There are probably a hundred thousand or so other deposits of this size or larger just in the the U.S. and its coastal waters. I think far less than 1% of the earth has been explored for oil, and this doesn't include the ocean beds, which contain so much oil, alone, it's probably hard to calculate. http://www.bloomberg.com/apps/news?pid=20601087&sid=adF31W9._rik
Does it matter in the long run? We need to get off fossil fuels if we are to make any progress and not heat this planet up ... What we need is breeder nuke power to go mainstream
It may or may not. I'd like to get off fossil fuels, also, given my personal beliefs. But I'm only addressing the 'peak oil-istas' with this article.
For a financial doomer, you seem to be a cornucopian when it comes to energy. LOL Anyway, funny you post happy energy topics and not negative ones. This could truly be a great find, however, have you seen the recent production rates of Cantarell? Do you know what Cantarell is? Here: Cantarell, The Second Largest Oil Field in the World Is Dying http://www.energybulletin.net/node/1651 from the article: "And even the heavy oil field they mention won't replace the loss of Cantarell by the end of the decade. And one must remember that all oil fields which are producing today, are in the process of declining. The implications of this upcoming decline are tremendous to the world. This field produces half of what Ghawar does and it won't be doing that much longer. The effect on the energy supply will be felt and there is no way for that not to happen. On Aug. 3, 2004, the OPEC president stated that OPEC has no more spare capacity. They are pumping all out and can't satisfy the demand for oil. If fields like Cantarell begin declining, the problem of supplying the world with oil will only get worse." ____________________________ My view is that we needed this new find just to maintain the waterlevel of production, so to speak. But we'll see.
ByLo, were you trying to be sarcastic with the title of this thread: "We're Running Out of Oil! BP Finds A Mere 3 blln Barrels 250 Miles from Houston" Do you know that 3 blln barrels is "merely" a month or so of worldwide oil demand? oh yeah, and while it's only 250 miles from Houston - it's also about 6 miles deep. I take back my earlier opinion that this may truly be a great find... more like a great PR campaign for BP. (Though it may be worth trading because most people are clueless anyway and will fall for it.) You gotta do better than that to address us "peak oil-istas."
Maybe large oil discoveries like this will save our asses for a while. But we are living on borrowed time.
Why the hell do we rely on such an inefficient fuel anyway? It makes no sense. And yes, I think the whole oil is the most efficient resource we have argument is a load of bollocks. It's non-renewable so no matter how much we find of it it's going to run out and if we actually bothered research the non-fossil technologies we have better so they're more efficient then it would make oil utterly useless, if it runs out then it isn't the most efficient resource we have, period. Of course the damn oil companies don't want that because it would take their profits away! The same goes for all the energy companies who try to constantly stop out any hopes of renewable sources that would provide ten times more electricity that's cheaper and safer!