ahhh the old Shell game...

[Javaman]

first shell announces this...

At 9,356 feet, Shell’s New Offshore Oil Well Is the Deepest in the World
http://greenlight.greentechmedia.com/2008/12/02/at-9356-feet-shells-new-offshore-oil-well-deepest-in-world-776/

Shell has drilled an oil well in the Gulf of Mexico that’s 1.77 miles deep and it will follow up with an even deeper one.

Then Shell whines about this...

Shell executive says low prices may hurt energy policy

http://www.reuters.com/article/GCA-Oil/idUSTRE4B107120081202

WASHINGTON (Reuters) - Shell Oil Co (RDSa.L: Quote, Profile, Research, Stock Buzz) President Marvin Odum said Monday he is concerned that falling oil prices are hurting investment in the sector and may push energy down as a priority for lawmakers.

"My number one concern is that energy moves off the top of the agenda," Odum told reporters after speaking at energy event.


So, folks, as we drill deeper and deeper, it gets costlier and costlier.

She is not worried about we the people being without energy, Shell is worried about their bottom line. drilling this deep takes enormous bucks, and with oil about to go south of $40 dollars, they are freaking out. They didn't seem too worried when they were making record sums of money the way the other oil giants were a short while ago.

oil: the new russian roulette.

[kristopher]

1. A female named Marvin?

"My number one concern is that energy moves off the top of the agenda," Odum told reporters...

If that's true, I think he will get his wish. Even with declining petroleum prices energy is remaining at the top of policymakers' agendas. Unfortunately the TYPE of energy that will be getting all the attention ISN'T fossil fuels, it is going to be wind, solar, geothermal, current/wave/tidal; it is going to be energy storage solutions such as Vehicle-2-Grid plug in electric vehicles; it is going to be energy efficiency; and it is going to be a Smart Grid for transmission, distribution and full utilization of our domestic renewable resources.

Petroleum? Nah, not so much. Maybe Odum should get a bullhorn and stand outside of malls chanting "drill baby drill." The energy companies thought that was great energy policy during the campaign.

[hunter]

2. I think we are beyond the event horizon of oil development.

Oil like this will always be too expensive to support the economy required to produce it.

It doesn't matter what the price of oil is, the costs of exploiting these sorts of oil will always be higher.