New Oil reserves-good news or bad news?

[klaatu]

With breakthroughs in new oil reserves found in the deep sea... i.e. the gulf outside of LA .. is this good news or bad news? Does this prolong our addiction or does this give us hope that we are long from running out of Oil?

I believe it is good news in that we are going to increase our Oil reserves by 50% and reduce the dependency on foriegn Oil. But.. this is a private concern controlling the production so the Oil will go on the World market and the price will be dictated by World Trade.
I believe it is good news that we are not in a National Emergancy regarding the availability of oil. With Oil being increasingly in demand the world over... it is good to know that new reserves are being harvested. And this discovery is already spurring World Oil Companies to invest deeper into deep sea exploration.

I do believe there is a negative side to all of this.., with all this new oil it is going to put Alternative and Renewable energy back on the back burner. This will be a huge mistake on our part. We must not let this happen and the only way is to make sure is with the leadership we send to Washington and they have Alternative and Renewable Energy at the forefront of their platform.

I also believe that we may fall into old habits and ignore the warning signs. and there are plenty of them... Clean Alternative Energy Sources are a neccessity in the defense against Climate Change...

[TRGLDTE]

With breakthroughs in new oil reserves found in the deep sea... i.e. the gulf outside of LA .. is this good news or bad news? Does this prolong our addiction or does this give us hope that we are long from running out of Oil?

I believe it is good news in that we are going to increase our Oil reserves by 50% and reduce the dependency on foriegn Oil. But.. this is a private concern controlling the production so the Oil will go on the World market and the price will be dictated by World Trade.
I believe it is good news that we are not in a National Emergancy regarding the availability of oil. With Oil being increasingly in demand the world over... it is good to know that new reserves are being harvested. And this discovery is already spurring World Oil Companies to invest deeper into deep sea exploration.

I do believe there is a negative side to all of this.., with all this new oil it is going to put Alternative and Renewable energy back on the back burner. This will be a huge mistake on our part. We must not let this happen and the only way is to make sure is with the leadership we send to Washington and they have Alternative and Renewable Energy at the forefront of their platform.

I also believe that we may fall into old habits and ignore the warning signs. and there are plenty of them... Clean Alternative Energy Sources are a neccessity in the defense against Climate Change...

Mediocre news. Half the known oil in the world ever discovered is still in the ground. The problem is that, so far, we have taken the "easy" half. So the question is not so much -"will there be oil," but rather at what price will it be available?

[Cypress]

With breakthroughs in new oil reserves found in the deep sea... i.e. the gulf outside of LA .. is this good news or bad news? Does this prolong our addiction or does this give us hope that we are long from running out of Oil?


Oil companies and Government scientists have known for over a decade, that there are up to 15 billion barrels of oil in the deep water gulf of mexico waiting to be developed. This is not "new" news. Its basically the last major virgin territory for domestic oil exploration. News of a major discovery - while good for the company's shareholders - is nothing to be shocked and ecstatic about.

The production decline in the U.S. will continue. Demand continues to ramp up, and all the Deep Water Gulf will do, is to offset declining production from mature oil provinces in texas, alaska and oklahoma.

[klaatu]

Speculating and producing are two different things... they've produced and now we are talking about a 50% increase in reserves down the road, it potentially trumps the peak oil theory. I dont call this old or mediocre news .. if it was it would not be splashed all over the media as new news.
Do a little research and you will find that this new Oil farm has international oil farmers researching the Deep Sea's the world over .... and they will discover new reserves at sea, bet on it. Chevron says the price on the new oil from the gulf could be as low as 35.00 a barrel... but we all know that the markt will not let that happen unless of course there is a new glut in six years... . thats how long they figure it will take for the new reserves to effect the World Oil Stage.

So .... act is if its no big deal.... if thats what you choose to do ... I look at it this way.... the more we drill on this side of the earth the less we depend on others .... the better off we are.

Oil Execs piss me off too ... but like money...they are a neccessary evil.

[Cypress]

Don't get caught up in media hype. Journalists don't understand the oil exploration business. I pointed out how bad and inaccurate the reporting on the chevron discovery was. Its good news for company investors. It may help offset the slide in production from mature onshore fields.

Ten or fifteen billion barrels is, at best, going to slow down the slide in US oil production/consumption equation. Its not going to reverse it.