Record oil prices bring fresh interest in L.A.'s wells

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GasBuddy News Article

Record oil prices bring fresh interest in L.A.'s wells Friday, May 09, 2008
USA Today -- LOS ANGELES — Record prices are prompting oil prospectors to renew interest in drilling in Los Angeles, where urban sprawl, environmental opponents and decades of production make for one of the world's toughest oil fields. "We're more active than ever," says Tim Marquez, CEO and founder of Venoco, which is running wells and reviving old ones in the city and elsewhere in California. "That increase in oil prices has caused expansion of exploration and production throughout the country and especially in California," says Steve Rusch, vice president of a Texas oil company that does extensive drilling in and around Los Angeles. "There's a huge incentive."
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	Friday, May 09, 2008 USA Today -- LOS ANGELES — Record prices are prompting oil prospectors to renew interest in drilling in Los Angeles, where urban sprawl, environmental opponents and decades of production make for one of the world's toughest oil fields. "We're more active than ever," says Tim Marquez, CEO and founder of Venoco, which is running wells and reviving old ones in the city and elsewhere in California. "That increase in oil prices has caused expansion of exploration and production throughout the country and especially in California," says Steve Rusch, vice president of a Texas oil company that does extensive drilling in and around Los Angeles. "There's a huge incentive." Visit USA Today for full article

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djgunrunner All-Star Author Salt Lake City Posts:622 Points:567,680 Joined:Apr 2005	Message Posted: 5/11/2008 1:13:07 PM	Ignore djgunrunner Report Abuse
	With prices like they are now days for crude I would surprised if a whole bunch of capped well were not opened.
POLELANE All-Star Author Ohio Posts:580 Points:52,200 Joined:Mar 2008	Message Posted: 5/11/2008 1:00:38 PM	Ignore POLELANE Report Abuse
	theyse even prospecting around the Mansion compound again
celtic14 All-Star Author Florida Posts:640 Points:556,310 Joined:Nov 2005	Message Posted: 5/10/2008 10:18:11 AM	Ignore celtic14 Report Abuse
	Matts_Pap wrote: "Interesting: We are protecting the wildlife in Alaska but the folks in LA are fair game." Fair game? When did the LaLaLander hunting season start? And what's the daily limit on them?* :-) (* - Given the massive overpopulation, the limit needs to be pretty high.)
zonernovi All-Star Author Michigan Posts:647 Points:131,465 Joined:May 2005	Message Posted: 5/10/2008 8:42:46 AM	Ignore zonernovi Report Abuse
	yeah well they waste more gas there sitting in traffic
ladyjj Sophomore Author Tennessee Posts:151 Points:7,995 Joined:Apr 2008	Message Posted: 5/10/2008 8:34:13 AM	Ignore ladyjj Report Abuse
	I say 3 Cap price of fuel. Put a windfall profits Tax on oil companies. Then put that money to good use on alternative forms of fuel or energy! At Last will that work will the money be spent right or will greed get in the way?
gasie1 Champion Author Maine Posts:1,082 Points:767,610 Joined:Nov 2005	Message Posted: 5/10/2008 8:31:24 AM	Ignore gasie1 Report Abuse
	Another gold rush.
MetroSexual All-Star Author New Hampshire Posts:822 Points:62,180 Joined:Aug 2005	Message Posted: 5/10/2008 8:18:22 AM	Ignore MetroSexual Report Abuse
	Oil drilling is not new to L.A. Signal Hill doesn't even try to hide the pumps or their repetitive squeak/groan noise. Beverly Hills High even has its own oil field (after all it IS Beverly Hills). It is about time that California was noticed for its oil supply. Alaskan (ANWR) drilling is NOT necessary. The only concern is the potential effects of the next earthquake on that supply. But in the meantime . . . pump away! Just think of the money saved by not having to transport all that oil over 4,000 miles from ANWR to L.A. [Edited by: MetroSexual at 5/10/2008 9:25:16 AM EST]
xdwing Rookie Author Cleveland Posts:2 Points:490 Joined:May 2008	Message Posted: 5/10/2008 8:16:37 AM	Ignore xdwing Report Abuse
	Cool sink holes galore
357revo Champion Author Pittsburgh Posts:5,165 Points:586,765 Joined:Sep 2006	Message Posted: 5/10/2008 8:11:47 AM	Ignore 357revo Report Abuse
	If you read the oil & gas news, you will see that domestic refineries dependent upon foreign sources of oil are cutting back on production, because it's costing them more to make the gasoline than they can sell it for at the pump. Meanwhile, domestic refineries with domestic sources of oil are continuing operations and making a profit. And profits are the means by which the marketplace acknowledges that a company is providing good service to the economy. [Sorry to inject that little bit of politically incorrect thought into your brains, but it might increase your economic sensibilities]. Maybe it's a Socialist thing. (1) We deserve cheap fuel, (2) those greedy Capitalist oil companies are making too much profit, (3) let's cap the price of gasoline, put a "windfall profits tax" on the oil companies and use that tax money to fund "alternative forms of energy". Whoops! Sorry. That's the Democrat solution, as expounded by Hillary Clinton, Nancy Pelosi, Harry Reid. But then again... Socialist/Democrat? Not a whit of difference now. The obvious solution, as indicated by this article, is to increase domestic sources of oil. As for alternative energy sources, such as waste fish guts, biodiesel from used french fries production, etc., etc. They are never going to amount to anything more than a pimple on the proverbial elephant. First, there isn't usually enough raw material to make a significant amount of fuel. Second, You can't make the fuel cheaply enough
bug27 Champion Author Kentucky Posts:1,047 Points:992,300 Joined:Apr 2005	Message Posted: 5/10/2008 8:11:37 AM	Ignore bug27 Report Abuse
	Drill, drill, drill. ANWR here we come!
Matts_Pap Veteran Author Pennsylvania Posts:347 Points:68,570 Joined:Feb 2008	Message Posted: 5/10/2008 8:07:28 AM	Ignore Matts_Pap Report Abuse
	Interesting: We are protecting the wildlife in Alaska but the folks in LA are fair game.
acknot Rookie Author Seattle Posts:46 Points:474,595 Joined:Sep 2003	Message Posted: 5/10/2008 8:05:47 AM	Ignore acknot Report Abuse
	Yes, there is a lot of recoverable oil in the ground, we just have to pay through the nose to put it in our tanks.
mrpc90 Champion Author Illinois Posts:1,086 Points:261,500 Joined:Dec 2004	Message Posted: 5/10/2008 8:05:07 AM	Ignore mrpc90 Report Abuse
	Good. Start drilling again... open up old wells...
Dipstick1 All-Star Author Texas Posts:801 Points:645,235 Joined:Jan 2006	Message Posted: 5/10/2008 8:03:31 AM	Ignore Dipstick1 Report Abuse
	You can spend a lot more to extract 150 dollar oil than you can 40 dollar oil.
yelobus Veteran Author Houston Posts:288 Points:407,060 Joined:Aug 2006	Message Posted: 5/10/2008 8:03:08 AM	Ignore yelobus Report Abuse
	There is no oil shortage. There is a cash shortage.
cucamping Champion Author Omaha Posts:2,811 Points:631,005 Joined:Jun 2006	Message Posted: 5/10/2008 7:59:18 AM	Ignore cucamping Report Abuse
	Madpotter55, Switchgrass is not the answer either. It is just like corn or beans. Once you cut it a couple of times you will have to fertilize it. It is an option, but we need to find something that does not require more energy to grow.
The_WB Champion Author Detroit Posts:2,590 Points:307,375 Joined:Apr 2007	Message Posted: 5/10/2008 7:59:09 AM	Ignore The_WB Report Abuse
	Interesting
timwil All-Star Author Arkansas Posts:932 Points:312,410 Joined:May 2007	Message Posted: 5/10/2008 7:59:00 AM	Ignore timwil Report Abuse
	old news
DooDaa Champion Author Massachusetts Posts:2,902 Points:667,205 Joined:Dec 2004	Message Posted: 5/10/2008 7:56:54 AM	Ignore DooDaa Report Abuse
	WOW!
madpotter55 Rookie Author Cleveland Posts:51 Points:103,445 Joined:Sep 2007	Message Posted: 5/10/2008 7:49:04 AM	Ignore madpotter55 Report Abuse
	Switchgrass folks.......... forget corn ....... please, the world needs to eat.
Debbs4 Rookie Author Idaho Posts:56 Points:10,495 Joined:Apr 2008	Message Posted: 5/10/2008 7:47:31 AM	Ignore Debbs4 Report Abuse
	I agree with Rick01, we must utilize OTHER fuel sources, sources that have been used for years sucessfully such as biodiesel fish waste.
Gassie1 Champion Author Akron Posts:3,402 Points:380,360 Joined:Apr 2007	Message Posted: 5/10/2008 7:47:06 AM	Ignore Gassie1 Report Abuse
	Good
Magnum0829 All-Star Author Jackson Posts:600 Points:291,190 Joined:Oct 2005	Message Posted: 5/10/2008 7:46:39 AM	Ignore Magnum0829 Report Abuse
	Hybrid!
DerHahn Champion Author Illinois Posts:1,043 Points:315,895 Joined:May 2004	Message Posted: 5/10/2008 7:45:48 AM	Ignore DerHahn Report Abuse
	drill for oil in environmentalist central? yeah, that's going to happen.
madpotter55 Rookie Author Cleveland Posts:51 Points:103,445 Joined:Sep 2007	Message Posted: 5/10/2008 7:40:53 AM	Ignore madpotter55 Report Abuse
	Does anybody have a brain anymore? Is it possible to get a degree in common sense? So smog and oil spills ....... that's it I'm putting my house on the market and buying a house in CA........ where the hell is the Terminator?
mikesf58 Sophomore Author Indiana Posts:167 Points:175,670 Joined:May 2007	Message Posted: 5/10/2008 7:36:03 AM	Ignore mikesf58 Report Abuse
	now there is something that is going to solve the problem on a long term basis
brutus All-Star Author Alberta Posts:827 Points:753,280 Joined:Feb 2003	Message Posted: 5/10/2008 7:33:12 AM	Ignore brutus Report Abuse
	Take enough oil out of California, and shake up the San Andrea's fault. Maybe it with fall into the ocean and we can skim the oil off the beaches and water.
gch42 Sophomore Author Georgia Posts:131 Points:262,980 Joined:Feb 2006	Message Posted: 5/10/2008 7:31:25 AM	Ignore gch42 Report Abuse
	And the bad news is????
racerdj All-Star Author Indianapolis Posts:684 Points:246,185 Joined:Jun 2003	Message Posted: 5/10/2008 7:30:23 AM	Ignore racerdj Report Abuse
	I hope this spurs exploration.
oncotime Champion Author Milwaukee Posts:8,342 Points:1,471,290 Joined:May 2003	Message Posted: 5/10/2008 7:25:06 AM	Ignore oncotime Report Abuse
	There's no shortage, just greed.
rowansysco Veteran Author Louisville Posts:444 Points:167,030 Joined:May 2007	Message Posted: 5/10/2008 7:21:25 AM	Ignore rowansysco Report Abuse
	California will soon be gone, washed away into the Pacific!!!
UTOrangeMan Veteran Author Atlanta Posts:284 Points:43,400 Joined:Mar 2008	Message Posted: 5/10/2008 7:16:42 AM	Ignore UTOrangeMan Report Abuse
	If they drill to much in California Nevada may end up with ocean front land.
Rick01 Sophomore Author Utah Posts:124 Points:600,880 Joined:Sep 2005	Message Posted: 5/10/2008 7:14:31 AM	Ignore Rick01 Report Abuse
	More oil really isn't the answer.
Zinnoil Champion Author Illinois Posts:10,739 Points:1,329,770 Joined:May 2004	Message Posted: 5/10/2008 7:09:54 AM	Ignore Zinnoil Report Abuse
	We need drilling in Alaska, N. Dakota, Gulf of Mexico and off shore to start with.
Crumbfel Champion Author Virginia Posts:3,355 Points:600,685 Joined:Aug 2006	Message Posted: 5/10/2008 7:09:34 AM	Ignore Crumbfel Report Abuse
	When the great exploiters get their way and ruin the environment, then oil will be found in less impacted places.
Wood_Chopper Rookie Author South Carolina Posts:84 Points:264,130 Joined:Oct 2004	Message Posted: 5/10/2008 7:08:23 AM	Ignore Wood_Chopper Report Abuse
	Drill, Drill, Drill!
BumMI All-Star Author Detroit Posts:913 Points:188,445 Joined:Nov 2007	Message Posted: 5/10/2008 7:07:24 AM	Ignore BumMI Report Abuse
	There is no incentive for oil companies to drill when they make money with the current demand and we are using less and costing more
bell05 Sophomore Author Atlanta Posts:221 Points:77,910 Joined:Jun 2005	Message Posted: 5/10/2008 7:06:55 AM	Ignore bell05 Report Abuse
	Again, the answer is for Congress to get off their butts and only pay $50.00 a barrel.
hiwytrucker Sophomore Author San Diego Posts:122 Points:153,620 Joined:Jun 2005	Message Posted: 5/10/2008 6:58:12 AM	Ignore hiwytrucker Report Abuse
	The problem is not the supply of oil as new record reserves are found every year somewhere in the world. Just watch the oil companies profits soar.
Road_Fever Champion Author West Virginia Posts:3,695 Points:641,050 Joined:Jul 2006	Message Posted: 5/10/2008 6:57:19 AM	Ignore Road_Fever Report Abuse
	Drill it !
blitzntj All-Star Author Jacksonville Posts:601 Points:116,095 Joined:Dec 2007	Message Posted: 5/10/2008 6:55:57 AM	Ignore blitzntj Report Abuse
	if we get a handle on the environmentalists.........we could produce our own oil and not depend on OPEC
44Irish Veteran Author Ontario Posts:336 Points:115,825 Joined:Mar 2007	Message Posted: 5/10/2008 6:55:50 AM	Ignore 44Irish Report Abuse
	It is not so that they can help out with the demand it is so they can get a piece of the pie. It is called greed.
RandyK9 Champion Author London Posts:2,946 Points:565,780 Joined:Jul 2006	Message Posted: 5/10/2008 6:55:03 AM	Ignore RandyK9 Report Abuse
	News ????
Shiff All-Star Author Pennsylvania Posts:604 Points:264,055 Joined:May 2006	Message Posted: 5/10/2008 6:54:46 AM	Ignore Shiff Report Abuse
	no surprise
bbreff Champion Author Atlanta Posts:1,154 Points:844,590 Joined:Jun 2005	Message Posted: 5/10/2008 6:53:07 AM	Ignore bbreff Report Abuse
	Better late than not at all.
FieroGT Champion Author Twin Cities Posts:5,213 Points:937,335 Joined:Mar 2005	Message Posted: 5/10/2008 6:52:55 AM	Ignore FieroGT Report Abuse
	So what does a LA crude oil producer sell his USA oil for? $127/barrel just like the rest of bums?
Jizme All-Star Author Lincoln Posts:699 Points:1,102,240 Joined:Oct 2004	Message Posted: 5/10/2008 6:52:51 AM	Ignore Jizme Report Abuse
	I didn't know that they had oil wells in Los Angeles
Bus Jockey Champion Author Tennessee Posts:6,989 Points:1,226,090 Joined:Aug 2004	Message Posted: 5/10/2008 6:52:12 AM	Ignore Bus Jockey Report Abuse
	Little Late isn't it?
GMax24G Sophomore Author Charleston Posts:225 Points:25,185 Joined:Jan 2008	Message Posted: 5/10/2008 6:51:42 AM	Ignore GMax24G Report Abuse
	Who knew.
weenerdog All-Star Author Detroit Posts:576 Points:117,660 Joined:Jan 2008	Message Posted: 5/10/2008 6:51:16 AM	Ignore weenerdog Report Abuse
	No, it can't hurt. we need to keep working on alternatives, though the world demand for oil won't lower the prices that much--if at all.