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Exxon finds 700 million barrels in the GOM

megaprogman said:
The oil market is a global market.
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It's amazing just how few people understand this. Like the idiots who think more domestic drilling will bring down prices. A simple projection of BRIC oil demand next to the most optimistic supply models shows oil prices have only one place to go.
 
Tucker Case said:
At what point did the planet start producing oil at a rate even remotely close to the rate at which we deplete its reseviors?
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Quiet you. Apdst is at the bottom of the barrel. Literally and figuratively. Everyone knows he's lost this thread from the first page.

Honestly, the only point in using oil now is to buy time in the search to replace it. Oil in itself is a crutch. The problem with more oil finds is that it prolongs the time making it less time sensitive to get off oil. And this keeps the largest oil consumer in the world driving up prices keeping regimes in Tehran and Caracas in power. The faster we get off oil, the faster our enemies perish. We need to start viewing the end of oil as the end of our enemies. This is without a doubt a security issue and should be treated as such. I would love to see Chavez and the Mullahs fall. But that will require knocking oil prices out from under them to say somewhere in the $10 to $30 range. That won't happen with the US consumption where it is now. The longer US demand stays in oil the longer powers that wish our downfall stay in power.
 
obvious Child said:
Not quite. Thermo depolymerization could produce oil as long as there is organic input and energy to power the TDP plan.
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Dunno what that means, but I bet you understand the disinclination to bet the farm on it saving our species from going ape**** over oil decline. In any event, I'm glad someone with a clue or two joined the discussion. Cuz holy mary mother of god I have read enough bafflingly unhinged comments in this thread already.

I've heard something about an averaged length of time the Earth took to produce the current amount of oil we could even hypothetically access right now, with that being in the ballpark of 150 million years. And beyond that, I think of hydrocarbon energy as originating with solar. In other words, I think of the current total amount of oil the world contains as condensed solar energy that took 150 million years to accumulate but will without any doubt take us less than 300 years total (i.e. starting in the mid 19th century) to consume. A simple division (150m/300) suggests humans use oil five hundred thousand times faster than the rate at which the Earth captures solar energy and turns it into oil.
 
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Lord Tammerlain said:
Wow 700 million barrels

Boy the US can stop importing oil now for 70 days

Energy independance here the US comes

700 million barrels is what most consider a small field

Ghawar is Saudi Arabia was estimated to have 120 billion
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Yea the problem with this argument is that we have had many reports of small finds before and if they are tapped while being added together, that can make a big impact.

If that were the only source of oil on earth, you guys would have a great point, but it isn't.
 
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Harry Guerrilla said:
Yea the problem with this argument is that we have had many reports of small finds before and if they are tapped while being added together, that can make a big impact.

If that were the only source of oil on earth, you guys would have a great point, but it isn't.
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This post, as well as sawyer in post #31, can refer to the quotes in post #9 and, if you disagree with the folks quoted there, cite some information of some kind that suggests a different outlook. Otherwise I will assume these notions, that we're doing fine in terms of global oil production relative to demand, are pretty much made up on the spot. That's indeed how they appear, so far at least. And that certainly goes for apdst too. Just sorta wingin' it with this whole "Peak Oil is a myth" thing, with no investigation to back it. Just assuming we'll figger it out somehow.
 
Neomalthusian said:
Dunno what that means
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Basically it uses heat and pressure to break material down into their base atoms and rearrange certain ones into hydrocarbons. Aka, Turkey waste into petroleum.

but I bet you understand the disinclination to bet the farm on it saving our species from going ape**** over oil decline. In any event, I'm glad someone with a clue or two joined the discussion. Cuz holy mary mother of god I have read enough bafflingly unhinged comments in this thread already.
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I tend to take 2 week breaks from time to time to reduce my exposure to the idiocy here.

I've heard something about an averaged length of time the Earth took to produce the current amount of oil we could even hypothetically access right now, with that being in the ballpark of 150 million years.
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Something like that. Millions of years to turn diatoms into hydrocarbons. Furthermore, oil doesn't get formed everywhere. Dependent on the conditions, organic material may turn into coal or gas.

And beyond that, I think of hydrocarbon energy as originating with solar. In other words, I think of the current total amount of oil the world contains as condensed solar energy that took 150 million years to accumulate but will without any doubt take us less than 300 years total (i.e. starting in the mid 19th century) to consume. A simple division (150m/300) suggests humans use oil five hundred thousand times faster than the rate at which the Earth captures solar energy and turns it into oil.
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Which means we better find a replacement. Our oil problem is more of a liquid fuel rather then anything else. Many of petroleum's byproducts we can replace with organic substitutes like corn plastics. Not as cheap and not as good but there are substitutes. A billion dollars into an award for efficiency battery that stores power over long periods of time with large amounts of storage would do wonders.
 
Neomalthusian said:
This post, as well as sawyer in post #31, can refer to the quotes in post #9 and, if you disagree with the folks quoted there, cite some information of some kind that suggests a different outlook. Otherwise I will assume these notions, that we're doing fine in terms of global oil production relative to demand, are pretty much made up on the spot. That's indeed how they appear, so far at least. And that certainly goes for apdst too. Just sorta wingin' it with this whole "Peak Oil is a myth" thing, with no investigation to back it. Just assuming we'll figger it out somehow.
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I recognize that newer finds are becoming commonly smaller.
With that said, people seem to be determined not to use what oil is available or to write it off as inconsequential.

Until another source of energy is established for modern transportation, we should exploit all sources of oil.

We're in the process of figuring something out, it takes time though and wishing that it didn't won't change that.
 
Lord Tammerlain said:
Wow 700 million barrels

Boy the US can stop importing oil now for 70 days

Energy independance here the US comes

700 million barrels is what most consider a small field

Ghawar is Saudi Arabia was estimated to have 120 billion
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What the hell is your problem? I hope that you aren't driving a car or using any of our oil, given your oil hatred.
 
obvious Child said:
Basically it uses heat and pressure to break material down into their base atoms and rearrange certain ones into hydrocarbons. Aka, Turkey waste into petroleum.



I tend to take 2 week breaks from time to time to reduce my exposure to the idiocy here.


Something like that. Millions of years to turn diatoms into hydrocarbons. Furthermore, oil doesn't get formed everywhere. Dependent on the conditions, organic material may turn into coal or gas.



Which means we better find a replacement. Our oil problem is more of a liquid fuel rather then anything else. Many of petroleum's byproducts we can replace with organic substitutes like corn plastics. Not as cheap and not as good but there are substitutes. A billion dollars into an award for efficiency battery that stores power over long periods of time with large amounts of storage would do wonders.
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No one is twisting your arm.
 
American said:
What the hell is your problem? I hope that you aren't driving a car or using any of our oil, given your oil hatred.
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Oil hatred?

I love oil, I have worked at a refinery found it fun, live in a province that produces the majority of oil in Canada, been at the oil sands sites around Fort Mac.

What I am is realistic.

Oil is a finite commodity in realistic terms. It is getting harder to find and more expensive to extract and refine as we use up more of it. Dozens of small fields are helpfull but they are not going to replace fields like Cantarell or Ghawar as they are depleted. The Super Giant fields helped make oil generally quite cheap to extract, produce and to use. Oil sands are not cheap to extract produce and use in comparison. The US without some technological breakthrough is not going to become energy independant. Dozens of small finds like the one in the OP will help but will not produce enough oil to make the US energy independant.
 
American said:
What the hell is your problem? I hope that you aren't driving a car or using any of our oil, given your oil hatred.
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I should really start keeping a record of all the conservative absolutism around here.

They guy pointed out that this isn't actually a lot of oil compared to our current consumption, and you somehow translated that to "I HATE OIL NOBODY SHOULD USE ANY EVER"
 
obvious Child said:
It's amazing just how few people understand this. Like the idiots who think more domestic drilling will bring down prices. A simple projection of BRIC oil demand next to the most optimistic supply models shows oil prices have only one place to go.
Click to expand...

What blows my mind are the idiots that don't understand how speculation works.

BTW, have gas prices been going down? Recent oil discoveries in the GOM and less demand might have something to do with that.
 
obvious Child said:
Quiet you. Apdst is at the bottom of the barrel. Literally and figuratively. Everyone knows he's lost this thread from the first page.

Honestly, the only point in using oil now is to buy time in the search to replace it. Oil in itself is a crutch. The problem with more oil finds is that it prolongs the time making it less time sensitive to get off oil. And this keeps the largest oil consumer in the world driving up prices keeping regimes in Tehran and Caracas in power. The faster we get off oil, the faster our enemies perish. We need to start viewing the end of oil as the end of our enemies. This is without a doubt a security issue and should be treated as such. I would love to see Chavez and the Mullahs fall. But that will require knocking oil prices out from under them to say somewhere in the $10 to $30 range. That won't happen with the US consumption where it is now. The longer US demand stays in oil the longer powers that wish our downfall stay in power.
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The U.S. has some of the largest natural gas reserves in the world.
 
If you really hate giving US dollars to those who hate America you would be for drilling in USA as we make the transition from oil to whatever combination of things we will eventually replace oil with.
 
sawyerloggingon said:
If you really hate giving US dollars to those who hate America you would be for drilling in USA as we make the transition from oil to whatever combination of things we will eventually replace oil with.
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Or putting the money into alternative R&D.
 
xpiher said:
Having enough money to actually invest.
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Well, if O'Bama gets his way, you'll be waiting for a long time.

I would love to invest in a natural gas filling station, but O'Bama destroyed my cash flow.
 
apdst said:
What blows my mind are the idiots that don't understand how speculation works.
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I understand more about finance then you will ever learn in your entire life. And if we strip out even the the most wildly optimistic estimates on oil, it still leaves oil at prices well capable of sustaining America's enemies.

BTW, have gas prices been going down? Recent oil discoveries in the GOM and less demand might have something to do with that.
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Only if you have no idea how the market works. Which you would fall under.

The U.S. has some of the largest natural gas reserves in the world.
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And that addresses what you quoted how? Or are you just wanting more fail-pie?
 
Lord Tammerlain said:
Oil hatred?

I love oil, I have worked at a refinery found it fun, live in a province that produces the majority of oil in Canada, been at the oil sands sites around Fort Mac.

What I am is realistic.

Oil is a finite commodity in realistic terms. It is getting harder to find and more expensive to extract and refine as we use up more of it. Dozens of small fields are helpfull but they are not going to replace fields like Cantarell or Ghawar as they are depleted. The Super Giant fields helped make oil generally quite cheap to extract, produce and to use. Oil sands are not cheap to extract produce and use in comparison. The US without some technological breakthrough is not going to become energy independant. Dozens of small finds like the one in the OP will help but will not produce enough oil to make the US energy independant.
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No, you're for stifling any attempt to drill and process oil for the US. You want us dependent on foreign sources. There is no other way to look at it. If it was 300B you be trotting out the "Oh it'll take ten years.....blah blah blah". You people are all the same. I don't give a **** if it's a finite commodity.

It may not make us fully independent, but it will make us more independent. And that is fine with me. There's always a reason with you why we shouldn't drill refine, produce or whatever.
 
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