Hey, I figured I would be the 1st to post this litle bit of info here. Seems a gigantic oil reserve was tapped today with the potential to increase USA domestic output by 50%. Now lets see those edit oil companies try to tell us supplies are dwindling and thats the reason for increased prices!!!! This is the biggest discovery since the Alaskan North Slope in the 70's.

For more info click here:
http://biz.yahoo.com/ap/060905/major...ery.html?.v=24



On Edit: New link posted for info

 

it said that the link has expired or somethin, you got more links or somethin?

 

Sorry bout that, I edited it for yah.

 

Oh.edit... we have broke sales records teh past three quarters. I think we just got busy.

 

You work for oil field service or something?

 

$10 says prices don't budge... well gas is already at 2.16/gal here while diesel is still well you know where!

 

yea, I do.

The last time we were close to this was the 80s...

 

Heard about this this morning on the local radio news. Guy they interviewed said it wouldnt be online for approx 5 more years and was actually discovered approx 5 years ago. Apparently in deep water in what they called the tertiery (sp?) formation. Going to need deep underwater pipelines etc. Estimates were from 3-15 billion barrels. He didnt think it would have any real impact on the price. According to the interviewee largest find in North America but small potatos as far as world oil fields ie the middle east fields.

 

Your complaining about 2.16 gallon?? It's 2.59-2.79 here, diesel is 2.89-3.09.

 

All they've drilled is an exploratory well (at 27,000+ ft below sea level). Production wells must now be drilled, wellhead equipment procured and installed, production platforms built and installed, pipelines laid to shore, equipment to process and handle associated gas procured and installed, etc. - all in 7,000 feet of water! This oil won't reach the beach for 3-5 years. Therefore, its immediate impact on oil and refined product prices is nil.

Rusty

 

The way I look at it is, it's 3-15 billion gallons of fuel that my kids will have. Keep drilling and looking into alternatives. I'm not a tree hugger but I am also concerned about my kids future and their kids too.
CJ

 

never said I was complaining of the gas price. I'm complaining cause diesel is still to high. Unleaded doesn't do me any good...

 

Don't meen much to prices right now, but it does deflate some of the scare tactics the floor traders have been using the last few years!!!!! Main one being this:

"Worlds' supplies are only going to decrease, we've found about all the oil we're gonna find, all the while demand has no limit!!!!!!!"

I have heard this so much and they keep saying it, just so people will believe it. I don't buy into the scare tactics though.

 

dont forget guys, every time it rains in the GoM, they are going to stop.

This doesn't solve the other problem the US is facing. we dont have the refinery abliity to handle another 10% oil

 

Well then the oil companies will just have to use some of their massive profits to expand refining capacity. But wait, if they do that they won't be able to claim shortage and raise prices.