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Don't forget the EPA Jorge. They just shut down a lease that Shell oil had paid $2.5 billion to drill, because they changed the air quality standards to such an extent that Shell couldn't meet them. That's what I mean by political will. I'm not defending the EPA, but that's not correct. Shell left some simple numbers out of a permit application (GHG emissions from diesel tankers) and then declined to pursue the permit.
Forgive me my nonsense, as I also forgive the nonsense of those that think they talk sense.
Robert Frost
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Campfire 'Bwana
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Campfire 'Bwana
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Nonsense, oil and oil services companies have been investing billions in R&D AND drilling for years. Look at Mike's post above. Shell dumped 2.5 billion into drilling and that is just in one area. Still, you didn't answer my question..
A good principle to guide me through life: “This is all I have come to expect, standard lackluster performance. Trust nothing, believe no one and realize it will only get worse…”
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Campfire 'Bwana
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I use to think supply/demand was the controling factor in the price of oil/gasoline. I don't think so any more. There's no doubt that supply/demand has an effect the price but I now think the devaluation of the FRN$ has more effect on the price then the supply/demand on price. More people are speculating in commodities because they are trying to find a place of value for their worthless FRN$. Also all commodities are priced in FRN$ and as the price of the FRN$ goes down in value the price of the commodities has to go up. That's my story and I'm sticking to it.  http://www.youtube.com/watch?v=LEsEvb1WsIY
Last edited by derby_dude; 05/17/11.
Don't vote knothead, it only encourages them. Anonymous
"Never underestimate the power of stupid people in large groups." Anonymous
"Self-reliance, free thinking, and wealth is anathema to both the power of the State and the Church." Derby Dude
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Aside from lowering the price, how about the effect of giving less money to countries that hate us. Lowering their impact on the global economy and increasing ours.
Hemi
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econ 101: greater oil supply will result in a reduction in price
OPEC: An illegal (under US law) collusion of producers to set/fix the price at higher than market rates. OPEC price fixing is not occurring in the current market because the price is already very high.
Speculators: Speculators increase demand in the short term and can drive up prices a bit. But eventually speculators, by definition, must sell, and prices fall again. Speculators may push prices from $90 to $100. But they are NOT what has pushed prices in the past from $32 to $147. Speculators are a bogeyman created by the Obongo administration to distract attention from the real problem: Obongo is using the EPA to reduce US oil production, thus reducing supply and causing prices to increase in the hope that it causes people to drive death box mini Coopers or electric cars, or else live in high rise ghetto apartments as that is his vision for the future.
Solution: Get rid of Obongo and the EPA. Let US companies drill ANYWHERE and build a few dozen new refineries. Oil prices will come down again, probably to the $40-$50 per barrel range.
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Campfire Outfitter
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Solution: Get rid of Obongo and the EPA. Let US companies drill ANYWHERE and build a few dozen new refineries. Oil prices will come down again, probably to the $40-$50 per barrel range. Oh yeah, the oil companies will be lining up and spend billions to get a piece of that action. 
Forgive me my nonsense, as I also forgive the nonsense of those that think they talk sense.
Robert Frost
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Campfire 'Bwana
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Campfire 'Bwana
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econ 101: greater oil supply will result in a reduction in price
OPEC: An illegal (under US law) collusion of producers to set/fix the price at higher than market rates. OPEC price fixing is not occurring in the current market because the price is already very high.
Speculators: Speculators increase demand in the short term and can drive up prices a bit. But eventually speculators, by definition, must sell, and prices fall again. Speculators may push prices from $90 to $100. But they are NOT what has pushed prices in the past from $32 to $147. Speculators are a bogeyman created by the Obongo administration to distract attention from the real problem: Obongo is using the EPA to reduce US oil production, thus reducing supply and causing prices to increase in the hope that it causes people to drive death box mini Coopers or electric cars, or else live in high rise ghetto apartments as that is his vision for the future.
Solution: Get rid of Obongo and the EPA. Let US companies drill ANYWHERE and build a few dozen new refineries. Oil prices will come down again, probably to the $40-$50 per barrel range.
Actually, get rid of the Federal Reserve and prices will come down.
Don't vote knothead, it only encourages them. Anonymous
"Never underestimate the power of stupid people in large groups." Anonymous
"Self-reliance, free thinking, and wealth is anathema to both the power of the State and the Church." Derby Dude
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Campfire Outfitter
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Solution: Get rid of Obongo and the EPA. Let US companies drill ANYWHERE and build a few dozen new refineries. Oil prices will come down again, probably to the $40-$50 per barrel range./ Absolute stupidest thing we could do, bar none. Burning through our own reserves will make us the first nation to run out and become TOTALLY at the mercy of other nations.
Save an elk, shoot a cow.
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Campfire Kahuna
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Campfire Kahuna
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They would love to build new refineries, but certain logistics are required, and the same people that don't want windmills on Cape Cod live in every suitable location.
The only thing worse than a liberal is a liberal that thinks they're a conservative.
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Campfire Ranger
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Solution: Get rid of Obongo and the EPA. Let US companies drill ANYWHERE and build a few dozen new refineries. Oil prices will come down again, probably to the $40-$50 per barrel range.
hit $50 a barrel and they will quit drilling in alot of places.....hard to make money drilling the Bakken and Three Forks formations at $40-50 a barrel.........
A serious student of the "Armchair Safari" always looking for Africa/Asia hunting books
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Campfire Ranger
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Now we can talk for days (and I�m sure we will, because people here are just incapable to sticking to the subject) about why we should drill domestically for oil.
But I would like to keep this discussion focused on domestic drilling and how it lowers the price of oil or gas at the pump. The intent is to bust the myths associated with this subject. Of course it doesn't have anything to do with the price of oil if you believe the price is controlled by a vast conspiracy. Is that your position? Not at all, I don�t go for conspiracies in general. Oil is a worldwide commodity and the price is set on a worldwide market. If the US drilled EVERY LAST known reserve, we could change our imports by about 9%. Now that actually WOULD make a change in oil prices, but the change would be very small. Jorge mentions something about the US having only 3% of world reserves. Not sure where that came from, but that�s complete BS. The US has a whole lot more oil than that, but not enough to change the world supply/demand situation. US oil production peaked in 1971 and has decreased every year since; that�s the fact. If we drilled EVERYTHING, we could spike up, but NEVER anywhere near where we were in 1969. Hey, I�m ALL FOR domestic drilling, but to think it will change the supply/demand situation is just wrong, it wont.
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Campfire 'Bwana
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Campfire 'Bwana
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It's the FRN$ guys.
GET RID OF THE FEDERAL RESERVE AND THE PRICE GOES DOWN!!!!!!!!!
Don't vote knothead, it only encourages them. Anonymous
"Never underestimate the power of stupid people in large groups." Anonymous
"Self-reliance, free thinking, and wealth is anathema to both the power of the State and the Church." Derby Dude
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Campfire Tracker
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Altho I didn't think he would have made a good President, Trump had the right idea about OPEC. Tell them to go $hit in their hat!
We can, and should be, self sufficient regarding oil. We refine our own, supply our own, and the OPEC oil will drop to the basement. Nobody buys as much oil as we do, and if our demand was removed, they would loose the BILLIONS they get now.
I also believe the normal passenger cars made here should all be compressed natural gas. We have loads of natural gas, and there is no reason a typical engine can't run off it. Standby generators do, without issue. Again, use our own resources.
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Campfire Ranger
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I always felt that the USA should drill whenever and wherever we can and solely use our own crude. (if that is possible)
NOT relying on other countries...just our own.
I think fuel prices would be lower and we wouldnt be supporting other countries, just our own. Well there�s the problem; we don�t have enough. Even if we drilled every last known reserve, and for good measure, if we found 100% more than the reserves we have now, we would STILL have to import 40% of our oil. We use FAR more oil than the US can EVER produce�EVER.
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Campfire Ranger
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Altho I didn't think he would have made a good President, Trump had the right idea about OPEC. Tell them to go $hit in their hat!
We can, and should be, self sufficient regarding oil. We refine our own, supply our own, and the OPEC oil will drop to the basement. Nobody buys as much oil as we do, and if our demand was removed, they would loose the BILLIONS they get now.
I also believe the normal passenger cars made here should all be compressed natural gas. We have loads of natural gas, and there is no reason a typical engine can't run off it. Standby generators do, without issue. Again, use our own resources. I love your enthusiasm, but as it stands right now, we import 2% of our natural gas. Admittedly, we have many reserves that are un-tapped, but if we convert cars to natural gas the demands of natural gas will skyrocket, and we'll find ourself importing vast amounts of natural gas from the same A-hole's we import from now. People need to realize that there isn't ONE technology or fuel source that will replace oil. We will need many energy sources to replace oil, natural gas will be just one of many; but it most certainly won't be THE replacement for oil.
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Campfire 'Bwana
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Campfire 'Bwana
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It's the FRN$ guys.
GET RID OF THE FEDERAL RESERVE AND THE PRICE GOES DOWN!!!!!!!!! READ ABOVE!!!!!!!!! Look at this link: http://www.youtube.com/watch?v=LEsEvb1WsIY
Don't vote knothead, it only encourages them. Anonymous
"Never underestimate the power of stupid people in large groups." Anonymous
"Self-reliance, free thinking, and wealth is anathema to both the power of the State and the Church." Derby Dude
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Joined: Aug 2003
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Campfire Outfitter
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Campfire Outfitter
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Someone bump the needle - the record is skipping.
Forgive me my nonsense, as I also forgive the nonsense of those that think they talk sense.
Robert Frost
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Posts: 35,293
Campfire 'Bwana
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Campfire 'Bwana
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I don't really care what domestic drilling does for prices. If it creates one stateside job i'm for it. Any price at the pump drops would just be a bonus.
Something clever here.
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Campfire Tracker
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Well, he has a point. Debasement of the currency via inflationary monetary policy has a great effect on the price of all commodities including oil. Oil priced in gold or silver is pretty much where it was in 1971. Taking away the gold backing for the FRN$ is THE proximate cause of the increase in the price of oil. Supply and demand and political vagaries also influence the price, but there is no denying that currency debasement plays a very large role.
If the American People allow private banks to control the issuance of their currency, first by inflation, then by deflation, the banks..., will deprive the People of all their Property,...Thomas Jefferson
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Campfire 'Bwana
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Campfire 'Bwana
Joined: Jun 2003
Posts: 42,647 Likes: 7 |
econ 101: greater oil supply will result in a reduction in price
OPEC: An illegal (under US law) collusion of producers to set/fix the price at higher than market rates. OPEC price fixing is not occurring in the current market because the price is already very high.
Speculators: Speculators increase demand in the short term and can drive up prices a bit. But eventually speculators, by definition, must sell, and prices fall again. Speculators may push prices from $90 to $100. But they are NOT what has pushed prices in the past from $32 to $147. Speculators are a bogeyman created by the Obongo administration to distract attention from the real problem: Obongo is using the EPA to reduce US oil production, thus reducing supply and causing prices to increase in the hope that it causes people to drive death box mini Coopers or electric cars, or else live in high rise ghetto apartments as that is his vision for the future.
Solution: Get rid of Obongo and the EPA. Let US companies drill ANYWHERE and build a few dozen new refineries. Oil prices will come down again, probably to the $40-$50 per barrel range.
WELL SAID!!!!
A good principle to guide me through life: “This is all I have come to expect, standard lackluster performance. Trust nothing, believe no one and realize it will only get worse…”
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