Well gas prices shouldn't go up now

http://www.bloomberg.com/apps/news?pid=20601087&sid=a5sZ6fhbhM_8

So gas prices should stay steady right? Uh......yeah.

At 10km deep I doubt they could develop this resource very quickly or at a very high return. This is the first well, they will drill a second exploratory well next year to decide if development is possible.

Also, there are currently 1.2 trillion barrels of proven reserves in the world. I doubt a possible 3 billion barrels will have any effect on the price of oil. I imagine this well cost 50 to 100 million to drill.

The price of gas isn't high because of a lack of oil, it is because of a lack of cheap oil. The 1.2 trillion barrells we currently know about will last us decades, but it will become more expensive with every barrel we burn now that we are consuming it faster than we can find it.

Let us not forget about the Bakken oil field that was discovered last year.

They still haven't dropped, even though Bakken supposedly has more oil than the Saudis do..

3 billion is not a lot. We consume 20.7M barrels per day and China's demand is growing exponentially. There won't be any ease on demand in the near future. Prices are likely to continue on their upward trend.

cool new wells found, lets halt technology and production of electric vehicles. sweet.

The Bakken has about 170 billion barrels of oil in it. Only 3 to 4 billion barrels will be recoverable. It was discovered in 1953.

The reason it had so many rumours and recieved so much press is that a USGS Geologist came up with some theory that it held 500 billion barrels and half of it would be recoverable. Then he died and no one has been able to prove how he came up with that theory.

Thanks for the clarification. It's still a good amount of oil that's all ours.

I guess you haven't heard of the tesla roadster:

No the AC version does though.

I was being sarcastic.

im not driving period below freezing. my ass is gonna be indoors under the covers.
fuck all that shit.

You just about discribed the 1914 ford model T.
There'll always be a demand for all the crude that there is to be found. Plastics and chemicals will insure that. What needs to happen, is for power to be produced by mean other than burning material to transport ourselves and electrify our homes. We have the knowhow, we have the technology (though it's still in it's infancy) to do that. What we do not have is the political and
financial will to make it happen. (Q)Why? (A) Recent "record profits" we've been reading about for the last few years.

Was that your first car Whiskas?

last time i checked gas/diesel engines dont start so well either.