Large Crude Reserve Discovered in Gulf, What Does This Mean for Cleantech Innovation?

According to the Associated Press, BP (British Petroleum) has discovered what it describes as a “giant” oil reserve in the Gulf of Mexico. BP has not confirmed the exact size of the reserve. Not only is the well under 4,132 feet of water, BP had to drill 35,0555 feet into the bottom of the Gulf, making this the deepest well ever drilled in search of oil or gas.

So how does this discovery effect cleantech innovation worldwide? The injection of a significant supply of crude into petroleum markets can lower the price of fuel for consumers. Sinking energy costs have a history of mellowing the push for the development of alternative energy. A decreased attention to innovation can also be attributed to a less vocal public.

Perhaps what’s most remarkable is that BP has had to drill deeper than ever before to find this oil. Aren’t we getting desperate? If you look at advertising and corporate marketing, you’d assume that the world has already transitioned to clean energy. If you ask the average U.S. citizen where the energy that powered their air conditioning this summer came from, they likely will have no idea. Chances are it was a coal-fired power plant. The combination of shiny, green corporate messaging and a lack of knowledge about our energy sources is dangerous. Instead of keeping the public focused on clean energy innovation, this instills a complacency, reinforced by low energy costs, that stalls progress.