New Oil discovery found in Gulf of Mexico
 

How much of this will help...only time will tell.

Chevron successfully tests new US Gulf oil discovery.

NEW YORK (Reuters) - A Chevron Corp.-led group said on Tuesday it successfully drilled a widely watched exploration well in the U.S. Gulf of Mexico, sparking hopes it could be among the biggest U.S. oil discoveries recently.

However, any output from the find would not come online for several years at least, and analysts cautioned that it would do little to ease oil prices that have stayed at stubbornly high levels in recent months.

Still, this could be significant to our future supplies. They are claiming this keeps getting bigger than first imagined. Pray that this will bless our Country. I am not knowledgeable about this, but heard of it, and wanted to pass this on.

yep it will help but here is the real kicker 2 trillion barrels of oil lay in Utah wyoming and Colorado thats way more then any thing the middle east has and it will last for over 200 years at our curent rate of consumption. Running out of oil my but

Agree with the Oil Shale which Clinton shut off but this Discovery is Great. Now to Tap Anwar.

Oil shale and Kerogen (which is what we need to extract) are two different things. We have a lot of oil shale in the US but with extremely low levels of Kerogen. The petroleum company BP calculates that worldwide there is about 1200 billion barrels of recoverable petroleum and only 620 billion barrels of recoverable Kerogen (sources: http://en.wikipedia.org/wiki/Oil_shale and the BP Statistical Review of World Energy, 2006).

Note that "recoverable" is a misnomer; getting the first half (roughly) of any deposit out of the ground is straightforward. After that point the cost/benefit ratio goes up dramatically.

The lift cost (the cost of removing the oil or shale from the ground) is also dramatically different. Saudi Arabia has a lift cost of approximately $1.50 per barrel. Iraq is actually a bit less at around $1.00 per barrel. Every other country is higher. The process of removing Kerogen requires roughly 1 barrel of energy for each 3 barrels recovered. Plus there are other factors (extremely large water requirements; processing the shale to extract the Kerogen; refining it into useful components; considerable environmental problems, etc.). Since there hasn't been a successful commercial demonstration of this process in the US it isn't possible to know how costly the process will be or at what rate this can be extracted from the ground.

This discovery and ANWR don't help the US kick the foreign oil habit. Consumption of oil is outpacing discovery of oil 4:1... we can't drill our way out of this problem. Despite all the advances in technology, oil production in the US has declined for 30 years and will never reach those levels again.

ANWR in particular is a red herring. In the ten years it would take to bring it online, the million barrels of oil per day it may be able to provide would be dwarfed by the six million barrels of oil per day extra our economy will require in a decade. Twelve years from now (assuming we made the mistake of drilling it today), just two years after it started production, the US economy would already require more oil than it provides.

Bottom line: we cannot drill our way to a solution to this problem.

From what I saw on this story, it will be five years until that oil will be put into production. They were also saying it still doesnt come close as to what the middle east is putting out. They claim it will only produce like 38 million barrels compared to the middle east's 220 million and Iraqs 100 million.

So we still have a long way to go. Personally I believe we still need to find something else besides oil. We found it years ago so we sure as hell can find something else with all the technology we have nowadays.

That news is only fueling the gas price war we are seeing here in Maine. I filled up my personal vehicle with gasoline for $2.49 per gallon today. YES $2.49 That isn't a misprint.

Diesel still at $2.99, go figure. :roll:

Gas will be down to $2 a gallon shortly and obviously Diesel will follow Suit.

About the Time to get the Oil Online-The reason the Price dropped(Other than Option Traders causing most of the Problem) is that Our Demand has Dropped.

15 Billion gallons of Oil in the Gulf and ANWAR is not just a Sneeze.

Hell if gas gets down to 2 bucks a gallon in california, I might just have to see if my chevy 3500 crew cab with the 454 will start..... :)

I've got a Silverado but doesn't have a 454 but actually it gets decent fuel mileage.