Good, maybe the price of oil will go down? I mean if you just whisper "Iran" into a traders ear the price skyrockets. So if you whisper "1 billion barrels found" it should go down. Right? I mean, isn't that how it works?

Originally posted by nunya13
Good, maybe the price of oil will go down? I mean if you just whisper "Iran" into a traders ear the price skyrockets. So if you whisper "1 billion barrels found" it should go down. Right? I mean, isn't that how it works?

That is the way it should work, but since we live in Obama's world it actually means that taxes on oil should be raised.

Regarding the size of the oil reserve: if the discovery is mined and refined, it would be enough to provide gasoline for only the United States for only 3 years.

Please refer to the posts on Peak Oil.

the article says that oil would still have to be over $70 a barrel to be profitable for them to produce.

:/

i got all excited at first until i read that lol

Originally posted by Barathrum
the article says that oil would still have to be over $70 a barrel to be profitable for them to produce.

It's about there today (70/barrel).

Heres why I think this is both good but will not help us.

1) It's expensive to drill in deep water.
2) Offshore platforms are not cheap to buy or run.
3) We would need more refinaries to process it, or reduce how much we are importing.
4) They need congress to allow new offshore production in the gulf.
5) Congress isn't likley going to allow it, except it's BP so maybe they will.

Originally posted by exile1981

Originally posted by Barathrum
the article says that oil would still have to be over $70 a barrel to be profitable for them to produce.

It's about there today (70/barrel).

Heres why I think this is both good but will not help us.

1) It's expensive to drill in deep water.
2) Offshore platforms are not cheap to buy or run.
3) We would need more refinaries to process it, or reduce how much we are importing.
4) They need congress to allow new offshore production in the gulf.
5) Congress isn't likley going to allow it, except it's BP so maybe they will.

yeah

in a way it reminds me of scotty on star trek. just when you think he doesn't have the power, he somehow magically does.


in the long run it won't help us, since it's basically saying that things are going to at least stay the same. it seems a bit misleading

Just as BP was named as a beneficiary of the release of some guy who may or may not have blew up a plane over that place with the sheep. Good press follows bad, it's like clockwork.

I acutally posted it because I thought it was more or less funny.
It does not matter how much we find here, until they change Wall street crooks that completely F**k us everyday by doing nothing but trading paper instead of real stuff.

No matter what we will get screwed.

this won't make a bit of difference

why?? because of OPEC,,, the legal oil cartel


however many barrels come out of there,,,,, opec will just reduce there production by that much,,,,, so we still have the same amount of barrels and a manipulated price,,,, to be whatever they want it to be

from the anna korin speech,,,,

a new countrywanted to join opec,,, and would add an additional 3 million barrels a day,,,, this would be good and bring prices down

wrong,,,, over two months opec just reduced other countries barrels a day by that same 3 million

so no,,, we added no extra barrels,,,, it's a big chess game