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Oil Spill - Why are foreign companies drilling our oil?

Discussion in 'The OT' started by wilbur_the_goose, May 2, 2010.

  1. wilbur_the_goose

    wilbur_the_goose Hall Of Fame

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    I've been reading more and more about the problem with methane...

    Check out http://www.helium.com/items/1864136-how-the-ultimate-bp-gulf-disaster-could-kill-millions and please do your own reading too.

    Here's another one: http://www.sfgate.com/cgi-bin/blogs/ybenjamin/detail??blogid=150&entry_id=66419

    last one: http://www.guardian.co.uk/environment/2010/may/20/deepwater-methane-hydrates-bp-gulf

    If true, the methane issue could make the oil spill look like a minor nuisance.

    (Of course, the methane problem was brought to you by our friends at BP)
     
  2. phrelin

    phrelin Hall Of Fame DBSTalk Club

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    Northern...
    Well that first one must already have the folks at Syfy commissioning their next disaster movie. The article provides a working title (beginning near the bottom of page 2) - Death from the depths - and a great outline:
    • Seabed rupture releases humongous methane bubble, a gas gusher moving upwards through miles of ancient sedimentary rock propelled by 50 tons psi, bursting through the cracks and fissures, rupturing miles of ocean bottom with one titanic explosion "with an explosive fury similar to that experienced during the eruption of Mt. Saint Helens in the Pacific Northwest."
    • All ships, drilling rigs, etc. in the bubble region sink killing everyone.
    • The methane gas cloud surfaces, killing everything it touches, and sets off a 200 foot tsunami wave traveling 400 miles per hour.
    • The wave sweeps away everything along the entire U.S. and Mexican Gulf coastline and nearly all of Florida, much of the Yucatan peninsula, Cuba and Caribbean in a matter of minutes, causing loss human life measured in the millions.
    • The loss of property literally gone in a flash of detonating methane is virtually incalculable.
    • The Earth heats up by 10 degrees within a few months.
    • The Antarctic becomes a vacation destination.
    Just think of the hokey special effects and trite dramatic moments. Now what B movie actors should star in it?:D
     
  3. wilbur_the_goose

    wilbur_the_goose Hall Of Fame

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    phrelin,
    What we have today with just the oil would've been unthinkable last year.
     
  4. phrelin

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    Northern...
    I agree and I'm not rejecting a worse case scenario given that we humans are foolhardy and brash, and as long as someone can find a geologist that disagrees with the other 90% we'll just keep drilling in that area.

    But the current oil mess wouldn't make a very good Syfy Saturday Night Disaster Movie.;)
     
  5. armophob

    armophob Difficulty Concen........

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    getting to the OP's point, do we own the Gulf of Mexico? Is it our oil?
    Well the stuff underground I mean...the stuff on the surface is of course, due to wet foot dry foot.
     
  6. phrelin

    phrelin Hall Of Fame DBSTalk Club

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    Northern...
    Well, that's a complicated concept and Wikipedia offers a fairly thorough discussion of the subject of Territorial Waters. But since BP got a permit from those party guys at the Minerals Management Service (renamed on 18 June 2010 to the Bureau of Ocean Energy Management, Regulation and Enforcement), I guess we own the portion BP was drilling.
     
  7. wilbur_the_goose

    wilbur_the_goose Hall Of Fame

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    And I'm assuming the US Treasury collects royalties on whatever is extracted.
     
  8. armophob

    armophob Difficulty Concen........

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    I am not going to act like I know for certain due to lack of research. But the things I do know is the Deep Horizon was flying the flag of a country that consists of series of Islands that are not inhabited by humans due to nuclear testing over the years. I do not think this was accidental in legalize.
     
  9. phrelin

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    Actually the Marshall Islands have about 62,000 people, some of whom are still involved in health claims due to the March 1, 1954 Castle Bravo nuclear test at Bikini Atoll. Depending on whose version you believe, it was an "ooops, way more fallout than expected" or, to quote Wikipedia:
    But now they get credit for having registered the Deepwater Horizon drilling rig. Somewhere they may be some karma in there.:nono2:
     
  10. armophob

    armophob Difficulty Concen........

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    Wow, I was under the impression it was uninhabitable for a hundred years. Most of what I learned of this was from "Trinity and Beyond".
     
  11. Stewart Vernon

    Stewart Vernon Roving Reporter Staff Member Super Moderator DBSTalk Club

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    What amazes me... is, putting aside the environmentally disastrous problems here...

    Why is no one saying anything about all the oil going to waste?

    We have a limited/finite resource here... that we know is scarce... and this is going to be a record oil spill historically it seems... and I've not heard one peep of how we are wasting a precious natural resource.

    Also... gas prices have actually gone down in recent weeks where I live. In the past, when a refinery has gone down or OPEC has raised oil prices we would see major gas spikes at the pump... but we have this stuff gushing on a daily basis with no end in sight yet... and prices have been going down?

    I just find it highly odd that we haven't seen the usual suspected price increases due to supply problems and worries as well as discussion of how much of this will be going to waste.
     
  12. wilbur_the_goose

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    Stewart,
    It's a huge waste of resources.

    The cost hasn't gone up because the economy is so bad. Not enough demand = lower prices.
     
  13. Stewart Vernon

    Stewart Vernon Roving Reporter Staff Member Super Moderator DBSTalk Club

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    Yeah... but why is this not a topic on the news? Or am I just missing the news those days?
     
  14. armophob

    armophob Difficulty Concen........

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    There was a talking head on tv the other day that seemed to know his s**t.
    He explained that even if all this oil was properly claimed, it could be 5-10 years before it would see market due to processing and refinement bottlenecks. So any real effect on prices will be felt then. Hopefully we will still not be dealing with the spill as we catch up to the pricing of fuel.
    What is scary, is we might.
     
  15. drpjr

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    Sakatomatoes...
    I'm late to this party but I thought I'd try to lift some spirits around here.:rolleyes:;) Have you heard how BP wants to drill above the arctic circle? Check out Rolling Stone. And you thought Goldman- Sachs was ugly.:eek2:
     
  16. Jul 1, 2010 #116 of 126
    AntAltMike

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    From Yahoo:

     
  17. Jul 1, 2010 #117 of 126
    Lee L

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    I will say I am kind of surprised that prices have not gone up. So much of hte oil market is all spreculation and it is usually so reactive to any tiny thing that might seem to disrupt any link in teh entire chain. I figured at the very least, speculators would think this would somehow affect drilling long term and drive prices up.
     
  18. Jul 1, 2010 #118 of 126
    armophob

    armophob Difficulty Concen........

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    Might be a breif sign of hope that the speculators are slightly informed about their lines of expertise.:)
     
  19. Jul 2, 2010 #119 of 126
    armophob

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    ******sigh****** :nono:
     
  20. phrelin

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    Ah yes, it's tough being fired for a screwup. From Reuters via Yahoo:
    I wonder if there's some kind of unemployment benefit he can collect to carry him through until he finds another job.:rolleyes:
     

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