07/23/10 Vancouver, British Columbia – “This disaster in the Gulf will bring so much joy, such great future for the US!” Marcio Mello said yesterday during his presentation at the Agora Financial Investment Symposium. If you are unfamiliar, Mello is the geological legend responsible for Brazil’s massive deep-water oil discoveries in the last few years. He shared his thoughts at our annual Symposium yesterday…
But before you read them, have you ever seen Italian television? A Mexican talk show? If you have, then you can accurately picture Mello bounce around the room with wild, infectious, almost cartoonish enthusiasm. This was by far the most charged presentation this week…a great show:
“There are no disasters. There is no bad news – only opportunity. BP is not bad news. Accidents happen, but oil drilling is the safest operation in the world. This is the first accident there, EVER! The global energy industry drills 1,500 offshore wells a year with no accident.
“Thousands of barrels of spillage a day is a great sign! Look at how much oil could have been produced if they didn’t have this accident. There is so much oil deep in your Gulf of Mexico that America is so blessed. There is so much, one day it will be hard to believe in Peak Oil. It is great news.”
The one real lesson to learn from BP, says Mello, “is people. I put all my money in the right people. People…that’s it. Countries, government, assets, NO… Put your money in good people and you will never lose. Who?”
Crowd responds: “People.”
“I can use data; I can use history; I can use good sense. But when I doubt, I always put my money in the one thing that never fails me. Say it with me:”
An excited crowd responds: “People!”
Mello: “No… s**t… oil!”
Ian Mathias
for The Daily Reckoning
Ian Mathias
Ian Mathias is the managing editor of Agora Financial’s Income Franchise, where he writes and researches about retirement, dividend and fixed income investing. Much of his work is featured in The Daily Reckoning and Lifetime Income Report – Agora Financial’s flagship income investing advisory.
Previously, Ian managed The 5 Min. Forecast, a fun, fast-paced daily look into the future of global markets and macroeconomics. He’s also worked in public relations, where media outlets like Forbes, AP, Yahoo! and MSN Money have syndicated his writing. If he’s not at work, you’ll probably find Ian on a bicycle, racing up and down the “mountains” of Baltimore County. Ian has a BA from Loyola University in Maryland.
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How is that good news? That much oil would not have come out without the blow-out – the twit in question seems not to understand EROEI – you reduced the EROEI by letting the oil be displaced by water above it, a criminally stupid thing to do. Good luck with that no peak oil thing – let the earth marinate in the poisons, I guess…
Petroleum is a NATURAL substance which does less environmental harm than a discarded plastic water bottle.
That guy does not know what is going on – what a disaster and how costly that leak will be. We have no need & no business in that deep water drilling – WE DO NOT NEED THAT STINKING OIL. People simply do not realize what is available in CLEAN RENEWABLE ENERGY TECHNOLOGY – we could be running the world on clean REs. It is only because oil has been so massively subsidized and now so developed – so massively produced and used that it is so unrealistically cheap. Get rid of all the stinking gov’t manipulation and allow for a FREE MARKET – LEVEL PLAYING FIELD, and there are green techs now that will beat out the filthy fossil fuels – even without any consideration for the cost of the pollution.