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12-01-2008, 10:41 PM
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#1 (permalink)
| | Senior Member
Join Date: Jul 2005 
Posts: 10,897
| Massive oil field in Gulf, boosts U.S. supplies by 50%. Deepest Oil Well in Gulf
I posted this in another thread, but it didn't get much attention. I thought this was fantastic news. It is the deepest oil well in the Gulf, and is Abiogenic oil. Quote:
Chevron and two oil exploration companies annnounced the discovery of a giant oil reserve in the Gulf of Mexico that could boost the nation's supplies by as much as 50 percent and provide compelling evidence oil is a plentiful deep-earth product made naturally on a continuous basis.
Known as the Jack Field, the reserve – some 270 miles southwest of New Orleans – is estimated to hold as much as 15 billion barrels of oil. The Wall Street Journal reports today the find could boost the nation's current reserves of 29.3 billion barrels by as much as 50 percent.
Chevron discovered the field by drilling the deepest to date in the Gulf of Mexico, down 28,175 feet in waters nearly 7,000 feet deep, some seven miles below the surface of the Earth.
The second biggest source of oil in the world is Mexico's giant Cantarell field in the Gulf of Mexico near the Yucatan Peninsula. It was discovered in 1976, supposedly after a fisherman named Cantarell reported an oil seep in Campeche Bay.
In March, Mexico announced the discovery of a field that could be larger than Cantarell, the Noxal field in the Gulf of Mexico off Veracruz.
Instead, the abiotic theory argued "oil should be seen as a primordial material that the earth forms and exudes on a continual basis." In an interview with WND, Smith posed the following question: "If U.S. proven reserves can be increased by 50 percent with one deep-earth oil find in the Gulf of Mexico, who knows how much oil might be found as the technology of deep-water drilling advances and becomes even more economically feasible?"
| Massive oil field<br> found under Gulf
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Last edited by oklavol; 12-01-2008 at 10:43 PM.
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12-01-2008, 10:45 PM
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#2 (permalink)
| | Growing $ like a Chia Pet
Join Date: Sep 2007
Posts: 12,830
| Im sure OPEC just loves this news..  | 
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12-01-2008, 10:48 PM
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#3 (permalink)
| | Football Jones
Join Date: Jun 2006
Posts: 16,292
| Hurry, we need to put some restrictions on access to this oil! Something like this could produce massive layoffs in the Green industry that Obama is going to use to "create" jobs. | |
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12-01-2008, 10:57 PM
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#4 (permalink)
| | Senior Member
Join Date: Sep 2008
Posts: 520
| Quote:
Originally Posted by allvol123  Hurry, we need to put some restrictions on access to this oil! Something like this could produce massive layoffs in the Green industry that Obama is going to use to "create" jobs. | All right....More capital gains to tax for the green initiative.... | |
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12-01-2008, 11:00 PM
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#5 (permalink)
| | Football Jones
Join Date: Jun 2006
Posts: 16,292
| Quote:
Originally Posted by orangeblooded2 All right....More capital gains to tax for the green initiative.... | In other words, more stealing from something successful to pour money into something unsuccessful. Yea government. | |
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12-01-2008, 11:02 PM
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#6 (permalink)
| | Senior Member
Join Date: Sep 2008
Posts: 520
| Quote:
Originally Posted by allvol123 In other words, more stealing from something successful to pour money into something unsuccessful. Yea government. | If your speaking of the green initiative it has real promise.
If your speaking about government I agree. | |
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12-01-2008, 11:04 PM
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#7 (permalink)
| | Rational Thought Allowed?
Join Date: Mar 2006
Posts: 8,019
| Quote:
Originally Posted by orangeblooded2 If your speaking of the green initiative it has real promise. | Government interference into private enterprise rarely has real promise.
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LG, when I think of UT football I think about world class sprinter WR's, like Gault,...fast bruising hard to tackle RB's, great OL play and a D that'll knock your d**k in the dirt. That's from the Johnny Major era thru the Philip Fulmer era.--HIGHTIDE 25 APR
Nam esse vitium et non nocere non potest | |
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12-01-2008, 11:14 PM
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#8 (permalink)
| | Senior Member
Join Date: Sep 2008
Posts: 520
| Quote:
Originally Posted by therealUT Government interference into private enterprise rarely has real promise. | One kind of interference is companies using billions
in grant money every year.That to could be considered
government interference.
I,m sure every year they ask,they say this proposal has real promise..... | |
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12-01-2008, 11:21 PM
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#9 (permalink)
| | Naval Guru
Join Date: Aug 2007 Location: Monterey, CA
Posts: 3,313
| That article was written in September 2006. | |
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12-01-2008, 11:52 PM
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#10 (permalink)
| | Rational Thought Allowed?
Join Date: Mar 2006
Posts: 8,019
| Quote:
Originally Posted by orangeblooded2 One kind of interference is companies using billions
in grant money every year.That to could be considered
government interference.
I,m sure every year they ask,they say this proposal has real promise..... | I guess I didn't make myself clear enough. I apologize. Quote:
Every act of government intervention limits the area of individual freedom directly and threatens the preservation of freedom indirectly.
Milton Friedman
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__________________
LG, when I think of UT football I think about world class sprinter WR's, like Gault,...fast bruising hard to tackle RB's, great OL play and a D that'll knock your d**k in the dirt. That's from the Johnny Major era thru the Philip Fulmer era.--HIGHTIDE 25 APR
Nam esse vitium et non nocere non potest | |
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12-02-2008, 01:01 AM
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#11 (permalink)
| | Senior Member
Join Date: Sep 2008
Posts: 520
| Quote:
Originally Posted by therealUT I guess I didn't make myself clear enough. I apologize. | I guess i should warn you,if i turn out to be particularly clear,you've probably misunderstood what I've said.
Alan Greenspan..
I actually agree with Friedman,however I don,t think it applies to the government trying to create jobs in a sector and with sciences that could be deemed to be in the best interest of our country and that has clearly defined national security implications. | |
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12-02-2008, 08:04 AM
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#12 (permalink)
| | Rational Thought Allowed?
Join Date: Mar 2006
Posts: 8,019
| Quote:
Originally Posted by orangeblooded2 I guess i should warn you,if i turn out to be particularly clear,you've probably misunderstood what I've said.
Alan Greenspan..
I actually agree with Friedman,however I don,t think it applies to the government trying to create jobs in a sector and with sciences that could be deemed to be in the best interest of our country and that has clearly defined national security implications. | You have obviously not read much of Friedman, else you would fully understand that what he said he intended to imply in just this kind of case.
__________________
LG, when I think of UT football I think about world class sprinter WR's, like Gault,...fast bruising hard to tackle RB's, great OL play and a D that'll knock your d**k in the dirt. That's from the Johnny Major era thru the Philip Fulmer era.--HIGHTIDE 25 APR
Nam esse vitium et non nocere non potest | |
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12-02-2008, 02:41 PM
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#13 (permalink)
| | Senior Member
Join Date: Sep 2008
Posts: 520
| Quote:
Originally Posted by therealUT You have obviously not read much of Friedman, else you would fully understand that what he said he intended to imply in just this kind of case. | Create the jobs.Create a clear national agenda on energy.Once these entities are up and running a whole new industry will have been created.
I understand there is already lots of capitol lined up for these enterprises.However big oil and special interest
in Washington are hindering,literally blocking the thing
that you are asserting should be the norm......
If competition and free enterprise are truly, arguably
the best thing for everyone and this country. then lets
create competition for big oil.Secure national interest
in energy and stop the bleeding of the largest transfer of capitol and wealth in the history of the world...... | |
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12-02-2008, 02:58 PM
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#14 (permalink)
| | doo doo doo
Join Date: Oct 2004 Location: looking out my backdoor
Posts: 12,261
| Quote:
Originally Posted by orangeblooded2
If competition and free enterprise are truly, arguably
the best thing for everyone and this country. then lets
create competition for big oil.Secure national interest
in energy and stop the bleeding of the largest transfer of capitol and wealth in the history of the world...... | Who are you talking about? If it's the government in some form or fashion then you aren't talking free enterprise.
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Who can take the country
Sprinkle it with change
Make everything fair when the wealth he rearranges
The Candy Man, the Candy man can
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12-02-2008, 02:58 PM
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#15 (permalink)
| | Rational Thought Allowed?
Join Date: Mar 2006
Posts: 8,019
| Quote:
Originally Posted by orangeblooded2 If competition and free enterprise are truly, arguably
the best thing for everyone and this country. then lets
create competition for big oil.Secure national interest
in energy and stop the bleeding of the largest transfer of capitol and wealth in the history of the world...... | Did you read and think through this statement prior to posting it???
__________________
LG, when I think of UT football I think about world class sprinter WR's, like Gault,...fast bruising hard to tackle RB's, great OL play and a D that'll knock your d**k in the dirt. That's from the Johnny Major era thru the Philip Fulmer era.--HIGHTIDE 25 APR
Nam esse vitium et non nocere non potest | |
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