bloomberg.com "BP Plc, Europe’s second-largest oil company, reported a “giant” discovery at the Tiber Prospect in the U.S. Gulf of Mexico that may contain more than 3 billion barrels, after drilling the world’s deepest exploration well. The well is located about 250 miles (400 kilometers) southeast of Houston, the London-based company said today in a statement. It was drilled to approximately 35,055 feet (10,685 meters), greater than the height of Mount Everest."
While this might seem like a big deal it's really not a big deal, let's not go thinking we are going to get a gallon of gas for $1.99. It will take hundreds of millions of dollars and almost ten years for them to extract this oil out of the bottom of the ocean. And trust me the cost of BP drilling will trickle down to us customers. I know with this news most out there will think we can forget about alternative and renewable energy and go back to big gas guzzling vehicles.
This recent find could result in another 250,000 barrels of oil a day. This might sound like a big number until you realize that USA alone swallows almost 20 million barrels of oil every day. Again I say, lets cut down on foreign oil and rely on alternative energy resources.
Black Gold Found
Sunday, September 06, 2009
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