Massive Oil Find

Chevron blazes way with deep-sea oil find


Well could boost U.S. reserves up to 50%


A potentially massive deep-water oil discovery in the Gulf of Mexico could bolster America's quest for energy independence, but it's the exploration advancements behind the scenes that are raising expectations.

Three oil companies led by Chevron Corp. said yesterday that a production test at their "Jack 2" offshore drilling project, located about 435 kilometres southwest of New Orleans, yielded a sustained daily flow of 6,000 barrels of crude oil.

Based on test results, they estimate the 480-kilometre zone could hold the equivalent of between 3 billion and 15 billion barrels of oil and natural gas, with the high end of those estimates representing a 50 per cent jump over current U.S. reserves of nearly 30 billion barrels...

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If this find turns out to be as large as they're thinking then this could help change our relationship with the middle east. We won't be dependent on regimes for oil who may or may not be connected to terrorist and not to mention the money we can save at the gas pumps.

 

It will only effect the cost of gas at your pump to the point they want to reduce their profits, with the announcement of this find, what I see is the oil companies lobbying for not paying their taxes on the amount of oil they retrieve. They are trying to place themselves in a position that we forgive their share of revenues, because they are offsetting other interests. Don't be blinded, they knew these fields were there all the time.

 

How do you know this?

 

Funny that it's just now being reported in the mainstream press in time to effect the November elections. And in March it was under Mexican control.

http://www.newsmax.com/archives/ic/2006/3/14/125153.shtml

You might also want to read this:

http://helpusall.com/oil.html

 

They reported this on NPR last week. I recall them saying that it would take about 10 years for these reserves to be tapped to the extent that it has any real impact on prices or reserve quantitites. These reserves are so deep & difficult to drill to that it's going to be a pretty expensive & slow process to tap them. Besides, those test results are just that - tests. We don't know exactly how much is down there. But I'm pretty sure the oil & automotive industries will take this as an excuse to stop working on alt fuel vehicles, and the government will lose interest in calling for higher fuel efficiency standards.

 

The U.S. is more greedy than you may realize!

 

I have to agree. Most Alaskans have a unique view on the oil industry as it is what makes this state it's money. Even pro-oil people here ave a large distrust for the big oil companies. It has long been believed that the oil companies have been anything but truthful in declaring how much oil they really have in reserve. Controlling the information let's them control the dollars.

 

Totally agree with Weetie... it's not "easy oil" - it is a very deep well. So whatever comes out of it is going to be expensive.

And I've read that this "massive oil find" may only contain enough oil for half a day's global consumption.

 

dont forget about cuba
they've got the grudge, the motive and the position

 

dont you understand they knew of these oil places before the high jack of america? 9/11 was a scam to psychologically control people through fear. This find is nothing more than them flaunting in your face "we have oil and youre gunna pay for it"

 

Its funny that people think american oil comanies control the oil price. Who do you think they buy it from? Iran, Russia, Venezuela, Saudi Arabia, Nigeria... these countries set production levels and sell oil on the open market. There is one, global oil price.

Unfortunately, oil is just demand and supply.

 

Then why have the annual profits for US petroleum countries skyrocketed in the past few years while the ordinary citizen has seen no advancement.

 

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Don't forget among all the smoke n mirrors and
theories, both Good and bad,
the balance of the US will intensify their NIMBY positions.

 

Yes profits are up. Did the oil companies conspire to destroy their profits in the 1990s? Or maybe like ever other commody, oil prices go through cycles?

 

What profits were destroyed in the 90s? Perhaps you could supply a link to some documentation to that effect.

 

You are asking me to PROVE that oil prices go up and down? I'd think you'd accept that as a fact. Oil prices bottomed out at just over $10 a barrel in the 1990s. Now they are at $60 or so. But they were much higher than $10 in past. So why did the price fall so low in the 1990s?

You are just using a simplistic conspiracy theory. Big bad corporations decide the oil price (even though the real sellers are Iran, Nigeria, Russia, Saudia Arabia etc, they control supply and through OPEC try to control prices). Well since when did they control the global oil price? If they control it, how come prices go through cycles just like copper, gold, coffee, or any other commodity? Do they sometimes decide they want oil prices to be really low so they can't make as much money?

It is a global industry. You are taking a very US-centric view of it.

 

I don't accept anything extended by the petroleum companies as fact without objective documentation. Too many have become part of the richest segment of the world through unreasonable petroleum profits. Cry me a river petroleum companies, but historically their profits have done nothing but increase exponentially.

 

Have you then purchased any stock in these firms ?