A mixed blessing!

More oil has been discovered off the coast of Brazil. This massive oil deposit has the potential to be the 3rd largest in the world. Since it isn't that far and we have no beef with Brazil its time to capitalize and secure more oil reserves. This has great potential for Brazil's economy. I say it's great news. Hopefully, it will buy us some time to develop new technologies, etc. Rejoice!

http://money.canoe.ca/News/Sectors/E...282621-ap.html

here's hoping. we need a break. bad...............

What you need is to elect political leaders who realize that the age of cheap energy from oil is coming to a close and that the world market price of oil today is peanuts compared what it will be in 6 months.

and what are prices there?????

Screw the Democratic Congress and lets go back to 2.25 a gallon. Gas prices in the US are lower than just about anywhere else and the Democrats are trying to sabotage that. We have about three times as much oil in America as we drill for currently, but the Democrats don't want us to use it because they are fundamentally opposed to using more oil because "it causes global warming" and "won't last forever." I say we use what we have, and that not doing it causes the economy to slow down and the quest for alternatives kills Third Worlders from the lack of food do to ethanol production and from rising prices in energy to fuel their economies that would lead to greater health and sanitation. There is no proof that people are causing global warming. I repeat. There is no proof that people are causing global warming.

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"It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a 'dismal science.' But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.

--Murray Rothbard

Quote:

Originally Posted by Skinny. A liberal is just a libertarian who hasn't studied economics.

and these reserves are under control of the EPA who have the democraps in their back pockets.

I think it was Reagan, but some president actually had a vocal anti-environmentalist as head of the EPA. Those were the days, but they just didn't do enough. Bush hasn't done enough either, no one has, and there is no one who says they will. Maybe after oil goes beyond $6 will someone come out and support this.

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"It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a 'dismal science.' But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.

--Murray Rothbard

Quote:

Originally Posted by Skinny. A liberal is just a libertarian who hasn't studied economics.

Bush did let go of the national reserves. which is for war time only. but your right. seems nothing is really being done. maybe we should ask politicans to take a serious pay cut. this is their mess.

Yes, a mixed blessing. Realize that these claims have been made before of other fields, that have now been severely downgraded and/or completely abandonded. The Kashagan field, for example, was hailed the biggest find in a decade in 2000 and scheduled to start pumping in 2007, yet has now been delayed until 2011 due to the extreme drilling environment there. Initial reserves were estimated at 50 billion barrels, and today, just 8.

What they found off the coast of Brazil, assuming 100% of it is there and 100% is actually recoverable, amounts to just one year's worth of oil consumption. That's good news but it needs to be in perspective. The only solution is to get off of oil and onto something else while we still can.

Companies since the 1950's have spent billions of dollars looking for oil and are coming up short. When a company like Chevron is happy to find oil 1 mile under ocean water then 4 miles under the ocean floor, you know they have looked everywhere else they can because drilling that far down is no easy task with little guarantees.

The price of gas in the US is vastly lower than in European countries because there have been no significant gas taxes added.

Drill all you want in your country, blame the Democrats or whoever you most want to blame, the fact remains that the world is running out of oil at affordable prices.