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View Diary: BP Hearing - What The Traditional Media Did Not Report (210 comments)

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  •  This is a huge hit against the oil industry (27+ / 0-)

    Deep water drilling was the next big thing in oil production. Things were looking really good for the industry because the Bush Administration green lighted the wells with almost no regulations. The industry is geared up for deep water extraction right now and it looks like it has all come to an abrupt stop.

    They have only started drilling in deep water for a short while but were looking to expand exponentially. Deepwater Horizon and others were created to poke straws in the sea floor up to 9000 feet deep. 6000 or so is the deepest they have ever gone so far. Looks like they need to rethink this before they poke any more straws.

    "As God is my witness, I thought turkeys could fly."- Arthur Carlson

    by bobinson on Wed May 12, 2010 at 06:45:57 AM PDT

    •  Where are you looking? (1+ / 0-)
      Recommended by:
      bobinson

      Is this true, that the deep water drilling projects have come to a stop?

      I would suspect that what has been planned and approved would continue, even be accelerated to head off any new regulations and make up for losses from this gusher.

      If you have evidence to the contrary it would be great to see it, encouraging even.

      The Cake is a Lie.

      by rebus on Wed May 12, 2010 at 09:38:21 AM PDT

      [ Parent ]

      •  outlook not good in the long term (1+ / 0-)
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        rebus

        You are probably right that the wells that are in the queue will get drilled faster. The long term outlook on deep water drilling is slowing down. The industry was gearing up to put deepwater oil fields into production. Coastal states were going along with the plans because the platforms would have been almost too distant to see from land. California and New Jersey are just the first two to put a hold the the plans.

        With the blame-game finger pointing going on in Congressional investigations, the public will demand that the industry get the safety technology working before they use the new drilling technology. Could take years and make production not so profitable.

        "As God is my witness, I thought turkeys could fly."- Arthur Carlson

        by bobinson on Wed May 12, 2010 at 03:01:45 PM PDT

        [ Parent ]

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