thomas

http://money.cnn.com/services/ticker...3_FORTUNE5.htm

SD Porsche Fan

If we could continue to explore and drill in other regions (i.e. ANWAR, and the FL and CA coasts) along with further development of bio-based fuels we could be free from Middle-East oil and the world would be a better place.

thomas

It seems the oil around the area has been known since 2003.

http://www.sciencedaily.com/releases...0331045435.htm

smlporsche

Actually earlier than that.

In the early 80's while working for the U of Texas Geophysical Institute we confirmed significant oil reserves out to 12,000 ft. while working on a Mobil / Chevron contract.

The problem is of course how to drill in that depth.

Currently, I believe, Noble Drilling, (yes I do own stock in it !) has the deep water production drilling record at something like 7650 Ft.

porschedog

The Cubans know there's oil "in then thar waters" - They're JV-ing with the Chinese to drill for oil just outside US limits. The oil is there, so we should grab it. As for spills, they have been drilling in the Gulf for years now, with no huge enviro probs. Get it before Fidel does. Next, we need more US refineries.

gerry100

Let's remember is that oil is effectively fungible. ie you oil is the same as my oil etc.

We don't need to grab oil off of Cuba, if the Chinese discover reserves and secure a long term deal with Cuba it will result in there purchasing fewer barrels elsewhere which increases the supply for the rest of us.

ie any discoveries by anybody increases the supply for everybody and effects the market accordingly.

SD Porsche Fan

So it's OK to continue a huge trade deficit by purchacing foreign oil? Also, what do you supposed the Chinese, Saudis, Cubans etc. do with all the profits? We should be grabbing all the oil off the coast of Cuba we can.

It's best we become energy independent. Expanding both traditional and alternative sources. Brazil did it.

gerry100

Nothing in my statement suggested or implied that we should waste oil or run huge deficits.

Economic fact is that increased supply lowers price,as does lowered demand.

I believe that the most effective thing American citizens can do to fight terror is to reduce oil consumption.

Remember that the bad actors in the middle east , Venezuela etc would be unarmed or irrelevant without our oil money.

When we stop transporting one 150 lb person in a 2 ton plus behemoth at 12 mpg we'll have taken a big step.

We don't drive most SUVs or trucks because we need to it's because we like to. Driving is entertainment, when entertainingg yourself costs an extra few hundred bucks a month you'll change your habits. We are seeing that already.

Independance would be nice, but a simple crushing of the market price would be just as effective. This could happen in the next 12 months.

SD Porsche Fan

I just don't see the market price "crushing" to the point where ME producers are no longer cashing in. I'd pay more to fill up my SUV with domestic fuel so we could cut those guys out of the picture.

I guess I'd just prefer that we get raped and pillaged by American oil companies than foreign ones.