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$1.5 Trillion In Oil Discovered In Gulf Of Mexico

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$1.5 Trillion In Oil Discovered In Gulf Of Mexico
[ Business]

Good news for the oil industry and big business! Nearly $1.5 trillion worth of crude oil was just discovered through drilling pipes in the Gulf of Mexico. Robert Ryan, a geologist working with Texaco Inc. had no way of predicting that he would be changing the future of energy that exists in the Gulf of Mexico when he set it in place for this well to be built. In fact, it just broke the world record for deep-water drilling.

The opinions on U.S. offshore geology have profoundly changed, due to recent studies. This year, we saw the Gulf of Mexico become one of the most promising frontier oil plays in the world, according to Business Week. This is certainly good for the business of oil, but is it really helpful for the country to keep finding and funding more oil?

The project known as BAHA, started in 1996 by Texaco and its partners, Royal Dutch Shell Plc (RDSA), Amoco Corp. and Mobil Corp., was a dry hole. Normally, this would have been game over, but instead BAHA’s discovery of oil-rich sands was the first step toward unlocking this shocking amount of oil. Investment is pouring in, with 42 drilling rigs operating in 1,000 or more feet of water as of Sept. 9. That is 35 percent more than what we had just four years ago. Chevron remains to be the powerhouse in the area, with five rigs currently drilling there.

There is plenty more available too, with about 15 million barrels estimated of recoverable oil that remains to be found in the Lower Tertiary. Geologist Robert Ryan was quoted saying “What catches our attention is the potential, right in our backyard, and it’s still in its infancy.” Ryan jumped at the idea, wanting to use as much of the oil as he could. Another important breakthrough has been new seismic tools that allow companies to see through layers of salt deposits. These were previously blocked their vision, and are now able to open up new parts of the formation to exploration, reports the Washington Post.

An example of an oil rig in Gulf of Mexico

The cost of drilling and the risk that is attached along with it continue to be a problem for oil companies and particularly those that are opposed to the drilling process altogether. Some people feel that drilling for oil is already an outdated process and that companies should be looking into more renewable sources of energy. All of this oil has just been found and it seems that we continue to find more, but as well know, it will be depleted eventually. Oil may be profitable right now, but educate yourselves on the issue, because it is harmful to the environment in addition to not being sustainable compared with other sources like wind and solar. Everyone remembers the big oil spill in the Gulf of Mexico just 3 years ago right?

Image via Youtube

$1.5 Trillion In Oil Discovered In Gulf Of Mexico
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  • bruce melbert

    I was fine with Mr. Roth’s article until he ended with his editorial comment. Alternative energy sources are driven by economic drivers, not government edicts. He needs more economics and less frisbee. The 4th estate is too full of liberal writers trying to push an energy agenda that the world cannot yet afford.

    • John Q Siteowner

      Very little green anything has worked and a good chunk of it was just trading one bad thing for another.

  • http://Yahoo Daryl

    So this means fuel prices will be falling? Naught.

  • Carl

    Very much agree with the first comment. I’m tired of liberals describing deficit spending on “green initiatives” and “alternative energy”, as “investments”. It’s not an investment, it’s simply flushing taxpayer money down the toilet. Obama and the democrats in congress, should all have their wages garnished and their assets seized, to pay back the money wasted on “solyndra” and the host of other such companies that took hundreds of millions, if not billions of public money, only to produce nothing and then file government protected bankruptcy. Obama is simply the worst president, and the biggest crook, the USA and indeed the world, have ever seen!

    • Don

      I put solar on my house at a cost of 15000.00 my average monthly bill was 375.00 a month it will take another two years to recoup my investment and then will save over 4000.00 a year by not paying out my money to big corporations. I can use the extra $$$ for me and my family. So for me green initiatives are great. By the way which energy firm do yo work for since you seem so hell bent against anything that can help keep money in the average persons pocket instead of the greedy corps.

      • Tobias Roth

        Thank you for sharing your story, Don. It is important for other people to know about these things and know that it is possible to utilize solar right now. Too many people continue to insist that we are not ready. Who says we’re not ready? It looks like your family is!

      • KWest

        Until it becomes regulated and the greedy corps get their hands on that money your saving.

      • Johnny

        This is a false / over-exaggerated statement. There is no way you have a house so big [or poorly insulated] that it costs you $375 / month in energy bills and now your breaking even on that power bill with a $15K Solar Investment. I CALL BS. I’ve worked in the Alternative Energy Sector and have designed products for a VERY well known Company.

        Power Inverters / Solar Panels / Battery Banks / Charge Controllers / Battery Monitoring Systems / PV Combiners / Cables & Wire / Install Fees / System Racks & Poles / Digging Trenching for Underground Cable – Yeah right $15K

        Maybe $75K – $100K if you’re lucky and chances are you aren’t going to break even with that system.

        By the way who do work for since your response is an obvious plant?

  • http://Yahoo Daryl

    With the United States consuming 2.4 million gallons a day this 15 million gallons will be gone in less than a week. Whoopie!

    • http://www.webpronews.com/wildcatter-hunch-1-5-trillion-in-offshore-u-s-oil-2013-09 steve

      Ummmm… not that I don’t agree with you…. but, that was 15 million BARRELS… not gallons. depending on the size of the barrel… it could be from 26- 50+ gallons per barrel.

      Still… your point is taken…. it wont last THAT long.

      • Larry

        Before you correct someone on their post, you should do a little research (isn’t that a computer you’re sitting in front of?). In terms of drilling, a barrel is 42 gallons.

  • Mark

    I never cease to be amazed at the number of people willing to destroy the planet they live on for the sake of a 10-year economic spike. Future generations (if they survive) will look back on today’s “economists” the way we look back on the idiots who destroyed Easter Island so they could carve rocks into the shape of big heads. Big heads and small minds. 200 years from now, today’s oil industry will look about as important as who carved the most Easter Island heads.

    • micah

      FU HIPPIE PUSSY TREE HUGGING LIBERAL! how do you think you live in comfort with out oil/

      • Tobias Roth

        Oil may be helping and has for many years, but it will not be here forever. You know what will? The sun…lets try to utilize some of the energy that the sun gives us every day instead of looking underground to find more sources. Who says I live in comfort anyway? Many people are outraged at this situation.

      • Hmm

        Who uses the word HIPPIE in 2013?

        Americans divide themselves so often by identifying themselves as a republican, democrat, or tea party member. Liberal, moderate, or conservative. Left wing or right wing.

        All Politicians are the same. They go to the same schools, share the same benefits, invest in the same companies, join the same clubs, date/marry from the same circles, and are the richest people in the country. In a very real way, they are like professional wrestlers. On TV, all the wrestlers hate each other, but behind closed doors they are all friends.

        Conservatives are just as bad as liberals. I assure you of this.

    • Reply

      Your assumption is that we will all still be here in 200 years. None of us will and I promise you that America will not exist in its current state in 200 years. We are collapsing much faster than Rome did.

      I agree with you in theory, but face it, you are fighting a losing battle. If Americans don’t care that they are using drones to kill innocent civilians and children overseas, then they aren’t going to care about oil issues.

      People do realize that we are killing civilians and children overseas by our drone strikes right? We actually killed more than Syria did when they used their chemical weapons. But hey, it is okay we just used drones and not chemical weapons.

  • Reality

    The entire energy crisis is really overstated. We have technologies that can solve all of problems…. everything from energy issues to famine to drought to drinking water issues.

    We just will never see those technologies because the existing establishment wants to maintain the status quo. Maintaining the status quo does two things A) it makes those that are already wealthy even more wealthy because of shortages and B) it keeps the existing power brokers in place.

    Face it America. If anyone cared about the people, our middle class wouldn’t be shrinking the way it is and our poor would not be expanding as fast as it is.

    Americans are just so divided on so many stupid issues that they don’t understand the only fight is between the rich and poor.

    • Haywood Jablowme

      Wrong rich powerful companies found out that maintaining a middle class makes the most money…There are no customers without us. Their money would be worthless.

  • John G.

    Roth, the author of this article, clearly does not understand journalism. Journalism is the reporting of facts, not the pontificating on whatever agenda he wishes to advance. He needs to find another line of work, perhaps as a public relations hack for Greenpeace or The Sierra Club.

    Every human endeavor on this planet creates positive and negative effects. The big wind turbines, that environmentalists love so much, reportedly killed 56 eagles in one day earlier in the week. Other “green” energy companies have failed with the loss of millions and millions of dollars in taxpayer subsidies, money that we can ill-afford to be flushing down the toilet right now. It also is clear that many “global warming” studies grossly overstate the effects on the atmosphere of the combustion of fuels.

    We all have a duty to care for the planet and a stewardship to manage its resources in a thoughtful and prudent way. We are much better off with clearer skies and cleaner water than we had in the 1960s – that is great progress. Until truly workable solutions are found, we need to carefully and conservatively use technologies and resources that are available today while developing those solutions that really will work.

    In the meantime, Roth needs to go back to Journalism 101 and pay attention this time.

    • Reply

      No one cares about facts.

      The facts are that we kill more children with our drones strikes than Syria did with their chemical weapons strikes. Yep, apparently we are the good guys and the Syrians are the bad guys. I guess death by drone is more humane than death by chemical weapons.

      No one cares about facts in the US. Heck we went to war with Iraq over WMDs and there weren’t any. All you have to do is get the mob mentality working and facts dont matter at all.

      • Sam Brown

        So you think Assad and his clowns manufactured their own Sarin gas??? Came from Iraq…

        • @Sam

          Do you really think the over $1 billion dollars we give Syria in aid every year went to build the country’s infrastructure or the people?

          Let’s get real.

        • @Sam

          The US gives Syria over a billion dollars year. Do you really think that goes to the people?

          Really?

      • @Reply

        I don’t know why you have so many thumbs down. Your facts are accurate. In fact, according to a Columbia Law School study on human rights, the following is occuring:

        “There are estimates as high as 98% of drone strike casualties being civilians (50 for every one “suspected terrorist”). The Bureau of Investigative Journalism issued a report detailing how the CIA is deliberately targeting those who show up after the sight of an attack, rescuers, and mourners at funerals as a part of a “double-tap” strategy eerily reminiscent of methods used by terrorist groups like Hamas.”

        Again: 50 civilians killed for every 1 terrorist. People just don’t know the facts or they don’t want to.

        • Rusty

          One estimate said that. And it is obviously the most extreme estimate. Terrorist leaders hide among civilian populations because they know we will hesitate to strike when they do.

          • @Rusty

            Don’t delude yourself. There are many agencies that are saying the exact same thing. We are only utilizing a small comment field here. It is impossible to list all the sources that say the exact same thing.

            We are killing many innocent people with our drones and by the way Columbia isn’t some chump school either. It is one of the best in the world

      • @Reply

        According to PolicyMic and international watch dog agency:

        –176 children in Pakistan have been killed by US drone strikes

        That is only in Pakistan. Not in Yemen, Iraq, and Afghanistan. Your statement is very factual and accurate.

    • Tobias Roth

      Clearer skies and cleaner water than we had in the 1960s? Where do you get that kind of information? We have “truly workable solutions” as you call them already, but some people are not able to accept that and continue to dig for more oil and utilize things like tar sands, that have been proven to harm the environment. Millions of dollars in taxpayer subsidies have been flushed down the toilet huh? I was not aware of that certainly…would you like to prove that somehow?

      • Peanut Noir

        Tobias Roth asks for proof that the seas and air are cleaner now than it was before he was a tadpole. Well buddy, here it is. The world did not begin when your parents came together and made sweet whoopee. Those of us who remember the 60s do indeed remember that there was more pollution than there is today. Some of that was the result of a careless drilling practices, and bravo to those who insisted that there be better and more responsible drilling methods, but empirically (that is to say based on my experience) the amount of pollution in the Gulf Coast has declined considerable and visibly. Drill baby drill.

      • mjlarsen

        I have just one comment solyndra, actually their is a whole list of failed green companies ie ABC/123 battery, There is also the cost of solar panels for houses 25,000(That is not a problem for the average family to afford!!) Oh, I almost forgot the wind turbines that were used up north that quit turning because they were never rated to work in freezing temps!! Not to mention the giant sheets of ice that fly off the wind turbines that still actually spin in the winter. I say we use what works, until something else is proven to work in all conditions, and is cost effective!!

    • Facts?

      No one believes in facts in America.

      Building 7 was not even hit on 9/11 and fell at free fall speed which is against every law of physics that there is. In fact, on that day several fundamental laws of physics were apparently broken. This has never happened in the history of mankind. Yet, apparently people believe that it happened that day.

      No one cares about facts or logic. The mob mentality rules in America. If you can control the mob, you can do anything you like. Just make things up and people will believe it.

      People are sheep in this nation.

      • Peanut Noir

        Way to respond to the article. When you took the ACT, did you answer an social studies question with “the answer is 42″?

        • @Peanut

          That makes no sense. What the guy wrote is the truth. It is factual, but no one wants to deal with facts.

      • @Facts

        You are absolutely right. But don’t confuse the American public with facts. They can’t face the facts. They just want to live in a delusion and be told everything is ok.

      • @Facts

        No one wants to know the truth about 9/11. If they did, they would have to admit they have been living a decade long lie.

        None of 9/11 makes any sense when you really research it. Absolutely none of it does.

        • Haywood Jablowme

          Then here is some sense from someone that has bought millions of lbs of structural steel . . . Steel is batch tested and bad pieces happen. Testing at that time was pretty much a joke. There is no way anyone can know how much was exposed to salt air. When anyone tells you the fire was not hot enough it doesn’t work that way. A lower than melting temperature will still cause fatigue/failure. The steel is rated at being able to maintain integrity at a certain temp for a certain amount of time . . . Not forever.

          • @Haywood

            I think you need to pull up Massimo Mazzucco website. He is an internal filmmaker, who put together a 5 hour long documentary on 9/11.

            On his site, you will find a consensus911 paper in its entirety. The expertise of these men or women are unquestioned. Also, I recommend you visit Architects for 9/11 truth. That organization is a virtual who’s who of the architectural and engineering world. These people constructed many of the safest buildings that exist in the world today.

            Fatigue or failure will not cause a building to fall at free fall speeds. There is ONLY one thing that will case a building to fall at free fall speeds —- a controlled demolition. This has been proven time and time again.

            Don’t fool yourself. It is a basic law of physics. That has been tested time and time again.

    • Haywood Jablowme

      Love The Sierra Club such great people when they helped to force (political activism)the use of MTBE’s in gasoline. Despite warnings from oil companies that MTBE’s could get into water supplies and they had no idea how to get it out or what the health risks were. Now it is the fault of evil oil companies that what they feared happened. The best is the catalytic converters that are still on cars trading carbon monoxide for carbon dioxide resulting in an ongoing 23% increase in carbon dioxide emissions . . . These are facts not opinion

  • @ John G

    America does not care about the truth. If we did, this would not be the case:

    Amount of money allocated for the 1986 Challenger disaster investigation: $75 million
    Amount of money allocated for the 2004 Columbia disaster investigation: $50 million
    Amount of money allocated for Clinton-Lewinsky investigation: $40 million
    Amount of money allocated for the 9/11 Commission: $14 million

    We spent 4 times more money investigating a blow job than we did investigating the worst terrorist incident in the history of our nation and the cause of our nation being in a perpetual war for the past 12 years.

    The truth is the last thing on America’s mind. America doesn’t want to know the truth. The whole world knows the truth … except Americans.