Gulf drilling a success

[Canuck_Buck]

Well could become the nation's biggest new domestic source of oil, according to newspaper report.[/align]September 5 2006: 10:37 AM EDT[/align][/align]http://money.cnn.com/2006/09/05/news/companies/chevron.reut/index.htm?cnn=yes[/align][/align]
More than half a dozen world records for test equipment pressure, depth, and duration in deepwater were set during the Jack well test, Chevron said.
Chevron and its co-owners plan to drill an additional appraisal well in 2007.

Chevron said it is the largest lease holder in the deepwater Gulf of Mexico, and is currently developing the $3.5 billion Tahiti project, scheduled to commence production in 2008.

Good news
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[ipscshooter]

It would be nice if the NIMBY's on the east and west coasts would allow drilling there. I suspect we could approach energy self sufficiency with the added offshore production, or at least greatly reduce our dependency on foreign oil.

[Tazman]

One published report suggested the breakthrough could increase U.S. oil reserves by as much as 50 percent.

This quote makes me wonder if it is going to be held in reserve in its entirety or if they mean only part of it will be.

[ipscshooter]

I think, in that context, they are describing all oil that hasn't yet been produced as "reserves". I don't think they are using it in the same context as the "Strategic Oil Reserve".

[vc1111]

This quote makes me wonder if it is going to be held in reserve in its entirety or if they mean only part of it will be.

Same here.

[Redshirt Cowboy]

So? This will not drop the price at the pump by 1 cent!

[Champlain Islander]

That oil like much of our existing domestic production will go to the highest bidder which isn't you and I.

[kathaksung]

I don't believe they didn't know a big oil field was at their foot. The release of the news is on purpose.

Feds (DOJ, FBI, DEA) hold a lot of real estate properties. They maintain a booming housing market. But now it reaches the point that rare people have the ability or will to buy the expensive house. So they need to low the mortgage rate to lure people in.

What affect the mortgage rate? Federal bonds and Federal bench mark interest. What affects the interest rate? Inflation index. Gas is an important factor of inflation index. So they low the gas price to influence the inflation index to pull down the interest rate at the purpose to save the housing market.

A news of the discovery of new big oil field is a psychological operation to justify the price downwards of the oil.

This is how Inside group manipulate the economy, and control your mind as well.

[DougMD]

tinfoil hat!

The price of gas was falling before the find, as a result of the driving season ending, tensions in the middle east eroding, and supplies increasing. The price of oil is not set by the US government, it is set by traders in the market!

[Californiadoctor]

This discovery and prospective oil field development does support the thesis that high prices will increase supply to some extent. The depth of the water that this well was drilled in and the depth of the rock that the oil was found in is so great that it would not have been economically feasible if oil prices were not so high. The most accessable oil fields have already been discovered and heavily exploited. Even some of the super-giant Mideast oilfields may be approaching peak production. Increasing supply will mean exploration in extremely difficult enviornments like the deep water in the Gulf of Mexico and will only occur if prices remain high.

Caldoc