$100 A Barrel Oil is on the Way

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#1,401
Bids in for first post-spill gulf leases - UPI.com

Offshore oil and gas development will never be risk free but U.S. regulators have taken the safest approach possible in a recent lease sale, an official said.

The U.S. Department of the Interior's Bureau of Ocean Energy Management announced more than 20 companies submitted a total of 241 bids worth a combined amount of more than $700 million for the rights to explore about 1 million acres in the western Gulf of Mexico.
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$700 per acre for mineral rights, not bad considering the land has 5,000 feet of water on top of it

Return to the Gulf: Oil Firms Scramble for Leases - WSJ.com

Twenty companies placed 241 bids for the right to explore for oil and gas, including a $103.2 million winning bid on a deep-water block by ConocoPhillips Co. that elicited gasps from the more than 200 attendees. Conoco made the most winning bids with 75, while Exxon Mobil Corp. placed 50 winning bids
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I think each block is 4000 acres, and if that is correct, COP paid about $25000 per acre. That is a huge amount of $$

ConocoPhillips Makes Highest Bid in Sale of Gulf Oil Leases - Businessweek

The agency estimates that the sale could result in production of about 222 million to 423 million barrels of oil and 1.49 trillion to 2.65 trillion cubic feet of natural gas.
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US Govt gets 25% of whatever comes out of the ground. Thats $10.5 Billion at $100 per barrel and another $700 million at $3 per million cubic feet of NatGas.

ExxonMobil adds to Keathley Canyon success - Offshore

Well KC919-3 in Keathley Canyon block 919 encountered more than 475 ft (145 m) of net oil pay and a minor amount of natural gas in predominantly Pliocene sandstone reservoirs. Drilling continues to deepen the well.

Drilling in early 2010 encountered oil and natural gas at Hadrian North in KC919 and extending into KC918, with more than 550 ft (168 m) of net oil pay and a minor amount of gas in high-quality Pliocene and Upper Miocene sandstone reservoirs.
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475 and 550 feet of net oil play is a huge field. Companies will drill a well if there is 5 feet of net oil play
 
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Refineries, unions prepare for strike as contract deadline looms | KTVQ.com | Q2 | Billings, Montana

BILLINGS - Talks for a nationwide contract for U.S. oil refinery workers were continuing on Tuesday ahead of a 12:01 a.m. EST Wednesday deadline for a strike expected to shut temporarily 6 percent of U.S. refining capacity and lift gasoline prices United Steelworkers (USW) union members at plants with one-third of U.S. refining capacity will begin walking off their jobs if a strike begins on Wednesday.
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volinbham said:
White House says there is absolutely nothing that can be done about gas prices and presumably oil prices (that would be approved by their supporters in the radical environmentalist movement).

OTOH - my XOM is doing okay :)
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reading between the lines of the WH spin

if there's nothing the WH can do, why was it that Obama and co. blamed the Bush WH when gas prices skyrocketed after Katrina?
 
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#1,410
I had a similiar question. Where is all the liberal outrage at these gas prices that are higher than when Bush was in office? Just a few years ago high gas prices were evil and a product of price gouging by oil companies.

But now? Nothing. No Nancy Pelosi doing interviews and making graphs on gas prices. No tv networks beating up the Obama administration day after day when the price of gas goes up a few cents.

Now they're silent. Cause it's ok when they have a D next to their name.
 
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#1,413
TheDeeble said:
I had a similiar question. Where is all the liberal outrage at these gas prices that are higher than when Bush was in office? Just a few years ago high gas prices were evil and a product of price gouging by oil companies.

But now? Nothing. No Nancy Pelosi doing interviews and making graphs on gas prices. No tv networks beating up the Obama administration day after day when the price of gas goes up a few cents.

Now they're silent. Cause it's ok when they have a D next to their name.
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You pretty much answered it.

No farther back than 4 or 5 years ago Bush and Cheney were letting gas prices run through the roof to make their Big Oil buddies more money.

4 or 5 years later, (when it is brought up) the Pres has no control over gas prices.
 
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lawgator1 said:
It costs you $4 to move a two ton object 25 miles.

Quit your *****in.'
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Gee hardly the compassionate liberal. How do you feel about the extremely poor who can barely make ends meet already? How do they feel about their gases prices rising which effects food prices, retail prices, etc etc?

I guess they should just suck it up too. Or maybe they just need to put more air in their tires like Mr. Obama has said.
 
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#1,417
theFallGuy said:
Gee hardly the compassionate liberal. How do you feel about the extremely poor who can barely make ends meet already? How do they feel about their gases prices rising which effects food prices, retail prices, etc etc?

I guess they should just suck it up too. Or maybe they just need to put more air in their tires like Mr. Obama has said.
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I just meant that we need a little perspective here, is all.

At the moment, my hope is that regulators will step in and figure out a way to curb all the speculation in the markets that is artificially driving the price of oil up.


On the other hand, you could vote for one of the Republicans, all of whom, except for Paul, would increase Middle East tensions and maybe bomb Iran. That would surely help oil prices.
 
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#1,418
volinbham said:
Don't have much but it's been a good performer - nothing like my AAPL but solid. Honeywell has been good too.
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My sister and I actually got some in the early 80's from my grandfather so we would be forced to learn to read the stock page. A few 2 for 1 splits, dividend reinvestment and a few bucks from my pocket make it a nice little egg.
 
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#1,419
lawgator1 said:
I just meant that we need a little perspective here, is all.

At the moment, my hope is that regulators will step in and figure out a way to curb all the speculation in the markets that is artificially driving the price of oil up.


On the other hand, you could vote for one of the Republicans, all of whom, except for Paul, would increase Middle East tensions and maybe bomb Iran. That would surely help oil prices.
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And Obama has really lessened our involvement in the Middle East. He is such a pacifist.
 
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#1,422
lawgator1 said:
I just meant that we need a little perspective here, is all.

At the moment, my hope is that regulators will step in and figure out a way to curb all the speculation in the markets that is artificially driving the price of oil up.


On the other hand, you could vote for one of the Republicans, all of whom, except for Paul, would increase Middle East tensions and maybe bomb Iran. That would surely help oil prices.
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God you are dense.. typical liberal bull sh*t.. when all else fails blame the other guys. Next you're going to tell me it is Bush's fault. Be liberal, that is your fancy if you will but for God's sake son be original
 
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#1,425
It was Bush's fault. It is not Obama's fault.

The POTUS controls oil prices (under Bush). The POTUS has no control of oil prices (under Obama).

Any questions?
 
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