According to the public record, the proven oil reserves amount to a 3 year supply at current consumption rates.
The unproven (wishful thinking) reserves amount to less than a 18 year supply, if they can be completely utilized.

U.S.A. is "only" using 19.2 million barrels / day, due to the economic contraction in 2008.

Oil reserves in the United States
Proven oil reserves in the United States are 21 billion barrels (3.3×10^9 m3), excluding the Strategic Petroleum Reserve. The U.S. Department of the Interior estimates the total volume of undiscovered, technically recoverable prospective resources in all areas of the United States, including the Federal Outer Continental Shelf, the 1002 area of the Arctic National Wildlife Refuge, the National Petroleum Reserve–Alaska, and the Bakken Formation, total 134 billion barrels (21.3×10^9 m3) of crude oil. This excludes oil shale reserves, as there is no significant commercial production of oil from oil shale in the United States.

0.6 billion barrels of oil = one month U.S. consumption
TOTAL OIL RESERVES (guess) = 223 months (18 years)
PROVEN RESERVES = 35 months (3 years)
[These figures assume no imports, and the extraction and refining capacity to handle U.S. demands.]

We're past the point of merely drilling our way out of the mess.

Americans have to stop consuming fuel / wasting fuel.
Based on the Law of Physics, the most efficient, cheapest land transportation is steel wheel on steel rail. Electric powered rail should be the priority of every city, county, state and the nation, as a whole.

And what are "our leaders" doing?
Subsidizing a dying industry (automobiles), for a transportation system that wastes resources, fuel, and is incompatible with high population density development.

[KevK]

Originally Posted by ovcatto

When will folks come to understand that oil where ever it is produced isn't earmarked for any particular market. Oil is bought and sold on a global scale. What is produced in or near the U.S. simply goes to the highest bidder.

That is true but the more of it the USA has, the more we can isolate price shocks when the Arabs decide to stick it to us. We can simply turn our pumps up when they turn their pumps down. We can also use the Strageic Oil Reserve to do the same thing- when the Arabs try to jack the price up, open the spigot and after we force the price back down, fill er back up!

[texdav]

You do realise that it is estimated that it would atke ten eyars to bring the deep water oil in the gulf to prduction?ides that no one wants to spend the money since the price would be a losing thing at less than 100 dollar oil.