Iran has discovered an oil field with an estimated 53B barrels of crude

Tensions involving the US? Because the combination of the US and Canada has been self-sufficient in petroleum for a few years now: i.e., the US need go no further than Canada to get all the oil it needs. The US would be self-sufficient now if the Saudis hadn't lowered their prices about 6 years ago in an explicit attempt to discourage US production; as it is, US self-sufficiency will take a few more years.

Now that the US has the technical means to extract "tight oil" just the state of Texas has enough extractible oil to last the US 100 years, I saw one expert say recently.

(Of course, burning all that oil would cause horrible climate change, but that is true of the Iranian oil, too.)

api2• 7 years ago

It's not about physical self-sufficiency but about money. It's about who gets to pump and sell that oil and where the profits go.

bimr6• 7 years ago

It's not for the benefit of the US

LyndsySimon• 7 years ago

Assuming this is true, can you show me the benefit of a past military campaign against an oil-rich power? Iraq would be my preference, but I’m open to whatever example you have at hand.

bimr6• 7 years ago

It's not a matter of state. It's a market like any other. Think how common usurpation is in the financial sector -- LIBOR scandal, Bank of England audio leaks, Flash Trading Arbitrage, Goldman Sachs's ABACUS scam. Then, apply the same tactics to energy.

sjg0072• 7 years ago

Gulf War I was bankrolled by the Saudis which helped pull the US out of a recession / stagnation / the 80s.

mc32• 7 years ago

Is that the cause of tensions between India and China or India and Pakistan of China and Indonesia?

dickjocke• 7 years ago

We are living in a simulation of a game of Risk.

sheepdestroyer• 7 years ago

Who can decently rejoice at such a new?

That's how many more tons of CO2 in the atmosphere? As far as I understand, it means pic oil farther away and lower prices that will affect competitiveness of renewable.

j-walker• 7 years ago

This is from November 2019.

Iran has discovered an oil field with an estimated 53B barrels of crude

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