Oil Hypocrites on Capitol Hill

uscitizen said:
from topper regarding the Brazil find.

deepwater projects can take ten years to bring the production on
it will have zero immediate impact on prices.
I heard yestarday that when oil hits 100 the traders will dump it sending the price down temporarily. There are tons of 100 call options with a strike price of 100.
Then also there are many contracts out in late 2008 with $200 dec strike prices.

http://www.justplainpolitics.com/showthread.php?t=6557&highlight=gulf+oil+discovery

seems like the price will rise to meet the contracts....
Click to expand...

FYI... oil is currently trading just under $130. Price does not rise to "meet contracts". Price rises based on expectations of where future oil prices will be. As long as we keep up the ridiculous "well oil fields take 10 years to get on-line, so why bother" type of attitude, we are screwing ourselves slowly.

You want a drop in oil futures... start bringing more sites on line. yes, it will take time for the oil to actually hit the market, but it will be reflected in futures contracts.
 
uscitizen said:
Idjit you still did not answer the question about the new deep water area of the gulf where a "find" was touted.


Crow tastin good dude ?
Click to expand...

you seem to know enough to understand that new finds are not immediately fully productive. But as toppy stated, deep oil wells are in existence and are producing billions of barrells of oil.

Does it take time to get fully on line... of course. But the test drill is able to produce from that site. Just not in any significant quantity right now.
 
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