Romney oil math
posted at 3/8/2012 8:53 PM EST
It takes 18 months to 3 years to develop a well. The mochando well was not going to produce oil for two years at the fastest. The offshore experiment cost over 20 billion dollars but may produce 40k barrels a day. So slowing deepwater drilling because the drillers proved that they cannot be safe is a good response.
A lot of commercial industry was stopped by this accident. No fish, no tourism, can be big dollars of impact. The cost per barrel from this well if produced would be close to a thousand dollars a barrel, including the cost of the destroyed equipment(about 2 billion), direct drill cost about $750 million, commercial damage 7.5 billion, and environmental cost at least 10 billion.