Posts Tagged ‘Oil Producers’

Tiber Prospect – Gulf Oil Well Discovery Is Deepest in World

250 MILES SOUTHEAST OF HOUSTON
BP taps into Tiber Prospect, estimated to have between 4 billion and 6 billion barrels of oil equivalent.

Nearly seven miles below the Gulf of Mexico, oil company BP has tapped into a vast pool of crude after digging the deepest oil well in the world.

The Tiber Prospect is expected to rank among the largest petroleum discoveries in the United States, potentially producing half as much crude in a day as Alaska’s famous North Slope oil field.

The company’s chief of exploration on Wednesday estimated that the Tiber deposit holds between 4 billion and 6 billion barrels of oil equivalent, which includes natural gas.

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Energy trading limits considered by feds

Federal regulators may be moving toward imposing limits on speculative energy trading, blamed by some for the volatility that has left consumers trying to stay a step ahead of punishing price swings.

Gary Gensler, chairman of the Commodity Futures Trading Commission, said his agency must “seriously consider” imposing stringent limits on speculative trading of energy futures contracts, a move that would mark a major shift for the government.

Not everyone believes that the federal government should step in.

Craig S.

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