Snake Oil in the Gulf of Mexico?

Introduction on the Gulf of Mexico Discovery:

Via WindsofChange, in "Treasure in the Waters", Publius Pundit covers the story regarding Devon and Chveron’s recent energy discovery in the Gulf of Mexico:

Treasure was discovered in America’s Gulf of Mexico waters today, black gold so vast and so deep and so surprising and so recoverable that overnight, America’s energy reserves have just increased as much as 50%. Chevron, Norway’s Statoil and deep-sea driller Devon Energy have just discovered as many as 15 billion barrels of previously unknown oil in a vast underwater pool five miles under the floor of the sea. No one even had a clue about this huge oil’s existence up until new high technology of deep sea drilling (cost: $1 billion a pop, and every bit as weird and high-tech as a spaceship) came to the fore.

The Many Inaccuracies of Energy/Oil/Natural Gas Discovery

First off, always be very sceptical of new energy (oil, natural gas) discoveries. If you read closely, you’ll usually find a large amount of speculation and political pressure. Randy Kirk brings a very sobering example here:

[The] announcement is reminiscent of the Mexican "huge oil discovery" announced last year, of a possible 10 billion barrels, which was quietly revised this year to around 43 million barrels, a downward revision of 99.57%. This similar "discovery" was made in Mexico last year a few months before the Mexican parliament was to vote on Pemex (state oil co)’s budget and rights to expand drilling. This illustrates the potential political pressure to announce oil and gas discoveries.

 Political Pressure

"Timing is Everything" so the saying goes. Regarding the recent claims of massive discovery in the Gulf of Mexico, timing seems to be an factor to look at regarding the enormous energy claims:


As news of a huge oil discovery deep in the western Gulf of Mexico unfolded, informal talks began in Congress to break an impasse over competing House and Senate plans to expand offshore oil and natural gas-drilling.


Massive Oil and Natural Gas discovery in the Gulf of Mexico. Right while the Senate battles over opening the Gulf of Mexico to offshore drilling. Coincidental?

Speaking of timing, doesnt the Senate report on the lack of links between Bin Laden and Saddam seem very well timed for the coming anniversary of September 11th?