Bending the Third Rail
Because We Should, We Can, We Do
Tuesday, September 05, 2006
Good News?
From today's headlines:
NEW YORK (Reuters) - Three oil companies, led by Chevron Corp. (NYSE:CVX - news), have successfully drilled for oil in the Gulf of Mexico's deep waters, suggesting there may be more oil in the region that already provides a quarter of U.S. output, the companies said on Tuesday.

During the test, at record depths and pressure, the Jack No. 2 well flowed at a rate of more than 6,000 barrels of crude per day, Chevron said. That puts it on a par with discoveries in exploration hot spots such as the waters off Angola.
This find is quite significant. Oil prices are responding accordingly and being pressured down. It also helping the stock market to have it's last party prior to next year's recession.

By the way, have you noticed how folks are "thrilled" that gas is only $2.89 per gallon? Adaptation at work.

Anyway, I don't consider this find good news. It can only lessen the pressure and incentive to move away from petroleum.

UPDATE: Here's a rough map of oil rigs in the Gulf, including the new deep wells. Does anyone else notice the locations vs. the proximity to hurricane paths?

Written at 10:29 AM by Greyhair.
1 comments
1 Comments:
Blogger Lynne said...
Shall we start a pool on when the first massive oil spill happens in the gulf?

Also, there are some interesting comments here pertaining to our presence in Iraq. Such as:
1) The Iraqi invasion was planned by AEI neo-cons and Pentagon officials, who subsequently falsified intel documents. The group is called OSP: Office of Special Plans.
2) We are in Iraq to access control of the world’s 2nd largest oil field with the cheapest “lifting cost” of 75 cents/barrel,(extracting it from the ground). Iraq is a non-OPEC country -
3)By “sitting” on the oil in Iraq, we thwart production, thus shorting the supply and increasing the cost to fuel addicted Americans. If we control that field, we are more assured of stable prices: remember, India and China are experiencing their “industrial revolutions” and will need much more fuel based on their populations. Oil fields ARE depleting.
4) We have spent $300 billion in Iraq. The alternative fuel experts say they need $ 20 billion to get to the next level (making some systems available to American consumers). The BUSH administration views alternative fuel as a “financial threat”: they will lose a substantial piece of the pie they have enjoyed at our expense -
11:07 AM  
Post a Comment
<< Home