Bush hands Obama the presidency... (stops offshore drilling ban)

[DiamondDave]

It won't work in this case. Other sources will just scale back production. I don't think you realize what kind of monopoly the oil companies have on oil.

The oil companies have nothing to do with the production of oil... adding oil to the market does not mean that OPEC or Canada or somewhere else will lower production

And of course... an uber-lefty and the stance about the 'big bad oil companies'.... spare me the ridiculous boo-hooing... you're little slogans may work with the mindless left-wing drones... ain't gonna cut it here

 

[jreeves]

No, I'd rather find alternative sources and conserve.

But please, I really don't understand how people think this would reduce the cost of gasoline since oil is sold on the world market. If we were supplying only ourselves and if we actually had enough oil to do that it might make sense. Otherwise, it makes no sense at all.

We can do both, you know, support our own economy and develop alternative energy sources. Wouldn't you rather american oil companies being taxed on their oil than sending billions of dollars over to the middle east with no tax benefit?

 

[Ravi]

We can do both, you know, support our own economy and develop alternative energy sources. Wouldn't you rather american oil companies being taxed on their oil than sending billions of dollars over to the middle east with no tax benefit?

You aren't answering my question. And American oil companies already receive tax breaks.

 

[jreeves]

You aren't answering my question. And American oil companies already receive tax breaks.

Offshore drilling will have an effect on oil prices, maybe not a huge effect but an effect nonetheless. I believe the American consumer will take every break they can get right now. Ok, even if oil companies recieve tax breaks, don't you think they will be paying more taxes than they are now? Would you rather send that tax revenue over to the middle east?

 

[Charles_Main]

Sure, it easily could.

Can you explain to me how drilling will reduce the cost of oil?

Easy, by securing more supply here, we can take some of the power of the speculators to drive up the price over fears of un rest in the mid east. However I am sure you will not agree with this. You are completely partisan from top to bottom on this issue, so I am not sure why I bothered.

 

[Ravi]

Easy, by securing more supply here, we can take some of the power of the speculators to drive up the price over fears of un rest in the mid east. However I am sure you will not agree with this. You are completely partisan from top to bottom on this issue, so I am not sure why I bothered.

Again, that would only work if we had absolutely no need to buy oil on the world market.

 

[jreeves]

Again, that would only work if we had absolutely no need to buy oil on the world market.

Do you think offshore drilling coupled with the development of oil shale would bring prices down dramatically?

 

[Charles_Main]

Again, that would only work if we had absolutely no need to buy oil on the world market.

Wrong the less we need to buy on the world market, the less effect fears of strife in the mid east and else where can effect the prices set on the NYSE. If you can not understand that the traders trading in Oil and Gas futures are using fears of strife in oil producing areas to drive up the price I do not know what can be done to convince you. It seems simple in my mind, secure more Domestic supply and fears of strife over there will have less effect on the market.

Not to mention the added bonus of not sending so much money over there, into the hands of Nations who fund terrorism, and generally do not like us.

 

[jillian]

Do you think offshore drilling coupled with the development of oil shale would bring prices down dramatically?

How many times do you need this same question answered? Like or don't like the answer, but it's been answered repeatedly.

 

[jreeves]

How many times do you need this same question answered? Like or don't like the answer, but it's been answered repeatedly.

American Solutions - RAND: U.S. Oil Shale Resources Are Three Times Larger Than the Current Oil Reserves in Saudi Arabia
The most startling Congressional prohibition on domestic oil production concerns the recently enacted ban on the development of oil shale resources in parts of Colorado, Utah, and Wyoming in the Green River Formation. According to a Rand Study estimate, this reserve contains over one trillion barrels of oil, with 800 billion barrels fully recoverable, or three times the current oil reserves as Saudi Arabia:

The largest known oil shale deposits in the world are in the Green River Formation, which covers portions of Colorado, Utah, and Wyoming. Estimates of the oil resource in place within the Green River Formation range from 1.5 to 1.8 trillion barrels. Not all resources in place are recoverable. For potentially recoverable oil shale resources, we roughly derive an upper bound of 1.1 trillion barrels of oil and a lower bound of about 500 billion barrels. For policy planning purposes, it is enough to know that any amount in this range is very high. For example, the midpoint in our estimate range, 800 billion barrels, is more than triple the proven oil reserves of Saudi Arabia. Present U.S. demand for petroleum products is about 20 million barrels per day. If oil shale could be used to meet a quarter of that demand, 800 billion barrels of recoverable resources would last for more than 400 years.
Nope that would make a difference on prices at all.....

 

[Ravi]

Wrong the less we need to buy on the world market, the less effect fears of strife in the mid east and else where can effect the prices set on the NYSE. If you can not understand that the traders trading in Oil and Gas futures are using fears of strife in oil producing areas to drive up the price I do not know what can be done to convince you. It seems simple in my mind, secure more Domestic supply and fears of strife over there will have less effect on the market.

Not to mention the added bonus of not sending so much money over there, into the hands of Nations who fund terrorism, and generally do not like us.

It makes a good sound bite, but unless we can somehow remove ourselves from the world oil market it just isn't going to hold true.

 

[jreeves]

It makes a good sound bite, but unless we can somehow remove ourselves from the world oil market it just isn't going to hold true.

800 billion barrels of oil would send oil prices plummeting world wide. That's like another Saudi Arabia coming online....

 

[jillian]

800 billion barrels of oil would send oil prices plummeting world wide. That's like another Saudi Arabia coming online....

And no matter how many times you're shown that isn't true, you keep repeating it and repeating it.

 

[jreeves]

And no matter how many times you're shown that isn't true, you keep repeating it and repeating it.

Oil from oil shale by moderate estimates, would provide 800 billion barrels of oil. That's 3 times the size of the oil reserves in Saudi Arabia, show me where I'm wrong that 800 billion barrels of oil wouldn't bring down oil prices?

 

[AllieBaba]

I find it amusing that the people who whine the loudest about the price of oil are the same ones who refuse to actually do anything that might help reduce the price of oil and reduce our dependence upon foreign oil.

It's the old "My way or the highway" attitude of the elite who think that lofty intentions and pie in the sky theories of government intervention alone will bring oil prices back down.

 

[Ravi]

Oil from oil shale by moderate estimates, would provide 800 billion barrels of oil. That's 3 times the size of the oil reserves in Saudi Arabia, show me where I'm wrong that 800 billion barrels of oil wouldn't bring down oil prices?

According to your previous link, it isn't cost effective to get oil out of shale. It's a negative energy consumption. Kind of like ethanol. Creating jobs is all fine and dandy, but wasting money is stupid.

 

[Charles_Main]

And no matter how many times you're shown that isn't true, you keep repeating it and repeating it.

Nobody has shown it is not true, Oh you may think you have, but clearly you have not IMO. There is no way 800 billion barrels of oil coming on line could not lower prices. It is simple supply and Demand economics.

 

[jreeves]

According to your previous link, it isn't cost effective to get oil out of shale. It's a negative energy consumption. Kind of like ethanol. Creating jobs is all fine and dandy, but wasting money is stupid.

Either you aren't reading or your just flat out lying, which is it?
American Solutions - RAND: U.S. Oil Shale Resources Are Three Times Larger Than the Current Oil Reserves in Saudi Arabia
The same RAND study indicated that technology exists today that would allow oil shale extraction and that the process would be cost effective once the price of a barrel of oil was $95 (p. x). The price of a barrel of oil today is around $130.

However, Shell Oil has been investing in technology that would make extraction much cheaper than standard pit mining:

Shell Oil Company has successfully conducted small-scale field tests of an insitu process based on slow underground heating via thermal conduction. Larger scale operations are required to establish technical viability, especially with regard to avoiding adverse impacts on groundwater quality. Shell anticipates that, in contrast to the cost estimates for mining and surface retorting, the petroleum products produced by their thermally conductive in-situ method will be competitive at crude oil prices in the mid-$20s per barrel.

 

[DiamondDave]

Oil from oil shale by moderate estimates, would provide 800 billion barrels of oil. That's 3 times the size of the oil reserves in Saudi Arabia, show me where I'm wrong that 800 billion barrels of oil wouldn't bring down oil prices?

Because she don't want it o be true... it would go against her blindfolded political stances

 

[Charles_Main]

It makes a good sound bite, but unless we can somehow remove ourselves from the world oil market it just isn't going to hold true.

yes it does, but go ahead and keep claiming it does not, I wont stop you.