BP finds a huge oil deposit in the Gulf of Mexico

I have a friend in West Virginia who sells energy back to the public power grid on most days. The man isn't rich. He is just smart. First he has two wind farm units on his hillside. He designed and built his own solar heating system for his home. He also designed and built his own home A/C system. Cold water is pumped out of one well in the hillside to heat exchanges in his home. After use the clean water is pumped right back into the ground at another location on the property. This makes his A/C as free as his electric is. Right now he has plans in the works to build a small powerhouse on a stream crossing his property. This unit will power the basics at his house when the wind power / backup batteries don't have the reserves to handle it all. Not everyone lives in a situation where they could do what he's done. If those that could were to do the same thing as he has we would be saving a pile of oil, and natural gas right there, right now. It can be done.

toogeorge: You are the perfect example of the Democratic distortion complex. You and your idiot peers only use numbers that you like, not reality..
Reality is we don't use 20 million barrels a day and besides that, do you think that we would somehow only use from that "ONE" source??? How typically assinine and democratic of you.

2 billion to explore???? with no gaurantee to see to the U.S. is that even smart on the U.S.'S part?? I know the oil comps. dont set the prices on the market, an dlast year got way out of control of people betting on oil futures. But if they have known the oil was there why wait so long to drill for it....My heat and hot water is run off oil, and at 2.30 a gal that is just way to much for this single parent to afford..... and to think 6 yrs ago i was btching at 1.29 a gal......what i wouldnt give to go back a few years...

The US has all the oil, coal, gas and uranium reserves it needs to completely eliminate our need to import oil. particularly Middle Eastern oil. Thanks to the Democrats and their Kool Aid drinking followers and the "green" nut jobs, American energy companies have been prevented from developing our abundant resources to thier fullest extent. France gets 80% of its electricity from Nuclear generators and the US gets only 20% and nuclear energy does not produce any gaseous wastes. You cannot power cars, planes and factories nor even you household with solar panels or windmills at anything even remotely approaching the cost of the above mentioned energy sources we have and we will not be able to do so in the foreseeable future. The Sun's energy output cools and warms our planet and those who buy this CO2 BS are absolute suckers for the Obama/Gore hucksterism. The whole global warming scam is a subterfuge to expand government control over our lives and raise taxes. Wake up people.

As an independent thinker, it is time for right wingnuts to get a life and grow up and the lefties to get courage and stop trying to compromise always, making the R.s laugh. Stop using any excuse to blame Obama for everything including bush's recession and depression, last years oil prices, bush's evil and disastrous wars, etc, ad nauseum. You are only showing igorance and foolishness. Come back to this planet and we will forgive you and welcome you back.

You can even take advantage of those things provided by taxes (woo-woo, scary word) and voted for by intelligent and progressive Indies, Dems. and Reps. - like roads, airports, trains, police, military, SSI, Medicare, FDA;FAA;SEC;etc protections, education (that some of us got and all can), etc, etc. - or go live in a cave - your choice.

The Obama Administration saved this country from a deep bushdepression and is solving problems ignored or made worse the past 8 years. We are crawling out of the huge hole dug by bushies. Now Obabma must stop these foolhardy war adventures and start getting serious about the deficit - next year!

An Independent

There is only enough oil in this "huge" find for only one year and it's very far out in the gulf and it's very deep in the Earth. Considering the expense of extracting this oil, does anybody have a clue as to what a gallon of gasoline from this field is going to cost at the pump? If it allows us to have one more year to try and catch up where we should be with the overall energy picture, it might be sort of worth it. But it is going to be very expensive to the consumer. When this crude oil eventually reaches your local gasoline station in the form of refined fuel, be prepared for sticker shock like you've never seen it. If anybody dares tell you differant, ask them if they'll pay the price increase for you. Ask them to put their money where their mouth is.

Good for BP, one of the relatively responsible giant corp.s This is good as it will help accelerate population control via global warming.

Mother nature will win and have the last laugh

To maybe make things a little more clear. The reason that the gas and oil prices have not been lowered "almost instantly" is because they have to get the oil out of the ground first. Unfortunately, that takes some time. If you read the full article above, you will see that it clearly states that the oil will not be on the line until around the year 2014. Gas and oil prices might not be lowered until then. However, this is still really great news! The aount of oil this field contains will raise our bpd (barrels per day) by almost 20%! that is a great amount! This will surely begin to help our economy.
Also, i'd like to lightly point out that Obama is trying to help this country be ab Better country. It's already a hard job to do, especially when our counrty is dealing with a depression, but it's evem harder when he doesn't have the support he needs from the citizens. We all live in this country and we are all affected by this mess, so instead of being negative and pointing fingers, just start thinking positive and give the guy some credit. He's trying to make our country a better place. You should be thankful.

Do you remember when all this oil hike first started?? I do, The publicist for the oil companys said "We havent had a raise in 20 years, there getting $3.50 for shampoo and were still charging $1.26 for a gallon of oil" and this dident fly, the callers were unkind to him, and after 12 weeks of raveging this hump! the publicist came back and said,"were having to pay sooo much for oil nowadays that you'll have to take up the slack""" I'm not the smartist guy but.... George Bush+Oil rich friend and family+long time buissness association with the Bin Lauden Family+having to pay for a war we dident need= you get to pay for alot of people that are rich sitting on there A#*"* complaining that your not paying for everything anymore= Oil is 60 bucks a barrel again and your still paying $2.60 at the pump!!!!

When was the last time any one has driven across the dakotas, and montana? There are hundreds of caped wells out there...There is no shortage of crude oil..the dam companys want more money before they statr to uncap them...

I see ambiguity.

According to supply and demand, prices should plunge. Two things can happen if BP chooses to supply this oil in the future: 1) The supply of oil will rise, and 2) consumers will expect a drop in prices.

First, an increase in supply generally results in a decrease in price. Second, if consumers expect lower oil prices in the future, they may buy less oil today until they can buy it later for cheaper. A decrease in demand results in a decrease in price via suppliers trying to attract customers. Both the expected increase in supply and decrease in demand result in a decrease in prices.

But from what I know, the oil industry has formed an oligopoly with several corporations functioning as a sort of cartel, artificially inflating prices. The U.S. can't prevent it because they aren't U.S. companies, though. So I guess these foreign suppliers won't be phased by a decrease in demand because it's all going to one big conglomerate, if that's the right word?

Ugh.

Wow. There goes energy independence. Why is it that it takes a crisis for america to change. Now everyone is going to ignore the fact that we need to get off oil and start using something. We need to ignore this and keep trying to become oil independet. Keep focusing on things like the hydrogen energy which its only byproduct is water unlike oil. Set up windmill farms everywhere that we can and use hydro electric energy anywhere that we can. If we produce enough solar cells that everyone can solarize their roofs (some people solarize they water heaters and get cash back from the gov and pay 200 less on their water bill) it would become cheap and everyone could afford it. PEOPLE DONT LOSE THE FOCUS!!!

What makes you so sure? I mean, i'm just asking because i am curious. What makes you so sure that those wells can still give us oil? do you work for the company? I mean, no one REALLY knows whats going on with the oil companies. Who knows, maybe they are tricking us into paying more for their oil and gas. But there is also a chance that they are telling the truth. that there really IS a shortage of crude oil and they had to go digging for more. Why do you think they keep drilling everywhere? maybe to find more oil to eventually lower gas and oil prices? if turning around the economy were as simple as uncaping all of the wells, don't you think they would make a little bit more of an effort?

DOESN'T MATTER how much oil they find...the obama regime won't allow new drilling in US waters...he wants you to drive an electric car(GovMotors)...even though 50% of our electric power is derived from burning coal(?)...Actually, the obama regime wants to control everything in your life...just like his hero, Castro.

Can you say "Big Pimpin'"? The article tells us that they made a major discovery but it won't help our oil shortage. Give me a break. But then again, the average American is so stupid they figure out that there has never been an oil shortage just a profit shortage. The run the same game over and over again on the 'Joe the Plumber'. You know, more oil actually means less oil and higher prices. Or people (dumbasses) protesting at these town hall meeting about government healthcare takeover and demanding the government stay out of healthcare all the while receiving government healthcare (Medicare). Or Bush and Paulson demanding that we fork over $700+ billion to the banks based on a 3 page memo while they are foreclosing on 'Joe the Plumber's' home. The sheer ballseyness of these White guys and the sheer stupidity of the White public is amazing. As Don King says, "Only in America."