Huge oil find in the Gulf of Mexico

[JTD]

http://money.cnn.com/2006/09/05/news/co ... tm?cnn=yes

[O Town]

Great read Jason. That sounds great, but by the time it has any effect on us it will be years and gas prices will probably be at 5 bucks a gallon. This could keep us a float in years to come though, if they have figured out how to drill at those depths there is probably alot more where that came from.

[Lindaloo]

Actually gas prices are coming down. And from what I have been told, they should bottom out by Thanksgiving.

[Yankeegirl]

I just saw gas for 2.41 a gallon!! I was so excited!!

[x-y-no]

Every little bit helps, but at an estimated 3 to 15 billion barrels, this is from half a year to two and a half years at our current rate of consumption. And figure it takes 20 years or so to extract it all and the impact on our dependence on foreign oil is pretty small.

Long term, the only answer is some combination of reduction in demand and/or transition to other (hopefully renewable) energy sources.

[Johno8080]

but remember because its cheaper dont drive more, cus its going to bring it back up again!

Why dont we ever see the media or governments telling us that

[Stephanie]

Actually gas prices are coming down. And from what I have been told, they should bottom out by Thanksgiving.

Thank God!!

I just bought regular at $2.49.

This is good news, but we STILL NEED to develop alternative sources of energy.

[CajunMama]

I'm thrilled about the lower gas costs. I just traded in my mitsu spyder eclipse for a honda crv and now i can use regular unleaded gas. That'll save me .10/gallon. Oh...and they filled my car up when i bought it. I've had it 1 1/2 weeks and have only used 1/2 a tank of gas!

[vbhoutex]

Every little bit helps, but at an estimated 3 to 15 billion barrels, this is from half a year to two and a half years at our current rate of consumption. And figure it takes 20 years or so to extract it all and the impact on our dependence on foreign oil is pretty small.

Long term, the only answer is some combination of reduction in demand and/or transition to other (hopefully renewable) energy sources.

Unless I heard it incorrectly, just this find will increase our reserves by 50%. That isn't " a little bit".They say there should be plenty more where that one came from too.

[conestogo_flood]

Gas here already is $0.86/litre or about $3.01/gallon. Down from $1.00+/litre. At one point it was $1.21/litre or $4.23/gallon.

[Johno8080]

Gas here already is $0.86/litre or about $3.01/gallon. Down from $1.00+/litre. At one point it was $1.21/litre or $4.23/gallon.

gee that doesn't sound bad! down almost 40cents 1.12 here down from about 1.33

is 86 cents cheap in canada? cus back when it was cheap here it was in the 70's! so that means your gas used to be in the 50's?

[f5]

This oil filed sits over the warm loop current and everyone knows how KAT and RITA got so famous