Drill baby, drill! ruh-roh

Situation in the GOM looking worse by the hour. Can't be good for sentiment towards increased offshore production. Speculation on possible effects on prices?

JMG : http://www.energybulletin.net/52634

The result is that we’re pursuing oil wherever we can find it, no matter how complex or risky the prospect might be. Deepwater drilling is one example. It’s complicated stuff, far more expensive and demanding than the methods used to extract oil that happens to be conveniently located under dry land, and when the standard problems faced by oilmen everywhere crop up, responding to those problems involves a whole new world of complexity and risk. One of those standard problems is the risk of a blowout: a sudden surge of crude oil and natural gas that can come bursting up through a well at any point between the moment it’s first drilled and the moment the relatively sturdy structure that handles production is in place.

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And for some fun :

Colbert On Oil Spills: We're 'One Step Closer To A Car That Runs On Sea Water'

http://www.colbertnation.com/the-colbert-report-videos/308087/april-28-2010/gulf-of-mexico-oil-spill

Yes, it looks bad, and they don't seem to have a way to "cap" it, being 5,000 feet down...
They are drilling another "relief" well, in hopes of stopping it.

http://www.businessweek.com/news/2010-04-29/bp-transocean-slump-on-higher-spill-costs-concern-update1-.html

Where is Red Adair when we need him?
http://en.wikipedia.org/wiki/Red_Adair

Ah found my answer:
"Red Adair retired in 1993, and sold The Red Adair Service and Marine Company to Global Industries.[4] His top employees (Brian Krause, Raymond Henry, Rich Hatteberg) left in 1994 and formed their own company, International Well Control (IWC). In 1997, IWC purchased the remnants of Boots and Coots and the company is now Boots & Coots/IWC.[4] Adair died in 2004."

Boot & Coots, get on the case!

mitch672 said:

Where is Red Adair when we need him?

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Well, this isn't Red Adair's continental shelf oil well fires. Deep ocean wells are no joke.

http://www.theoildrum.com/node/6407

There are two alternative approaches BP is using to cutting off the flow. One approach is to drill a second well to intercept the first well, and inject a special heavy fluid to cut off the flow. Workers will then permanently seal the first well. This procedure is expected to take several months.
...
The other approach is designing and fabricating an underwater collection device (dome) that would trap escaping oil near the sea floor and funnel it for collection. According to NOAA, this approach has been used successfully in shallower water but never at this depth (approximately 5,000 feet). NOAA reports construction of such a dome has already begun.

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Yeah it looks bad, very bad. Likely to exceed the Exxon Alaskan oil spill by the time they can stop the flow. We are so screwed. Dammed if we drill, dammed if we don't.

The new mantra is "Spill, baby, spill"

Hello...did somebody say "Halliburton" (again!)?

The simple answer is - all the easy oil is gone. This is what we now have left - tar sands & deep ocean.

Ofcource usually we (in America) are safely away from the major problem places - happy to use the resource and not have to worry about the environmental destruction. Just like the Brazilian hardwood floors in our "green" homes.

Unfortunately, as oil resources deplete - the world will take bigger & bigger risks to satisfy the addiction. We may think we are a highly "evolved" intelligent species - but when it comes to being gluttons of resources we are no better than yeast.

We multiply & consume as much as we can - in the name of "growth" - and we will run out of resources and crash. Just like yeast in a bottle of sugar syrap.

Yep, yeast!
But, we do have the power to think and plan ahead!

However, it makes me appreciate AVATAR even more.