THE FACT THAT THE US ALREADY HAS 510,000 wells is just one reason why we cannot simply "drill more wells" to achieve a fictional energy independence, as many Americans naively suggest. Most of the oil in the US has already been found and produced – the peak of US oil production happened in 1970, and it can NOT be achieved again.
I have noticed that the lead on stories in the news about offshore drilling refer to the present debate as one to allow offshore drilling. We presently have over 4000 active producing wells in the gulf of Mexico and there is still a substantial portion of the leased territory that has not been explored or drilled. Would it not be wise to drill in the area already allocated before adding additional areas not now open to drilling
There is another fact that is being overlooked, and that is the availability of drilling equipment to drill deep water wells and the age of the Riggs already in use. I am told that the life expectancy for an oil drilling rig is about 25 years and a substantial number of the Riggs in active use are already over that age
T Boone Pickens is the quentisential oilman. He has made billions of dollars drilling for oil, and he has stated infactically that more drilling will not reduce the price of oil or gasoline, and there is no way we can drill our way out of this mess. He does favor more drilling, he is an oilman, and his primary interest is in making money and there is no doubt that oil comopanies will make more money with additional wells.
That being the case and allowing that there is still areas untapped , would it not seem probable that the oil companies would be drilling more wells already given the high price of oil, if they had the capabability
Crypt. The first paragraph is a fact. I am trying to address this subject in a serious way, and anything you might have to offer to contravene the information is welcome. Other than uninformed opinion that is. There are plenty of other similar questions available for you to vent if that is what you are about
September 10 : Pickens is investing billions of his own money in Wind and Natural gas Kind of strange for an oilman wouldn’t you say Unless of course there is no future in oil..
TYCHICUS: Its pretty obvious by your response that you have not looked at any of the statistical data put out by the oil companies themselves. You haven’t listened to T. Boone Pickens either. He just testified before Congress on the subject of Energy. If you had listened to what he has to say, you would know that he doesn’t support corn based ethanol .
As for drilling new wells. You aren’t paying attention. In order to drill new wells you need the equipment. You also need to explore. The oil companies have been putting their profits into buying back their own stock to increase profits instead of pursuing new oil and drilling .
The remarks on the peak production are a statement from oil companies, not speculation on my part
What you think constitutes Fascism is irrelevant. If you can read, you should look the word in your dictionary, its meaning is not subjective. You show your ignorance by making such statements
Nancy Pelosi is not the head of our Government , George Bush is. and if you feel that Fascism is alive and well in this country, who am I to disagree. All of the symptoms do seem to be present. You have just not correctly identified the dictator.
Peak oil source
http://www.energybulletin.net/primer
Source: oil companies buy back stock to increase profit instead of exploring and drilling new wells.
http://www.newsobserver.com/110/story/1149732.html
Stock buy back. Alan Greenspan made the same observation in an interview on CNBC.
Guess he must be one of those flaming liberals eh.
No. They don’t want to hear any actual facts in this regard. It’s too scary. All they know is that it is killing their budget to fuel up their giant SUVs so they can commute 2 hours by themselves to work and back every day. They are ignorant sheep who go by this logic: Drilling produces oil, so, more drilling must be better. Let’s do it!!!
February 27th, 2010 at 12:42 pm
thats absalutely correct.
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February 27th, 2010 at 12:47 pm
true..but we really need to stop depending on foreign oil and try to find an alternative fuel source..
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February 27th, 2010 at 1:10 pm
I am sure there are more facts than that.
Most that are for more wells are also for alternatives.
Alternatives are fine, but to refuse to drill in new areas while switching over would be very expensive and difficult.
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February 27th, 2010 at 1:34 pm
right you are, pete!
We might be able to increase the world’s oil supply by 2% if we drilled everywhere and this would take over a decade, lowering prices by about 10 cents a gallon on gas. Not worthwhile.
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February 27th, 2010 at 1:59 pm
No. They don’t want to hear any actual facts in this regard. It’s too scary. All they know is that it is killing their budget to fuel up their giant SUVs so they can commute 2 hours by themselves to work and back every day. They are ignorant sheep who go by this logic: Drilling produces oil, so, more drilling must be better. Let’s do it!!!
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February 27th, 2010 at 2:44 pm
No.
OK, yes some are.
Most believe the news and President Bush.
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God help The USA.
February 27th, 2010 at 3:25 pm
"Most of the oil in the US has already been found and produced " is that a fact??? Or is that spin??? … shame on you ….
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February 27th, 2010 at 3:31 pm
So true, and dont forget about the cost of building these wells which could go towards wind and solar farms. And also the fact that we will not see any of this oil for at least 6 years, and with Americas over 20 billion barrel a day habit it will not last more than a few years. It just doesnt add up!
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February 27th, 2010 at 3:45 pm
You give no references to back up your talking point claims. I’ll try to address them.
MOST OF THE OIL HAS ALREADY BEEN FOUND?!?!?!Think about that statement logically. If it has to be found, then that means we don’t know where it is. If we don’t know where it is then we need to look. That means drill, duh.
If we have 4000 producing wells in the gulf of mexico. Why wouldn’t it be a good idea to have a few dozen wells producing elsewhere. as to the territory already allocated…it hasn’t been drilled because there is little indication there is oil there.
As to the age of the drilling rigs…what in the world are you talking about. You use a rig until it breaks down. that is what limits the age.
Have you seen the price of corn lately? T. Boone pickens is looking to expand from just oil to all sorts of money making fuels. If he gets in on the ground floor, he stands to make literally tons of money (by weight). He can influence the price of oil by detering drilling. He can make tons of $$ (by weight) by investing a reasonable sum into alternatives. If oil companies were to drill, then the price would go down and T. Boone wouldn’t make quite so much unless he was drilling too.
Have you notices that oil companies are drilling now. Where ever they can. Wherever there looks like there is oil.
I look at Nancy Pelosi denying the representatives of the people the chance to vote, and see that fascism is alive and well.
fascism: a governmental system led by a dictator having complete power, forcibly suppressing opposition and criticism, regimenting all industry, commerce, etc.
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