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Thread: Exxon finds 700 million barrels in the GOM

  1. #21
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    Re: Exxon finds 700 million barrels in the GOM

    Well excellent, now that we've found an estimated 35 days worth of oil based roughly on current daily US consumption, we need not worry anymore about importing oil or peak oil... for 35 days at least.

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    Re: Exxon finds 700 million barrels in the GOM

    The United States uses about 7 Billion barrels of oil per year so this won't last very long at all.

    We need to open every possible field offshore or on ASAP

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    Re: Exxon finds 700 million barrels in the GOM

    Quote Originally Posted by Lord Tammerlain View Post
    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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    Re: Exxon finds 700 million barrels in the GOM

    Quote Originally Posted by Aunt Spiker View Post
    I spewed my coffee
    You just wasted a barrel of oil!

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    Re: Exxon finds 700 million barrels in the GOM

    Quote Originally Posted by megaprogman View Post
    You just wasted a barrel of oil!
    Yeah.

    In my pants.
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    It has happened before, but there is nothing to compare it to now.
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    Re: Exxon finds 700 million barrels in the GOM

    Quote Originally Posted by Aunt Spiker View Post
    Yeah.

    In my pants.
    That's one way to build a landing strip.

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    Re: Exxon finds 700 million barrels in the GOM

    Quote Originally Posted by apdst View Post
    I would make the same argument, either way. it's just common sense.

    By the same token, anyone who doesn't have anything vested in the oilfield can't argue the topic objectively, either; against oil and gas production.

    The reason I ask the anti-oilers if they are investing any money into green energy, is because if it's such an awesome idea, they should be dumping every spare dime they have into green energy companies and recruiting more investors, so the industry can grow.
    I think you don't understand the meaning of the word "objectivity." One can be objective regardless of their involvement or lack of involvement in oil, it just takes a clear mind, someone who looks at facts and facts alone and who can analyize them without bias towards any outcome. What you are trying to say is that without some involvement in oil in some way, an objective person may not have all the facts or understand them and therefore their opinion, while still objectivity if they aren't biased to any outcome, is inaccurate because they lacked facts or didn't understand them.

    Now we can both agree the US should be energy independant, or at least as close as possible and always trying to get closer. Its good for business, jobs, and its good for foreign policy as we can easier avoid messy ties with "questionable" allies like the Saudis. It would give us much more freedom on the international stage. Who cares where that energy would come from as long as its safe? Its obvious we can't be energy independant on oil alone, this recent find won't accomplish that by a long shot, so while I AGREE we should drill and explore US oil, including the Gulf. I also think its wildly foolish and impratical to not invest on potentially future sources of energy.

    Is that not reasonable and realistic?

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    Re: Exxon finds 700 million barrels in the GOM

    Quote Originally Posted by apdst View Post
    I would make the same argument, either way. it's just common sense.
    It's status as "common sense" is certainly up for debate, but fair enough.

    By the same token, anyone who doesn't have anything vested in the oilfield can't argue the topic objectively, either; against oil and gas production.
    How do you figure that having no conflicts of interest makes one unable to argue objectively?

    The reason I ask the anti-oilers if they are investing any money into green energy, is because if it's such an awesome idea, they should be dumping every spare dime they have into green energy companies and recruiting more investors, so the industry can grow.
    I think it would depend on their situation, actually. If they are living basicaly paycheck to paycheck, then they shouldn't be investing all of their extra cash in anything just yet. They need to build up their reserves first before they start dumping everything into the market. If they have a solid base of reserves to go on, they should be smart, diversified in their approach to investment because, while green energy in general is a good idea for investment, it is not a single investment option and like anything, there wil be big winners, big losers and everything in between.

    For example, which solar panel company is worth investing in? Well Germany has just decided to phase out all of its nuclear power and move towards solar power (pretty good news for solar energy companies after the recent announcements that European subsidies could be going away). First Solar (currently trading at 119) is Germany's largest supplier of solar panels and they are trading close to their 52 week lows right now, and LDK Solar operates in Germany as well and looks like a protentially good investment as well, possibly better if they can perform like they have recently over the long haul.

    Like any investment, doing your homework is the key. Investing in first solar a ferw years ago when they were trading at $20 a share would have been a killer iunvestment, regardless of what your political views are. Try and pick the "winner" and you can profit nicely.

    But someone shouldn't be investing based only on their moral support for the technology involved. That's just bad investing. That can be a factor how one invests, but making wise investments is still important. If someone doesn't know how to invest their money smartly, they should leave it to someone who knows what they are doing.

    And at the same time, anyone with some investment savvy should be looking at green companies and saying "**** the political bull****" right now and putting a some of their money into that kind of technology in a smart fashion. They are good investments if one picks correctly. First solar, for example, was trading at $20 a share in 2006. People who bought then had the potential of getting out when the stock hit $170 a share a few months back for a massive profit.
    Last edited by Tucker Case; 06-15-11 at 09:32 AM.

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    Re: Exxon finds 700 million barrels in the GOM

    We all use oil, even those of you that are anti-oil use oil so finding more is a good thing. As technology advances more oil becomes accessible. Yes someday the demand may exceed the supply but then again it may not. The same brains that allow us to figure out ways to get more oil also allow us to figure out ways to use it more efficiently. Eventually the oil supply will be used up but that’s a long ways off. In the meantime other forms of energy will come on line and there will be a smooth transition to these new forms of energy. Of course this scenario depends on rational people running the show not alarmist panicked sky is falling people who literally want to put the cart ahead of the horse. If they have their way we are in for a forced rough transition that will destroy economies and ruin possibly even end lives.

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    Quote Originally Posted by sawyerloggingon View Post
    We all use oil, even those of you that are anti-oil use oil so finding more is a good thing. As technology advances more oil becomes accessible.
    Until it doesn't. Oil is finite ya know.

    "Technology is great, but it can't find what's not there. In the last five years, we consumed 27 billion barrels of oil a year, but the oil industry discovered only three billion barrels a year. So only one barrel was replaced for every nine we used.". - L.B. Magoon Report for US Geological Survey

    Yes someday the demand may exceed the supply but then again it may not.
    You have GOT to be kidding.

    Eventually the oil supply will be used up...
    Oh, good, you were kidding.

    In the meantime other forms of energy will come on line and there will be a smooth transition to these new forms of energy.
    What alternative energy replaces petrochemical fertilizers, pesticides, herbicides and fungicides that artificially boosts crop yields on which our massive population now depends? (hint, plugging electric currents into the ground does not work)

    Of course this scenario depends on rational people running the show not alarmist panicked sky is falling people who literally want to put the cart ahead of the horse. If they have their way we are in for a forced rough transition that will destroy economies and ruin possibly even end lives.
    You really don't get it. Without oil-based conventional agriculture, billions of people have to starve. We literally have been turning the energy contained in oil into the food that we eat. When oil supply diminishes, even gradually over time, both food and the oil we use to make it and ship it become prohibitively expensive, which necessarily causes a food crisis. This isn't like Y2K or global warming. It's guaranteed, concrete arithmetic. Cause and effect.

    If you want to just automatically write it all off as alarmism and sit comfortably in denial, be my guest. But if you want to actually read any of the literature (there's simply tons) that will illuminate this a bit more for you, let me know, and I'll point you to some.

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