Chevron hits the jackpot in the Gulf of Mexico
by Nick van der Leek
At record depths and pressures, a consortium led by Chevron successfully struck oil in the Gulf of Mexico. The well exploded with 6000 barrels of crude a day.
That's a hit which is on par with what the guys are hitting off the Angolan coast.
Meanwhile it has recently been announced that vehicle sales in South Africa hit a new record of 60 000 per month. I wrote a magazine article about a year ago indicating that South Africa's monthly volumes were then at 30 000 (and said that this national figure matched the car production for one Chinese city.*)
This means that in South Africa alone, we're seeing the number of cars flooding our roadways and city arteries doubling year on year. Countries like India and China are experiencing similar growth. Is one 6000 barrel per day well going to save us, when the world consumes more than 84 million bpd and accelerating fast?
Meanwhile Tropical Storm Florence has flowered in the warm waters of the Atlantic, thankfully hundreds of kilometres from land.Investors and citizens all over the planet have congratulated themselves over the news in the Gulf, and forecaster have also confidently predicted a 'calmer' storm season** for this year.
Like my friend Jim Kunstler, I predict we'll see rough weather in the financial markets stirring up trouble as South Africa enters the height of their summer driving season, and America advances beyond the Labor Day weekend*** into unknown weather, and further turbulence.
*Beijing - China's biggest city.
** "Slighty below average, with just 6 hurricanes."
*** See www.kunstler.com for James H. Kunstler's daily observations pertaining to all things oil (and geopolitically relevant).
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