WTF $5/Gallon?

Looking at BP's year end results is kinda interesting. I didn't know how much as a proportion of their funding was spent in exploration.

http://www.bp.com/liveassets/bp_int...ownloads/B/bp_fourth_quarter_2010_results.pdf

Are gas companies starting to get desperate in finding cheap/easy ways to drill?

I have an idea; enlarge your portfolio in researching and discovering NEW fuels. Just imagine what $873 million per year would discover with a focus like fuels or battery technologies. Just from BP alone.
 
dbzeag said:
Looking at BP's year end results is kinda interesting. I didn't know how much as a proportion of their funding was spent in exploration.

http://www.bp.com/liveassets/bp_int...ownloads/B/bp_fourth_quarter_2010_results.pdf

Are gas companies starting to get desperate in finding cheap/easy ways to drill?

I have an idea; enlarge your portfolio in researching and discovering NEW fuels. Just imagine what $873 million per year would discover with a focus like fuels or battery technologies. Just from BP alone.
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Saudi Arabia is reported to be sitting on the largest reserves in the world. Even they are drilling offshore and iirc, each exploratory well costs something like $250M to build. That tell ya something?

We're running out of easy oil. Hell, were even converting the (Canadian?) tar sands into oil, and that it burns almost as much oil to get it as you get out of it.
 
fly said:
Saudi Arabia is reported to be sitting on the largest reserves in the world. Even they are drilling offshore and iirc, each exploratory well costs something like $250M to build. That tell ya something?

We're running out of easy oil. Hell, were even converting the (Canadian?) tar sands into oil, and that it burns almost as much oil to get it as you get out of it.
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So you would think for the past 10 years or so, a smart company like BP would have spend a half bill in r&d per year into something else to replace the finite supply that is oil. they would even get government grants for that :fly:
 
dbzeag said:
So you would think for the past 10 years or so, a smart company like BP would have spend a half bill in r&d per year into something else to replace the finite supply that is oil. they would even get government grants for that :fly:
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Im pretty sure they are. Since no one has been successful on a large scale, that should tell you how big the problem really is.
 
Sooo, in a way, the US has been lucky all of these years, for having lower gas prices than the majority?
 
shamwow said:
yup
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I thought it was interesting that when I would complain to Liam's dad about gas prices going up and esp way back two years ago, (when they went over $4.00), he really never said much. Just, "yea, gettin' up there."

LOLL and they pay wayy more.
 
Harold of the Rocks said:
Isn't wanted?

Just when you thought Amstel already went full retard...
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Until the cost of gas becomes unbearable, (generally) no one wants to pay for new, untested technology. I mean, I haven't heard of widespread clamoring for a petroleum replacement. Its still a rather fringe, hippy thing.

That said, I want it, mostly because I understand the ramification of it that Suzy Jones the SUV driver doesn't.
 
fly said:
Until the cost of gas becomes unbearable, (generally) no one wants to pay for new, untested technology. I mean, I haven't heard of widespread clamoring for a petroleum replacement. Its still a rather fringe, hippy thing.

That said, I want it, mostly because I understand the ramification of it that Suzy Jones the SUV driver doesn't.
Click to expand...

Disregard costs. People want fossil fuels gone.
 
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