More of That Oil That Is Not To Be Found
Deepwater and ultra-deepwater areas of the central Gulf (of Mexico) were auctioned off recently to oil & gas exploration operators. The US Minerals Management Service received record amount of interest for lease sale 205. The MMS estimates developing these areas could result in production of 1.3 billion barrels of oil and 5.2tcf of natural gas. But remember folks, there is no more oil left to be found! (Read here to find out why we are finding all this new oil when there is no more oil left to be found.)
posted by Donny Baseball at 5:34 PM
1 Comments:
I think that most smart traders and investors already know that peak oil is not a credible theory. Today's high oil price is likely due to a combination of weak dollar and a lack of investment in the last 10-20 years. Now that money is pouring into the energy sector, once the dollar starts to strengthen, oil price will come down. But given Bush's connection with big oil, it makes sense that he would want a weak dollar. So, $100 oil is probably here to stay as long as Bush is the President. Currency manipulation specifically for the benefit of big oil is just another black mark on the Bush administration. Very disapointing.
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