oil strike ====>HUGE!!
 

BP announced that it had made "a giant oil discovery." BP's chief of exploration, Michael Daly, terms the Tiber find "very significant" and says it is even "better" than the Kaskida field, another huge BP property in the Gulf of Mexico, with an estimated 4 billion to 6 billion barrels of oil in place. :happy:

Hey Craig, we'll all be buying f-250's again.

Where can I buy my "clunker' back again?:biglaugh:

Can we get the $6 Billion back that we just sent to Brazil to do
off shore drilling? :smash:

nope they already spent it exporting cocaine to mexico

I read today this was a 500 Million barrel estimated find.

The US consumes about 20 Million barrels a day.

A lot of oil for sure, but...

-spence

Spence, I thought I read that it was possible that there was 3 to 15 billion barrels in that area in the gulf. The world uses 84 million barrels a day, so 500 million wouldn't have much of an impact on the long range price of oil. Billions on the other hand, could bring down the future price.

I'm sure there's the possibility for billions of undiscovered reserves in the Gulf...possibility.

Also note that this discovery was 35,000 feet down!

-spence

They seem to be pretty sure about this one. Otherwise, they wouldn't be planning on spending tens of billions of dollars to get the oil. The big problem will be the shortage of rigs that can drill that deep.

Looking around, I see the find reported both ways...

It's good for me, the biggest producers of under sea exploration equipment all use our software :)

-spence