Giant Puddle of Oil Found Under Gulf of Mexico

In one of the largest oil finds in several decades, Chevron successfully ran a test-well in the Gulf of Mexico into a reserve with the potential for 3-15 billion barrels. The drilling opened up new possibilities for ultra-deepwater offshore drilling, but don’t expect it to affect pump price anytime soon. The first drop won’t hit markets until 2012, experts say.

Which is all fine and dandy because by that time we’ll all be driving cloud cars, right?

Comments

Edit Your Comment

  1. John Stracke says:

    Let’s hope they build their platforms to resist Category 6 hurricanes.

  2. Hooray4Zoidberg says:

    and Mexicans who want to get their hands on our precious oil. We should bomb them before they get the chance.

  3. bambino says:

    If you think this will actually decrease pump prices and not merely increase profits, you’re an idiot.

  4. Triteon says:

    Bambino is right. At best this is a commercial works-project exercise. The only regular people who will benefit from this will be the rig builders and drillers.

  5. Kutabare says:

    Some of the news reports of this story were slightly misleading. This was not a “new find”. However, it was confirmation of an old one.


    This play has been unfolding in the ultra-deep waters of the Gulf of Mexico for five years, and this is the breakthrough announcement,” said Daniel Yergin, author of “The Prize,” a history of oil production.
    http://www.mercurynews.com/mld/mercurynews/business/154499

    Severin Borenstein, director of the UC Berkeley Energy Institute, says Chevron’s new discovery is the direct result of new technologies that enable oil exploration companies to drill deeper.
    Chevron reports its Jack-2 well breaks a drilling record going through 7,000 feet of water, and 20,000 feet below the sea floor making it the deepest successful test well in the Gulf of Mexico. Some of the new drilling technologies did not exist just three or four years ago.

    http://abclocal.go.com/kgo/story?section=business&id=45323


    Even though we won’t be seeing any immediate relief at the pump, be glad that the test well was finally a success. Prices would have likely increased to some extent if it had failed.

  6. Morton Fox says:

    We use 7 billion barrels of oil per year. So that’s good for what? 2 years at most? And even that is assuming you can get all of it out at once, which isn’t so. It’s good news, but not earth-shaking news.

  7. TedSez says:

    Whenever gas prices go up for no apparent reason, we’re told that it’s because the companies believe that supply may go down in the future, due to international friction, bad weather, pipeline problems, or Jupiter aligning with Mars.

    By the same logic, they should predict the possibility of extra supplies in the future… hence, prices should drop way down right now.

    Oh, right… I forgot about the part where you replace “logic” with “money-devouring practices of monopolistic liars.”