New oil field found in the Gulf of Mexico

[rodbolt]

Re: New oil field found in the Gulf of Mexico

12footer.
its right funny that a good friend of mine is gonna retire this year. he has been a welder/contractor and worked on expanding various refineries for the past 25 years.
the land footprint and assciated ports and piping seriously limit where a refinery can be built, so instead of building new ones they upgrade and expand existing ones.
myself I spent some years in the manufacturing of oil field perforating and logging explosives. we got so we could tell if wells were being opened or capped and could predict the base price of oil based on what tools we were selling.
a huge surge in orders for capping related explosives ment the price was gonna fall, a large increase in perforating and uncapping explosives ment the price was gonna climb.
even the techs that did the logging used to laugh that if the price was right there was plenty of oil in the US.
so yes there have been very few new refineries built in the past 20 years or so, the older ones have been extensivly expanded and upgraded.

 

[stan_deezy]

Re: New oil field found in the Gulf of Mexico

let's just keep BP out of it.

Aye keep quiet about it or the English will come and steal it all just like they did with Scotland's oil in the North Sea :'(

I'm old enough to remember when they started the drilling in the North Sea and we were promised that gas would be so cheap it would hardly be worth charging for it at the pumps..................oh how we laughed and nearly bought gas-guzzling trucks :|:devil:
All it actually did was pay for politicians to get richer..........................................

I hope this new find does help the US though because I seriously worry about the way China is drawing through more and more of the world's oil reserves. Does China not have any of her own reserves?

 

[txswinner]

Re: New oil field found in the Gulf of Mexico

It is a shame the blindness of our society. The refinery capacity today greatly exceeds the capacity of 30 years ago and although I have no numbers to prove it, it is so obvious that it should not be a question.

Why no NEW refineries. The oil industry is a closed market. Opening a new refinery would be like opening a Ma & Pa department store next to Wally. They would price cut them out of the market.

Well same is true in the oil business. There is plenty of oil and plenty of capacity for refining it, those are just tools to make us, the public, think it is ok to take it in the rear. $440 million retirement to CEO of EXXON, come on now that is bs.

 

[CJY]

Re: New oil field found in the Gulf of Mexico

txs, that's just capitalism at its finest.

 

[rodbolt]

Re: New oil field found in the Gulf of Mexico

I was reading in the Virginian pilot today, chevron indicates 3 to 15 billon barrels, the yearly US consumption is 5.7 billion barrels.
do the math.