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Exxon finds 700 million barrels in the GOM

American said:
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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Where did I say the US should not drill and extract the 700 million


That is right I didnt, what I said is that 700 million is not a lot of oil, it is a minor field and will have minor effects on the oil market. I am all for the drilling in ND in the Bakken oil formation, in the gulf as well after procedures are tightened up to help prevent futher incidents like the large oil spill last year.
 
apdst said:
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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The recent oil discoveries would not have such a quick effect on gas prices. Refineries are actually processing less crude due to lowered demand, so having more crude available to not be processed won't effect prices immediately.
 
sawyerloggingon said:
Why not both? Drill baby drill and R&D. Why is it either or with you guys?
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Because drill baby drill typically ****s with precious water supplies (natural gas) or would lead to the destruction of America's natural beauty. Even if you don't care about the beauty of the US, you should be concered with the destruction of water and other industries. I'm all for drilling safely and responsibly in the interim, I just it would only have a negligible, if any, affect on prices at the pump.
 
Tucker Case said:
The recent oil discoveries would not have such a quick effect on gas prices. Refineries are actually processing less crude due to lowered demand, so having more crude available to not be processed won't effect prices immediately.
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They'll effect gas prices quicker than no new discoveries at all. Either way, these new discoveries will certainly create more jobs than the government has done.
 
obvious Child said:
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.



Only if you have no idea how the market works. Which you would fall under.



And that addresses what you quoted how? Or are you just wanting more fail-pie?
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You're a high school student that reads alot of accounting text books. What could yu possibly know about running a business?
 
apdst said:
They'll effect gas prices quicker than no new discoveries at all.
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You might want to rethink that statement. No new discoveries would affect prices just as quickly as new discoveries since both would have an equal, but opposite, effect on the supply side of the supply and demand equation. The new discoveries might have a slight effect on dropping oil prices, but the factors I cited are the main causes of dropping prices.

But that's neither here nor there, since the fact of the matter here is that you were completely wrong when you cited these recent discoveries in the Gulf as a factor in the recent decreases in gas prices.

Either way, these new discoveries will certainly create more jobs than the government has done.
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You think it's the government's job to create jobs?
 
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Tucker Case said:
You might want to rethink that statement. No new discoveries would affect prices just as quickly as new discoveries since both would have an equal, but opposite, effect on the supply side of the supply and demand equation. The new discoveries might have a slight effect on dropping oil prices, but the factors I cited are the main causes of dropping prices.
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Let me rephrase--as if you didn't know what I meant: New oil discoveries would lower gas prices quicker than no new discoveries at all.

But that's neither here nor there, since the fact of the matter here is that you were completely wrong when you cited these recent discoveries in the Gulf as a factor in the recent decreases in gas prices.



You think it's the government's job to create jobs?
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Not only do I think it's not the government's job, but the government can't create jobs.
 
apdst said:
Let me rephrase--as if you didn't know what I meant: New oil discoveries would lower gas prices quicker than no new discoveries at all.
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I never assume that other people mean something totally different from what they actually said, but if it looks like they might have wanted to say something other than what they said, I'll probably tell them that they might want to rethink their statement. Which is what I did here.

But the fact remains that these discoveries still had nothing to do with the recent drop in gas prices, which is far different from what you appeared to imply earlier.

Not only do I think it's not the government's job, but the government can't create jobs.
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Well, the massive government bureaucracy seems to disagree with you on the government's ability to create jobs (it's not like all jobs actually have to be useful or productive), but that's also neither here nor there.

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 made no sense in the context of what was said.
 
Tucker Case said:
I never assume that other people mean something totally different from what they actually said, but if it looks like they might have wanted to say something other than what they said, I'll probably tell them that they might want to rethink their statement. Which is what I did here.

But the fact remains that these discoveries still had nothing to do with the recent drop in gas prices, which is far different from what you appeared to imply earlier.
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A slow down in demand an increase in supply had everything to do with the recent drop in gas prices.



Well, the massive government bureaucracy seems to disagree with you on the government's ability to create jobs (it's not like all jobs actually have to be useful or productive), but that's also neither here nor there.

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 made no sense in the context of what was said.
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Obviously, it isn't working, when you look at the unemployment rate. Jobs that are funded with tax dollars are nothing more than welfare.
 
Tucker Case said:
The recent oil discoveries would not have such a quick effect on gas prices. Refineries are actually processing less crude due to lowered demand, so having more crude available to not be processed won't effect prices immediately.
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Don't you find it a bit futile trying to explain the mechanics of the oil market to adpst? It's really appalling he works in this field yet doesn't get any of its even basic issues.
 
apdst said:
You're a high school student that reads alot of accounting text books. What could yu possibly know about running a business?
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Oh look. Once again apdst can't refute anything I say and must resort to personal attacks. Notice how I do it. I point out how your argument is stupid. I wait for you to make a pathetic retort based on personal insults, I then recite why your argument is stupid and then personally jab you.

Key difference. You never refute anything I say. You just start right at the personal insults.
 
apdst said:
Let me rephrase--as if you didn't know what I meant: New oil discoveries would lower gas prices quicker than no new discoveries at all.
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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.

But that's neither here nor there, since the fact of the matter here is that you were completely wrong when you cited these recent discoveries in the Gulf as a factor in the recent decreases in gas prices.
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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.

Not only do I think it's not the government's job, but the government can't create jobs.
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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.
 
Tucker Case said:
It made no sense in the context of what was said.
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Because he has no argument. Same reason why he's personally insulting me (while completely ignoring my arguments) and why he brought in the green investment. He has nothing to argue with. If this was a fight, we'd be arrested for assaulting an unarmed man.
 
apdst said:
A slow down in demand an increase in supply had everything to do with the recent drop in gas prices.
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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.



Obviously, it isn't working, when you look at the unemployment rate. Jobs that are funded with tax dollars are nothing more than welfare.
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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?
 
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?
 
spud_meister said:
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?
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Yes. GM bio-remediation. They've crawled onto land and resemble 'the blob'. There are many. We are doomed.
 
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.
 
obvious Child said:
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.
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I never said that it did.
 
Tucker Case said:
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?
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Which causes speculators to speculate down and causing gas prices to go down.
 
Moderator's Warning:
If you have a problem with a post/poster, use the Report Post feature. If you attack someone personally, you’re gonna get yourself gigged and crammed in an oil barrel.

Behave yourselves. Don’t make me come back up here again.
 
apdst said:
I never said that it did.
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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.
 
apdst said:
Which causes speculators to speculate down and causing gas prices to go down.
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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.
 
obvious Child said:
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.
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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)
 
Lord Tammerlain said:
5-10 years is a little long
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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)
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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.
 
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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