Promising new oil find in Gulf of Mexico

[Andrew Shaw]

Tests of a deep-water well in the Gulf of Mexico could indicate a significant oil discovery, three companies announced Tuesday, in the first project to tap into a region that reportedly could boost U.S. oil and gas reserves by as much as 50 percent.

Full article

http://www.netscape.com/viewstory/2...yahoo.com/s/ap/major_oil_discovery&frame=true

 

[whitebark]

"as much as 50 percent"

Many don't know that even though America is the largest consumer of fossil fuels it is still one of the largest producers. Fourth of fifth largest if I remember right, but sadly until some common sense comes to the automotive industry in the US even such a find will not prolong the inevitable for too much longer. Oil isn't going to run out any time soon, but our sources of cheap and easily accessible of oil are - thus with increasing demand and increased costs to get new sources out of the ground comes ever higher prices.

If anyone is interested in this subject and has not already done so, read - The End Of Oil. It dispels numerous myths around oil and alternative energy. It is basically the bible of the oil subject. We are in big trouble if we don't start addressing the obvious.

 

[JuniperPark]

More oil is actually BAD news... as whitebark said, it delays moving to cleaner energy, AND burning this oil will make global warming even worse.

 

[think]

My dream car (It's coming next spring but the first batch is is way beyond my budget):

http://www.teslamotors.com/index.php?js_enabled=1

 

[Duckinla]

unfortunatley we are beyond the days where conservation can do much to influence price. Certainly it can lower your personal cost, but it won't lower the overall price. Any oil conserved by a particular group will be quickly grabbed up by new groups of consumers (developing countries). In a few short years about 500 million chineese will be demanding goods and services of their own, not just producing for others. Imagine what that will do to the price of all raw materials, not just oil. My retirement accounts are heavily invested in raw materials funds. I just don't see any way the price of raw materials can do anything but rise dramatically over the coming years.

Here's something for consideration though: The price of any given item is based on Material cost, labor cost, transportation cost and selling cost. Exchange rates need to be factored in as well. As material and transportation costs rise, labor cost becomes a less meaningful part of the equation. Eventually the cost of transporting a couch from china may overtake the labor savings of producing it there. Depending on exchange rates, you may see manufacturing shift once again and return closer to home. A strong U.S. dollar over the last decade has helped send a lot of production out of the country. The weaker current U.S. dollar could help to reverse that.

The next president will probably get much praise for "returning jobs to America". But it will really have little to do with presidential decisions.

 

[copper]

Hey,

Thanks for the link :-D
Never seen it before.

How much is that cost anyway?

My dream car (It's coming next spring but the first batch is is way beyond my budget):

http://www.teslamotors.com/index.php?js_enabled=1

 

[think]

The first run of the Tesla Roadsters are selling for $100k.

The company plans to make more reasonably priced "family sedans" in a few years.