SoylentNews

Massive Oil Discovery in Alaska is Biggest Onshore Find in 30 Years

posted by on Sunday March 12 2017, @05:02PM   
from the drill-baby-drill dept.

CoolHand writes:

From CNN:

The massive find of conventional oil on state land could bring relief to budget pains in Alaska brought on by slumping production in the state and the crash in oil prices.

The new discovery was made in just the past few days in Alaska's North Slope, which was previously viewed as an aging oil basin.

[...] "The interesting thing about this discovery is the North Slope was previously thought to be on its last legs. But this is a significant emerging find," Repsol spokesman Kristian Rix told CNNMoney.

Of course, this news won't ease rising concern among investors about the stubborn glut of oil in the U.S. There are increasing signs that shale oil producers are preparing to ramp up output after surviving a two-year price war with OPEC.

It's a gift from $DEITY! Who needs renewable energy when we just keep finding oil! Right?

---

Original Submission

• It's a Drop in the Bucket (Score: 4, Informative) by Anonymous Coward on Monday March 13 2017, @12:34AM

  by Anonymous Coward on Monday March 13 2017, @12:34AM (#478263)

  The size of this find is estimated at 1.2 billion barrels.

  That sounds like a lot, but world oil consumption is about 100 million barrels per day. (The US is about 1/4 of that.)

  So, this will provide the world about a week-and-a-half's worth of supply. (Or a month-and-a-half for the US.)

  To keep the party going, we need to be finding this amount of oil every week.

  Starting Score:	0		points
  Moderation		+4
  Insightful=1, Informative=3, Total=4
  Extra 'Informative' Modifier		0
  Total Score:		4