Will this help bring down oil prices?

Question

Tahiti Deepwater Project, United States – The Tahiti field, discovered off the coast of Louisiana, is believed to be one of the Gulf of Mexico's largest deepwater discoveries, with potentially recoverable volumes of 400 million to 500 million oil-equivalent barrels. This $4.7 billion project is anticipated to create a peak production of 125,000 barrels of oil per day and 70 million cubic feet of natural gas. First oil is expected in 2009.

Answer 1

Is the Tahiti oil stored underground in a thimble?

If oil consumption went down,it might be viable,but how is this tiny discovery going to work out financially?

I can see no downturn in the price of gasoline.

Answer 2

I just watched CNN’s  international Channel(3pm EST), breaking  the news that oil price spikes again.  But the anchor and the reporter assert it is China’s diesel demand contributed to the hike.

Waited a sec !  It is already THIRD time I am hearing CNN’s assertion of China’s diesel demand. The first time was about two weeks ago. What’s going on?

Then, Israel’s-Iran-attack-drill news flashing back-------Which Was Just Happened This Morning !  That “unmistakable signal”  is surely an act to have a consequence of  oil supply disruption !  Why is it not reported as a oil spiking cause ? !

Time to scapegoat China again before a major offensive ? To verify, I went to CNN web site , there it is :

China hikes fuel prices http://money.cnn.com/2008/06/20/news/int...  

China to raise energy prices

http://money.cnn.com/2008/06/19/news/int...

But  nowhere saying that Israel’s-Iran-attack-drill  will unstablize the oil supply region, causing the oil  price up.

For Israelis Iran Strike Drill see

http://www.jpost.com/servlet/Satellite?c...

Answer 3

Not much.  The US consumes 9.3 million barrels of oil per day, 125,000 won't make that huge of a dent in it.

Answer 4

Demand has gotten so high that it would take 33 billion barrels per day just to keep up with demand. Get ready for even higher gas prices. Mark my word, a year from now the average person will not be able to afford gas.

Answer 5

No.  Oil prices are 'fixed'.  Imagine that this field's oil, costs only $100 per barrel. Within a week, everybody with money would have bought up all the stock, and taken futures on the rest (underground)   And why sell it to the USA if the rest of the world is willing to pay $140.  I might be patriotic, but still a business man.

Peace.