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Thread: Take This Obama

  1. #1
    Senior Member Franco's Avatar
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    Default Take This Obama

    Offshore La, Tx, Fl & Ca have much more of what BP just discovered.

    LONDON (Reuters) - Oil major BP Plc said it has made an oil discovery in the Gulf of Mexico, which analysts believe could contain over 1 billion barrels of recoverable reserves, reaffirming the Gulf's strategic importance to the industry.


    BP said in a statement on Wednesday that it had made the "giant" find at its Tiber Prospect in the Keathley Canyon block 102, by drilling one of the deepest wells ever sunk by the industry.
    Further appraisal will be required to ascertain the size of volumes of oil present, but a spokesman said the find should be bigger than its Kaskida discovery which has over 3 billion barrels of oil in place.
    Estimates of recoverable reserves range from around 20 percent of oil in place.
    "Assuming reserves in place of 4 billion barrels and a 35 percent recovery rate, BP's proven reserves .. would rise by 868 million barrels -- equivalent to 4.8 percent of the group's 18.14 billion barrels of proven reserves," Aymeric De-Villaret, oil analyst at Societe Generale said in a research note.
    BP, the biggest oil producer in the U.S. and biggest leaseholder in the Gulf of Mexico, has a 62 percent working interest in the block, while Brazilian state-controlled Petrobras
    owns 20 percent and U.S. oil major ConocoPhillips owns 18 percent.
    Iain Armstrong, analyst at Brewin Dolphin, said the discovery may have implications for long-term oil prices.
    "It will ease concerns about peak oil because it shows there is life left in these mature areas," he said, adding that it could be the second half of the next decade before the find is producing.
    The discovery also bodes well for other exploration in that part of the Gulf of Mexico, including at Royal Dutch Shell's nearby Great White field, Jason Kenny, oil analyst at ING in Edinburgh, said.
    “The end of democracy and the defeat of the American Revolution will occur when government falls into the hands of lending institutions and moneyed incorporations.” –Thomas Jefferson

  2. #2
    Senior Member K G's Avatar
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    None of that will matter one whit with regard to the price of oil unless there are more refineries built....

    Not a new one since 1970 regards,

    kg
    I keep my PM box full. Use email to contact me: rockytopkg@aol.com.

  3. #3
    Senior Member Franco's Avatar
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    No new ones but, just about all have expanded thier capacities.

    But, I do agree we could use some new ones.
    “The end of democracy and the defeat of the American Revolution will occur when government falls into the hands of lending institutions and moneyed incorporations.” –Thomas Jefferson

  4. #4
    Senior Member Raymond Little's Avatar
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    Hold on gentlemen, all petro chem expansions in my area have been put on hold. Can you guess why????


    Tax and Trade Regards
    Just Win

  5. #5
    Senior Member K G's Avatar
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    I read a report the other day that said we are GUARANTEED to see a gallon of gas at $4+ because of our lack of refining capacity. Demand is lower than it's been in decades per capita...the oil companies won't build new refineries because it'll up the capacity against lower demand, further lowering the price. Speculators are driving the market now...and when the economy starts to move in the right direction, look out...we'll all be staying home more which will flatten the economy again.

    Unless we get off our dependence on foreign oil and build more refineries, it's all a foregone conclusion.

    kg
    I keep my PM box full. Use email to contact me: rockytopkg@aol.com.

  6. #6
    Senior Member Buzz's Avatar
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    Quote Originally Posted by K G View Post
    I read a report the other day that said we are GUARANTEED to see a gallon of gas at $4+ because of our lack of refining capacity. Demand is lower than it's been in decades per capita...the oil companies won't build new refineries because it'll up the capacity against lower demand, further lowering the price. Speculators are driving the market now...and when the economy starts to move in the right direction, look out...we'll all be staying home more which will flatten the economy again.

    Unless we get off our dependence on foreign oil and build more refineries, it's all a foregone conclusion.

    kg
    Unfortunately there are two things working against increase in refinery capacity. One is government regulation. The other is, it is contrary to the producer's interest in keeping prices high.

    To get an idea what impact this discovery has on supply, divide 1 billion by the amount of oil we use per day in the US, which is about 20 million barrels.
    Last edited by Buzz; 09-02-2009 at 08:58 PM.
    "For everyone to whom much is given, of him shall much be required." -- Luke 12:48

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  7. #7
    Senior Member Franco's Avatar
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    There are enough oil reserves both offshore and in Alaska for us to be independent for many decades. Oil companies do want to drill now but, not if the govenment is going to tax both the oil industry and consumer into oblivian.
    “The end of democracy and the defeat of the American Revolution will occur when government falls into the hands of lending institutions and moneyed incorporations.” –Thomas Jefferson

  8. #8
    Senior Member K G's Avatar
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    Quote Originally Posted by Buzz View Post
    Unfortunately there are two things working against increase in refinery capacity. One is government regulation. The other is, it is contrary to the producer's interest in keeping prices high.
    Which is why I said this...
    the oil companies won't build new refineries because it'll up the capacity against lower demand, further lowering the price.
    Wouldn't we all assume that lowering the price would be contrary to the producer's goals?

    As for government regulation, seems like BHO could do more than one thing at a time, maybe? Or is that too much like walking and chewing gum at the same time....

    He's "priority impaired" regards,

    kg
    I keep my PM box full. Use email to contact me: rockytopkg@aol.com.

  9. #9
    Senior Member Buzz's Avatar
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    Quote Originally Posted by K G View Post
    Which is why I said this... Wouldn't we all assume that lowering the price would be contrary to the producer's goals?

    As for government regulation, seems like BHO could do more than one thing at a time, maybe? Or is that too much like walking and chewing gum at the same time....

    He's "priority impaired" regards,

    kg
    Maybe he can get the government into building refineries?

    Just kidding...
    "For everyone to whom much is given, of him shall much be required." -- Luke 12:48

    Raven - Moneybird's Black Magic Marker***
    (Esprit's Power Play x Trumarc's Lean Cuisine)
    Mick - Moneybird's Jumpin' Jack Flash***
    (Clubmead's Road Warrior x Oakdale Whitewater Devil Dog)
    Peerless - Moneybird's Sole Survivor
    (Two River's Lucky Willie x Moneybird's Black Magic Marker)

  10. #10
    Senior Member K G's Avatar
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    Quote Originally Posted by Buzz View Post
    Maybe he can get the government into building refineries?

    Just kidding...
    Maybe BHO could consider allowing the expansion of drilling areas offshore AND loosening some of the regs that bind oil companies from building more refineries. Oil companies aren't going to take the first step if the government keeps it from making sense for them to do so.

    Not kidding regards,

    kg
    I keep my PM box full. Use email to contact me: rockytopkg@aol.com.

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