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Thread: Exxon finds 700 million barrels in the GOM

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    Re: Exxon finds 700 million barrels in the GOM

    Quote Originally Posted by spud_meister View Post
    How did 700,000,000 barrels end up in the Gulf of Mexico? Were they just floating there, is this the new evolutionary stage of Box Jellyfish?
    Yes. GM bio-remediation. They've crawled onto land and resemble 'the blob'. There are many. We are doomed.

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    Re: Exxon finds 700 million barrels in the GOM

    Oil speculators bid on oil based on what they think price of oil will be in the future. If USA stated that we are going after our oil in a big way the speculators would see more oil coming on the market and the price of oil would drop like a rock before the first new well was even drilled.

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    Re: Exxon finds 700 million barrels in the GOM

    Quote Originally Posted by obvious Child View Post
    Still wrong. Oil doesn't go from extraction site to end users in months. It's appalling I had to tell you that. I really doubt you work in the oil field. New discovers won't lower gas prices any quicker then no new discoveries because the short term oil supply cannot be affected by any new discoveries.



    Actually the reduction in US demand, increase in Saudi short term supply and adjustments to deal with the drop off of Libyan crude have far more to do with that then anything you said.



    I guess everyone in the military doesn't have a job then, not to mention everyone who works in the modern aerospace industry. And nuclear industry. You look like a total fool every time you say that.
    I never said that it did.

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    Re: Exxon finds 700 million barrels in the GOM

    Quote Originally Posted by Tucker Case View Post
    Sort of, the economic problems are a bigger factor, but regardless of that, you weren't talking about an increase in supply. You were talking about the discovery of new crude oil. That was entirely innacurate.





    The real question is why are you bringing up job creation in a discussion abotu what factors incluenced the recent drop in gas prices?

    It makes no sense in the context of what was said. Is it just pure liberal derangement syndrome?
    Which causes speculators to speculate down and causing gas prices to go down.

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    Re: Exxon finds 700 million barrels in the GOM

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    Re: Exxon finds 700 million barrels in the GOM

    Quote Originally Posted by apdst View Post
    I never said that it did.
    You may have never explicitly stated so, but you did in fact argue that new discoveries can reduce oil prices quickly. Except that to do that we'd need either a rapid spike in supply or a rapid decline in demand. As a new discovery clearly fits into the supply, that new find would have to quickly (and magically) go from the extraction point into usable consumer supply. That does not happen. You are wrong. Get used to it.
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    Re: Exxon finds 700 million barrels in the GOM

    Quote Originally Posted by apdst View Post
    Which causes speculators to speculate down and causing gas prices to go down.
    Except that speculation is largely tied to the 3 month and 6 month going foward rates. New discoveries take on average 5 to 10 years to get to market. Therefore they cannot affect speculation. You also appear to be confusing speculation with dollar hedging investments. The Greece debt crisis is likely playing a role in investment monies being funneled into oil futures. I'll let you think that one over.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: Exxon finds 700 million barrels in the GOM

    Quote Originally Posted by obvious Child View Post
    Except that speculation is largely tied to the 3 month and 6 month going foward rates. New discoveries take on average 5 to 10 years to get to market. Therefore they cannot affect speculation. You also appear to be confusing speculation with dollar hedging investments. The Greece debt crisis is likely playing a role in investment monies being funneled into oil futures. I'll let you think that one over.
    5-10 years is a little long

    Conventional oil in either on land or in shallow waters provided the proper permits can have oil going to market within a couple of years of discovery. 10 years would be for the very remote or expensive discoveries. Or those requiring massive investments (oil sands for instance) They will not get to market within the time frame Aspt seems to be suggesting ( ie effecting the spot oil price)
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    Re: Exxon finds 700 million barrels in the GOM

    Quote Originally Posted by Lord Tammerlain View Post
    5-10 years is a little long
    That's what I got from the USGS estimates. Some are longer, like the expected for ANWR was around 15 years.

    Conventional oil in either on land or in shallow waters provided the proper permits can have oil going to market within a couple of years of discovery. 10 years would be for the very remote or expensive discoveries. Or those requiring massive investments (oil sands for instance) They will not get to market within the time frame Aspt seems to be suggesting ( ie effecting the spot oil price)
    But even a couple years won't affect spot rates (much less forward rates). And no firm is stupid enough to risk a forward contract several years out. Oil I think in 2008 went from a high of $119 to a low of $~60. The Saudis were complaining about this rather loudly as they cannot project inflows and therefore make good investments on capacity with that kind of fluctutation.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: Exxon finds 700 million barrels in the GOM

    We have enough oil, but economists want growth. No one is satisfied with the status quo, not even after they've made hundreds of billions of dollars.

    As long as our economy is based on an incessant growth model - i.e. we don't have enough so we must have more - the need for oil will climb exponentially and we'll hit peak oil.

    Oil has never been the problem. It's our economic model.

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