New giant oil field found, time for a new war

lazymoon13 wrote:

currently no. there are just too many cars on the road that use/need gasoline. and not enough feasible non-gasoline cars.

is it possible.. the more gasoline obtained.. the higher the price?

The lazy remark was a bit low but I know you were not that offended. It is political blog so a snide remark in ones direction is going to happen from time to time.. So sorry to offend by not that sorry.


This discovery is rumored to be in really deep water. Though Petrobras is know for being good at deep water drilling the expense of such drilling may be really huge. Thus reducing the amount of oil for the general public.

Oil ended today at what? 114 USD!!!

This "discovery" has not even been verified yet by the people that found it. I think there announcement of its existence was to help inflate its stock price. We see later in the year what the true amount is and how much is going to cost to get it.

Well it turns out that Petrobras really does not know what they found yet. Opps a little premature guessing on those world saving oil reserves


Here is what Petrobras has to say

http://www.agenciapetrobrasdenoticias.com.br/materia.asp?id_editoria=8&id_noticia=4769

Clarifications on the discovery in the Carioca area

Publicada em 14/4/2008 18:19:43

Foto: AGÊNCIA PETROBRAS

Regarding the information attributed to the general director of the National Oil, Natural Gas, and Biofuels Agency, Haroldo Lima, published by the press today (04/14) regarding possible reserves located in the Carioca area, Petrobras clarifies that:

The consortium formed by Petrobras (45% - Operator), BG (30%), and Repsol YPF Brasil (25%) is still following its exploratory program for Block BM-S-9, in the Santos Basin. The Block is composed of two exploratory areas. Well 1-BRSA-491-SPS (1-SPS-50) was drilled in the largest of them, and resulted in the discovery announced on September 05 2007. On that occasion, the market was informed that more investments are required to drill new wells, the Assessment Plan for which is in its final preparation phase and is expected to be submitted to the NPA in the upcoming days.

Following the normal exploration schedule, on March 22 2008, the Company started drilling the second well, the 1-BRSA-594-SPS (1-SPS-55), which is located in the smaller area of the block, but it has yet to reach the pre-salt layer. The ongoing exploratory activities include drilling new wells, long-duration formation tests, and new geological studies to prove the range of the discovery.

More conclusive data on the discovery’s potential will only be known after the other phases involved in the assessment process have been completed, and they will be announced to the market in a timely manner.

lazymoon13 wrote:

I didnt read anywhere that this would be "world saving" why are you so cynical towards finding more oil?

Its in your original yahoo news post

"This would lay to rest some of the peak oil pronouncements that we were out of oil,"


Cynical? No. Realist yes. There is no cheap oil left NONE ZERO ZIP!!!

So yes when someone comes along and says they have found this huge new supply I am going to be very skeptical.

theroachman wrote:

Its in your original yahoo news post

"This would lay to rest some of the peak oil pronouncements that we were out of oil,"


Cynical? No. Realist yes. There is no cheap oil left NONE ZERO ZIP!!!

So yes when someone comes along and says they have found this huge new supply I am going to be very skeptical.

last I checked the earth is rather large and undiscovered. I love your use of ALL CAPS but how the hell do you know there is no oil left? and secondly, once oil is discovered, why not take it as great news? I'll take any news that will potentially bring down the price of oil

theroachman wrote:

I said cheap oil. There is a differance. The cost of getting oil out of the ground is going up and up. That will not change.

Bringing down the cost of oil will only perpetuate the inefficiant energy waisting world we live in. And will only serve to put off into the future the end of the oil age.

It is almost like your wishing for a 1980s event and somebody is going to rescue the US with the gift of cheap oil.

there still might be cheap oil to be found. if large reserves are found. oil companies will find a "cheap" way to get it out of the ground. you arent much a realist. but I'm with you, I want an end to the oil age as well. just dont see it happening anytime soon. there are no viable alternatives

GreenTeaDisease wrote:

ugh. oil is a scarce natural resource and when it is burned it creates a giant externality. it's supposed to be expensive. ride a bike.

lol I do ride a bike. hell, I dont even own a car. but the high price of oil has a overall negative effect on the american economy. so like I said, I'll take any news that will bring down the price of oil.

Kann wrote:

Even if there was (which is highly unlikely) the price still wouldn't go down. The demand is continously rising and it won't get better anytime soon. The days of cheap oil are far behind us and I just hope we find realistic alternatives soon.

more supply, less the price. basic economics. and at this point, there is room to fall. its at all time highs.

quarterpast wrote:

http://news.yahoo.com/s/ap/20080415/ap_on_re_la_am_ca/brazil_oil

Wonder how quickly we'll start to buddy up to them.

If we are fighting this war for oil why are we still paying $115/ barrell for it. Been involved for five years and have not reaped a penny from it. Doesn't seem like its over oil.

macgyver06 wrote:

Te invasion of Iraq is over oil.. but it doesnt mean we were invading to ship the oil over here. but we do have control of it ..there are aother middle east countries who are watching over it to.


that oil is in an unstable region..you cant just drive oil out of there into france than over seas.. shits being blown up.


and also... More oil supply will most likely have the price going up.

How do you figure that more supply will have price go up? Just curious as to what your school of economic thought is.
By the way we import way more from Canada and Mexico than we do from OPEC or anywhere else for that matter