So.........is ANYONE going to talk about the recent OIL FIND??

[GeoFisher]

Exxon just found nearly a BILLION barrels of oil in the gulf......is ANYONE going to talk about that??

Unfortunately, probably 3-5 years to get it.......

Later,

Geo

[RoadToad]

Exxon just found nearly a BILLION barrels of oil in the gulf......is ANYONE going to talk about that??

BP spilled THAT much??

[kygorski]

So theres ooooooodles of it in the dakotas and canada also, BUT who is going to drill for it?Theres also an enourmous amount of natural gas here, why isn't it being exploited? The answer. The fleece enterprise system.

[bassin_bug]

From Exxon's past record, and the blessings of many politicians, I don't think we will hear much about the oil discovery until Exxon is drilling at full bore. I do know of a couple of companies that have been awarded contracts to build platforms in the Gulf. I hope the refineries that were damaged by hurricane Katrina are being repaired and more built because there is no use in exploring for oil if there isn't a way to refine it. A shortage of refineries and an abundance of wackos is what's crippling oil production in the US. jmo

[Tim_T]

My question is how much of that oil will be drilled here and shipped overseas? Another question: how much will this drop the prices at the pumps?

[Moveon]

I read that they found enough oil to run the cars in the USA for 28 days. That's not much oil at the rate we are using oil these days. The rate of oil use is the problem. Especially with China and India starting to use more and more oil each and every day. There is not enough oil in this so called major find to have any effect on the oil market. I wish that we have more oil but the simple fact is that we don't have enough to supply our needs these days.

The Saudis and OPEC are not going to help us as they want to keep the price of oil high.

[FlyLie]

Don't think it's about how much is pumped, on where it is pumped....In my humble opinion, the Traders have and will continue to control the price of oil, which has a direct influence on the price of gas at the pump.

Now, with that being said, I can travel from Russel County, KY , north for about 30 miles and buy gas at 15 -20 cents below local prices. These prices hold true until I get just outside of Danville, KY then the jump back up. Now, where's the logic to that??

[kyfanatic]

There is more oil reserves in the USA than anywhere else in the world,there are plenty of refineries as well,drive along the Mississippi river in Baton Rouge,La or through Lake Charles,La,or doewn the Gulf coast from Orange,Tx to Galveston and tell me about a shortage of refineries.
The reason China and India are using more oil and natural resources is because our greedy,wealthy investors are investing in those countries rather than rebuilding the crumbling infrastructure of the good ol' USA.
Our wonderful politicians find ways to spend our money on other countries instead of investing it where it belongs,HERE IN THIS COUNTRY.Does it make sense that Obama borrows money from China and gives 26 Billion to Brazil,6 Billion to Pakistan,etc,etc?
If the current Tree Huggers in office would open up drilling here in the USA,prices would drop investors be damned.We have let these snake in the grass politicians send all our manufacturing offshore,allow millions of illegal immigrants cross our borders and strain our social services to the point of bankruptcy,all in the name of making the middle class extinct and buying votes of the illegals along party lines. I say vote every **** POS politician out of office and replace them with common sense working class people that will make them pay for the rape of this country.

[bassin_bug]

There is more oil reserves in the USA than anywhere else in the world,there are plenty of refineries as well,drive along the Mississippi river in Baton Rouge,La or through Lake Charles,La,or doewn the Gulf coast from Orange,Tx to Galveston and tell me about a shortage of refineries.
The reason China and India are using more oil and natural resources is because our greedy,wealthy investors are investing in those countries rather than rebuilding the crumbling infrastructure of the good ol' USA.
Our wonderful politicians find ways to spend our money on other countries instead of investing it where it belongs,HERE IN THIS COUNTRY.Does it make sense that Obama borrows money from China and gives 26 Billion to Brazil,6 Billion to Pakistan,etc,etc?
If the current Tree Huggers in office would open up drilling here in the USA,prices would drop investors be damned.We have let these snake in the grass politicians send all our manufacturing offshore,allow millions of illegal immigrants cross our borders and strain our social services to the point of bankruptcy,all in the name of making the middle class extinct and buying votes of the illegals along party lines. I say vote every **** POS politician out of office and replace them with common sense working class people that will make them pay for the rape of this country.

The last oil refinery was built in the US in 1976, except for a small one in Valdez, Alaska in 1993.

The US is currently involved in a HUGE refinery project.
http://www.cnsnews.com/news/article/...n-oil-refinery

Several years ago Slate wrote an insightful article on the reason for the shortage of oil refineries. I consider this one an "eye opener." http://www.slate.com/id/2102031

I stand by my statement that there is a shortage of oil refineries in the US.

[kyfanatic]

There are currently 11 refineries sitting idle,don't believe everything you hear and read =
http://www.eia.gov/dnav/pet/pet_pnp_cap1_dcu_nus_a.htm

The capacity of the Port Aurther to Galveston Refineries is far below capacity,if you ever make the drive down Texas Hwy 87 and 124 you will see what I'm talking about,it's not just a refinery,it's a city of refineries,the highway actually drives through it for miles.I worked on an offshore drilling rig for quite a few years and have many connections to people in the oilfield.
Don't let Obama and the Socialist Liberals propaganda fool you.They are refusing drilling permits at your expense,just like how they are cutting coal production in the sake of green energy at your expense,it shows up at the gas pump,on your electric and utility bills,and in every concievable way they can bleed a dollar out of you.

[Tim_T]

There is more oil reserves in the USA than anywhere else in the world,there are plenty of refineries as well,drive along the Mississippi river in Baton Rouge,La or through Lake Charles,La,or doewn the Gulf coast from Orange,Tx to Galveston and tell me about a shortage of refineries.
The reason China and India are using more oil and natural resources is because our greedy,wealthy investors are investing in those countries rather than rebuilding the crumbling infrastructure of the good ol' USA.
Our wonderful politicians find ways to spend our money on other countries instead of investing it where it belongs,HERE IN THIS COUNTRY.Does it make sense that Obama borrows money from China and gives 26 Billion to Brazil,6 Billion to Pakistan,etc,etc?
If the current Tree Huggers in office would open up drilling here in the USA,prices would drop investors be damned.We have let these snake in the grass politicians send all our manufacturing offshore,allow millions of illegal immigrants cross our borders and strain our social services to the point of bankruptcy,all in the name of making the middle class extinct and buying votes of the illegals along party lines. I say vote every **** POS politician out of office and replace them with common sense working class people that will make them pay for the rape of this country.

Is this true? How do we know this? I have heard nothing but speculation. What makes you think prices would drop? What would keep them from selling all of the oil found in the US across the big pond to China and India?

Either way, I would rather see us spend more money on alternative energy development that can last, rather than drilling on speculation for something that is a finite resource.

[kyfanatic]

Is this true? How do we know this? I have heard nothing but speculation. What makes you think prices would drop? What would keep them from selling all of the oil found in the US across the big pond to China and India?

Either way, I would rather see us spend more money on alternative energy development that can last, rather than drilling on speculation for something that is a finite resource.

That would be great if they actually had something that worked to spend all that money on,Windmills and Solar Panels have been around longer than Obama has and it's a proven fact that it would take more than a conceivable amount to put out still less energy than we need.So do we continue to seek alternatives at the risk of bankrupting the country? I say continue using what we have at a normal price,take away the financial aid our fearless spending leaders give out to every country that sticks it's hand out,and use that money to research new alternatives.