Huge Oil Discovery in Gulf of Mexico?

[The Electric Me]

Damn, just when so many people got rid of their guzzlers. Maybe it's not too late to contact a scrapper and get myself a nice vintage 70's Dinosaur Drinker.

Hey I'm just kidding..... Reading the articles throughout the internet I have to wonder what is considered a "discovery" and what is considered "large".

Seems to me we are talking about a lot of deep, deep drilling to reach a profitable but limited amount of oil. Plus it's not really a "discovery" so much as it is deciding to drill to the point of reaching what was already known to exist.

But that's just me.

[hill]

Time will tell. Remember all the hype when Mexico supposedly had an 'endless' oil supply? Now, those pools have already peaked. Beside ... just think how many mega discoveries would have to be made, to make up for the mega pools that have been pumping for 75 years or more, and are only still running via high pressure steam injection.

[JamesBurke]

What, no link? Brazil has deep oil too and a better biofuels plan.

Speed Racer, the first environmental cartoon NOT and always hang-in with the rightwing puppet dictators. His sister "Trixie" really?

[martinw]

They are talking about an extraction rate of possibly 300,000 barrels per day several years in the future. It is significant, but considering the US consumes around 20 million barrels per day, it will only meet around 1.5% of demand so is not going to make a huge difference in itself.

[The Electric Me]

I guess I should of been more specific/serious in my original post, but I think the real danger is when the media and press headline it as "Huge" and a "Discovery" then people who don't investigate use that as an excuse to support continued fossil fuel consumption.

Any arguement for reduction of fossil fuel dependency or any arguement that it is a problem, get's countered with "Yeh, how about that huge discovery in the Gulf of Mexico? We've got PLENTY of Oil...".

It is what it is, since we are still at the stage of fossil fuel dependency I suppose the discovery is positive, especially for BP. But I just don't like that I think it plants the idea in many people (not all) but many peoples minds that dwindling or finite oil resources are not a problem we need to face. For a world that consumes as much fossil fuel as we do, a "huge" discovery is barely a drop in the bucket.

[TonyPSchaefer]

Link?

bp-makes-giant-oil-find-in-gulf-of-mexico: Personal Finance News from Yahoo! Finance

[cwerdna]

Originally Posted by martinw

They are talking about an extraction rate of possibly 300,000 barrels per day several years in the future. It is significant, but considering the US consumes around 20 million barrels per day, it will only meet around 1.5% of demand so is not going to make a huge difference in itself.

Thanks for giving the extraction rate. BP unveils 'giant' oil discovery in Gulf of Mexico implies 250K barrels/day.

I know about the US' 20 million barrel/day oil consumption and wish the press would be more forthcoming in putting these two figures in perspective.

If we were somehow able to extract oil from the supposed 4 billion barrels there at the same rate as we consume oil and it were our sole source, it'd only last the US 200 days.

[Mike Dimmick]

Originally Posted by cwerdna

Thanks for giving the extraction rate. BP unveils 'giant' oil discovery in Gulf of Mexico implies 250K barrels/day.

I know about the US' 20 million barrel/day oil consumption and wish the press would be more forthcoming in putting these two figures in perspective.

The press might also add that world consumption is 80 million barrels per day, meaning that the US consumes 25% of all oil.

You might want to think about getting that number down a little

If this field were the only source it would be gone in 50 days, though in fact most likely it will never be possible to extract all 4 billion barrels from it.

[TonyPSchaefer]

Originally Posted by Mike Dimmick

most likely it will never be possible to extract all 4 billion barrels from it.

and probably not inexpensively.

[hill]

Originally Posted by JamesBurke

What, no link? Brazil has deep oil too and a better biofuels plan.

Speed Racer, the first environmental cartoon NOT and always hang-in with the rightwing puppet dictators. His sister "Trixie" really?

Brazil's acts of slash & burn to remaining rain forests (very poor soil ... good for a hand full of crop rotation before it becomes sterile) simply so they can grow a few crops for fuel is criminal. But of course, if you think the land is free ... and cheeper than using petrochemical fertilizer ... then that's how you do it.