 | Why We "Waste" Energy: The Second Law of Thermodynamics Explains--UPDATED 8/7 | The Oil Drum | DrumBeat: August 4, 2007 |  |
25 comments on Updates on the Energy Bills and a New Version of the RPS: There's Still Time to Call Your Member!
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25 comments on Updates on the Energy Bills and a New Version of the RPS: There's Still Time to Call Your Member!
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bmcnett,
Its not small potatoes to the Cubans. At current prices for oil and gas the gross sales should be about $300 billion dollars. And it wouldn't be small potatoes to our big oil companies, either. Its about 3/4ths the size of the East Texas field, the largest field found in the lower 48.
The field shows the immense potential of the eastern Gulf of Mexico. States should only be able to block drilling in federal waters within site of land-approximatley 10 nautical miles. There hasn't been a large spill connected with drilling and production since the Santa Barbara Channel blow out in 1978, nearly 30 years.
Bob Ebersole
Bob,
I think we agree on all points. I was replying to someone who implied that Cuba & China gain strategic advantage over the U.S. by developing this field today.
My disagreement was to put things into perspective. This is Cuba's one giant field. If they sell its oil into the international market now, there won't be any left for Cubans in a generation, when the oil is far more precious.
I agree that America must also eventually dip into its coastal offshore oil savings account, but for now we are wisely letting it "collect interest" in the ground.
p.s. The NYT article seemed to mix oil & natgas into one BBL estimate, so the field may not be as big, oilwise, as seems.
"This is Cuba's one giant field. If they sell its oil into the international market now, there won't be any left for Cubans in a generation, when the oil is far more precious."
Absolutely correct, and get this, we're probably going to get most of the oil anyway!
Think about it....which would pay better...to ship the oil halfway around the world to China, or to go ahead and sell it within a hop, skip and a jump of where it's drilled, and buy oil on the world market with the cash....without the waste of long range transport?
It always cracks me up when people howl about the fact that Alaskan oil goes to Japan.....duh!
Oil is fungable and money is oil. Cut out the waste, and you end up with more oil....
Roger Conner Jr.
Remember, we are only one cubic mile from freedom