Is the new 3D technology for finding oil helping or hurting the market of oil? According to the article, Can Technology Find Oil Fast Enough, it seems to be helping the short-term oil market.
The new technology allows for easier finding of oil. It no longer takes days or weeks to guess about where the oil company may find oil. It is all right there projected on a big IMAX screen. What does this do for the market? It is allowing quicker and more accurate setup time per well. Before, guessing was the best means of where oil was. If that guess isn't correct, that is $40 million wasted on a well that has no purpose.
In the short-run it is good to find the oil and be able to extract it. What is wrong with this. Some people think that the oil supply will run out sooner this way. But, changing the way oil is found does not increase or decrease the amount demanded.
I think it is a great way to save costs, and lower the price of oil.