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Why are we not talking about the Vast Natural Gas Deposits just opened up by new Technology right here in are own back yard. 100 Years worth they say in this one find. Why are we not converting more Vehicles to burning natural gas? What is the road block? Cleaner burning than Gas, and Abundant here at home.
Whats not to like?
Why are we not talking about the Vast Natural Gas Deposits just opened up by new Technology right here in are own back yard. 100 Years worth they say in this one find. Why are we not converting more Vehicles to burning natural gas? What is the road block? Cleaner burning than Gas, and Abundant here at home.
Whats not to like?
Increased discoveries and production has driven down natural gas prices. It's a bit different commodity environment than crude, however.
Companies are seriously considering LNG (Liquified Natural Gas) terminals for ultimate export, but permitting and siting such terminals is running into serious roadblocks.
Sure I have little doubt that on the day that when Bush made that announcement the price of oil went down. It may have in fact triggered the top. However to ascribe the subsequent decline and collapse is absolutely assinine. It would take 5 to 10 years to start drawing large amounts of oil out of the new blocks in the Gulf. That isn't going to trigger a collapse in oil. We long knew of the gas in shale but that didn't stop nat gas from rising to $17. It was only once fracking became widespread did we see natty really collapse. Simply knowing it's there doesn't cause a plunge. Only when it becomes feesible to pull it out of the ground does it really affect prices. FFS Cushing is swimming in oil and WT is at $113. The market worries more about the upcoming shoulder season or the next inventory report than some hypothetical supply source a decade out.
No, oil didn't collapse because of Bush's announcement. It collapsed for the same reason why all commodities collapsed - because of an enormous debt deflation caused by the collapse of one of the biggest asset bubbles of all time. Trying to play politics betrays an enormous ignorance of economic history.
Oil imports into the Gulf of Mexico region surged to a record last week as the profits from floating storage evaporated, pushing traders to unload their cargoes and forcing crude futures lower.
The price advantage for traders who buy oil and store it at sea for a month instead of delivering it immediately has shrunk 90 percent since May. Floating storage in the Gulf dropped 24 percent in the week ended July 23, Bloomberg data show.
What was going on last week was dumping the crude, said Tim Evans, an energy analyst at Citi Futures Perspective in New York. The spread is putting pressure on those holding inventories on tankers to move it ashore.
Stockpiles unexpectedly rose 7.31 million barrels, or 2.1 percent, to 360.8 million in the week ended July 23, confounding analysts who predicted inventories would fall 1.73 million barrels, or 0.5 percent, to their lowest level in four months. A surge in imports to Gulf states contributed to the glut, Energy Department figures showed July 28.
KissMy
Floating storage is not going to be affected by supply coming online in 2018.
Bush's statement may have triggered the top but it was no more the cause of the collapse of the oil market any more than Cisco's lowered guidance in November 2000 caused the collapse of the Tech Bubble, or UAL's failed LBO caused the 1987 crash.
Wasn't it also President Bush's fault that the price of gas increased?
When you have that evidence, let me know!
To quote a not so long ago President, it's the economy, stupid:
The American Spectator : Obamaflation Arrives
Obamaflation Arrives
By Jeffrey Lord on 4.26.11 @ 6:09AM
President Obama will not be re-elected. Period.
Why?
Obamaflation has arrived, and this is what it looks like.
Milk. A gallon of skim. At the local Giant in Central Pennsylvania:
January 11, 2011: $3.20
February 28, 2011: $3.24
March 6, 2011: $3.34
April 23. 2011: $3.48
That would be a 28 cent rise in a mere 102 days, from January to April of this year. The third year of the Obama misadventure.
Then there's the celery. Same sized bag. Same store.
January 11, 2011: $1.99 a bag.
March 6, 2011: $2.49 a bag.
A rise of 50 cents in 54 days.
And the gas price during the administration filled with those who think "drill baby drill" is so yesterday? As one Internet photo had it, the numbers for regular, premium. and diesel were replaced with "LOL," "OMG," and "WTF!" Thus be it to governments who seem not to understand that energy is what makes the economic engine -- and your car -- hum.
What does this mean? It means Barack Obama is not going to be re-elected president of the United States. Period...
Now one can assume the milk costs might be local or temporary. Food prices? Not with gasoline where it is. Not with Obama administration determination not to open reserves or open drilling.
To quote a not so long ago President, it's the economy, stupid:
The American Spectator : Obamaflation Arrives
Obamaflation Arrives
By Jeffrey Lord on 4.26.11 @ 6:09AM
President Obama will not be re-elected. Period.
Why?
Obamaflation has arrived, and this is what it looks like.
Milk. A gallon of skim. At the local Giant in Central Pennsylvania:
January 11, 2011: $3.20
February 28, 2011: $3.24
March 6, 2011: $3.34
April 23. 2011: $3.48
That would be a 28 cent rise in a mere 102 days, from January to April of this year. The third year of the Obama misadventure.
Then there's the celery. Same sized bag. Same store.
January 11, 2011: $1.99 a bag.
March 6, 2011: $2.49 a bag.
A rise of 50 cents in 54 days.
And the gas price during the administration filled with those who think "drill baby drill" is so yesterday? As one Internet photo had it, the numbers for regular, premium. and diesel were replaced with "LOL," "OMG," and "WTF!" Thus be it to governments who seem not to understand that energy is what makes the economic engine -- and your car -- hum.
What does this mean? It means Barack Obama is not going to be re-elected president of the United States. Period...
Now one can assume the milk costs might be local or temporary. Food prices? Not with gasoline where it is. Not with Obama administration determination not to open reserves or open drilling.
first milk is bad for you . next its not Obama that caused farmers to grow a real cash crop to help offset dick heads like you that burn a hug amount of gasoline . the corns going to ethanol , not live stock feed .
suck it up and try soy milk
KissMy
Floating storage is not going to be affected by supply coming online in 2018.
Bush's statement may have triggered the top but it was no more the cause of the collapse of the oil market any more than Cisco's lowered guidance in November 2000 caused the collapse of the Tech Bubble, or UAL's failed LBO caused the 1987 crash.
It does not take as long to get oil to market as the political rhetoric would have people believe. It took BP no time at all to hit a big pool of oil that gushed for a month before they could contain it. Gulf oil can come on-line fast.
KissMy
Floating storage is not going to be affected by supply coming online in 2018.
Bush's statement may have triggered the top but it was no more the cause of the collapse of the oil market any more than Cisco's lowered guidance in November 2000 caused the collapse of the Tech Bubble, or UAL's failed LBO caused the 1987 crash.
It does not take as long to get oil to market as the political rhetoric would have people believe. It took BP no time at all to hit a big pool of oil that gushed for a month before they could contain it. Gulf oil can come on-line fast.
From time zero, it takes years for large amounts of oil to flow from deepwater. First you have to map it. Then you have to contract the rigs which may mean newbuilds. Then you have to build infrastructure, which may include pipelines sitting on the ocean floor. Then you have to drill it. That does not happen in a quarter.
KissMy
Floating storage is not going to be affected by supply coming online in 2018.
Bush's statement may have triggered the top but it was no more the cause of the collapse of the oil market any more than Cisco's lowered guidance in November 2000 caused the collapse of the Tech Bubble, or UAL's failed LBO caused the 1987 crash.
It does not take as long to get oil to market as the political rhetoric would have people believe. It took BP no time at all to hit a big pool of oil that gushed for a month before they could contain it. Gulf oil can come on-line fast.
From time zero, it takes years for large amounts of oil to flow from deepwater. First you have to map it. Then you have to contract the rigs which may mean newbuilds. Then you have to build infrastructure, which may include pipelines sitting on the ocean floor. Then you have to drill it. That does not happen in a quarter.
KissMy
Floating storage is not going to be affected by supply coming online in 2018.
Bush's statement may have triggered the top but it was no more the cause of the collapse of the oil market any more than Cisco's lowered guidance in November 2000 caused the collapse of the Tech Bubble, or UAL's failed LBO caused the 1987 crash.
It does not take as long to get oil to market as the political rhetoric would have people believe. It took BP no time at all to hit a big pool of oil that gushed for a month before they could contain it. Gulf oil can come on-line fast.
From time zero, it takes years for large amounts of oil to flow from deepwater. First you have to map it. Then you have to contract the rigs which may mean newbuilds. Then you have to build infrastructure, which may include pipelines sitting on the ocean floor. Then you have to drill it. That does not happen in a quarter.
Why are we not talking about the Vast Natural Gas Deposits just opened up by new Technology right here in are own back yard. 100 Years worth they say in this one find. Why are we not converting more Vehicles to burning natural gas? What is the road block? Cleaner burning than Gas, and Abundant here at home.
Whats not to like?
KissMy
Floating storage is not going to be affected by supply coming online in 2018.
Bush's statement may have triggered the top but it was no more the cause of the collapse of the oil market any more than Cisco's lowered guidance in November 2000 caused the collapse of the Tech Bubble, or UAL's failed LBO caused the 1987 crash.
It does not take as long to get oil to market as the political rhetoric would have people believe. It took BP no time at all to hit a big pool of oil that gushed for a month before they could contain it. Gulf oil can come on-line fast.
It does not take as long to get oil to market as the political rhetoric would have people believe. It took BP no time at all to hit a big pool of oil that gushed for a month before they could contain it. Gulf oil can come on-line fast.
From time zero, it takes years for large amounts of oil to flow from deepwater. First you have to map it. Then you have to contract the rigs which may mean newbuilds. Then you have to build infrastructure, which may include pipelines sitting on the ocean floor. Then you have to drill it. That does not happen in a quarter.
BP purchased the mineral rights to drill for oil in the Macondo Prospect at the Minerals Management Service's lease sale in March 2008. Mapping of the block was carried out by BP America in 2008 and 2009. BP secured approval to drill the Macondo Prospect from MMS in March 2009. An exploration well was scheduled to be drilled in 2009.
On 7 October 2009 the Transocean Marianas semi-submersible rig commenced drilling, but operations were halted at 4,023 feet below the sea floor on 29 November 2009, when the rig was damaged by Hurricane Ida. The Transocean Deepwater Horizon rig resumed drilling operations in February 2010.
In April 2010 BP/ Deepwater Horizon struck a huge producible oil reservoir. On April 20, 2010 an explosion on the drilling rig Deepwater Horizon occurred as it was capping the oil well so the drilling rig could detach from the well head & allow a production platform to connect. This could have started to fill tankers in short order.
The Gulf of Mexico's deep water & ultra deep water oil production went ballistic as soon as the ban was lifted.
It does not take as long to get oil to market as the political rhetoric would have people believe. It took BP no time at all to hit a big pool of oil that gushed for a month before they could contain it. Gulf oil can come on-line fast.
From time zero, it takes years for large amounts of oil to flow from deepwater. First you have to map it. Then you have to contract the rigs which may mean newbuilds. Then you have to build infrastructure, which may include pipelines sitting on the ocean floor. Then you have to drill it. That does not happen in a quarter.
Agreed, if we had done so in the 70's or in 2007 we'd be better off.
From time zero, it takes years for large amounts of oil to flow from deepwater. First you have to map it. Then you have to contract the rigs which may mean newbuilds. Then you have to build infrastructure, which may include pipelines sitting on the ocean floor. Then you have to drill it. That does not happen in a quarter.
Agreed, if we had done so in the 70's or in 2007 we'd be better off.
interesting the 70s we had Nixon and 07 was W ,
were they Dems ?
BELTWAY CONFIDENTIAL
Politics from the Nation's Capital
Cole: "The president doesn't know squat about energy production"
Oklahoma is one of the nation's top energy states, so it's no surprise that its senators and representatives are opposed to President Obama's energy and environmental policies. What is surprising, however, is the intensity of their reactions to Obama's proposal to do away with $4 billion worth of energy industry tax breaks.
The proposal was contained in a letter from the president to Congress, but Sen. Jim Inhofe, the Sooner state's senior senator, noted that the Democratic Senate has voted 61-35 against the idea just a few months ago. "He now wants Congress to do exactly the opposite," Inhofe told the Daily Oklahoman. "His letter is merely a distraction from what every American knows can help restrain rising prices: increase supply, that is, increase American energy production."
Similarly, Rep. Tom Cole, minced no words, saying Obama "doesn't know squat about energy production." As a result, Cole added in an interview with the Oklahoman, "we get great politics out of the White House. We just don't get great policy" because the president doesn't understand the differences in operations and priorities between an Exxon Mobil and a small independent producer.
Similarly, Rep. Dan Boren, Cole's Democratic colleague on the Oklahoma delegation, told the Tulsa World that the president should either lead in the right direction on energy issues or get out of the way so somebody else can do it: "Americans are tired of empty rhetoric on both sides and want a real plan. If the president doesn't want to stand up and be a leader, then his silence would be appreciated from people who are trying to find solutions.''
Rep. John Sullivan, a Republican, also told the Tulsa World, that "targeting the oil and gas industry with tax increases would not only raise gas prices even higher, but it would place hundreds of thousands of Oklahoma jobs in jeopardy of being eliminated or shipped overseas.''...
Right. That's one well. To collapse the price of oil as it did based solely on supply would require millions of barrels of oil to be pulled out, which requires more than one well! And there are, what, 70 or 80 class 4/5 semisubmersibles in the world, most of them contracted out.
But go back to this simple concept. Did Bush's announcement cause silver to fall from $20 to $8? Did it cause copper to be cut in half? What about the collapse in wheat prices? Or zinc? Or every other tradable commodity? No of course not. The Financial Crisis did that.
From time zero, it takes years for large amounts of oil to flow from deepwater. First you have to map it. Then you have to contract the rigs which may mean newbuilds. Then you have to build infrastructure, which may include pipelines sitting on the ocean floor. Then you have to drill it. That does not happen in a quarter.
BP purchased the mineral rights to drill for oil in the Macondo Prospect at the Minerals Management Service's lease sale in March 2008. Mapping of the block was carried out by BP America in 2008 and 2009. BP secured approval to drill the Macondo Prospect from MMS in March 2009. An exploration well was scheduled to be drilled in 2009.
On 7 October 2009 the Transocean Marianas semi-submersible rig commenced drilling, but operations were halted at 4,023 feet below the sea floor on 29 November 2009, when the rig was damaged by Hurricane Ida. The Transocean Deepwater Horizon rig resumed drilling operations in February 2010.
In April 2010 BP/ Deepwater Horizon struck a huge producible oil reservoir. On April 20, 2010 an explosion on the drilling rig Deepwater Horizon occurred as it was capping the oil well so the drilling rig could detach from the well head & allow a production platform to connect. This could have started to fill tankers in short order.
The Gulf of Mexico's deep water & ultra deep water oil production went ballistic as soon as the ban was lifted.
Right. That's one well. To collapse the price of oil as it did based solely on supply would require millions of barrels of oil to be pulled out, which requires more than one well! And there are, what, 70 or 80 class 4/5 semisubmersibles in the world, most of them contracted out.
But go back to this simple concept. Did Bush's announcement cause silver to fall from $20 to $8? Did it cause copper to be cut in half? What about the collapse in wheat prices? Or zinc? Or every other tradable commodity? No of course not. The Financial Crisis did that.
From time zero, it takes years for large amounts of oil to flow from deepwater. First you have to map it. Then you have to contract the rigs which may mean newbuilds. Then you have to build infrastructure, which may include pipelines sitting on the ocean floor. Then you have to drill it. That does not happen in a quarter.
BP purchased the mineral rights to drill for oil in the Macondo Prospect at the Minerals Management Service's lease sale in March 2008. Mapping of the block was carried out by BP America in 2008 and 2009. BP secured approval to drill the Macondo Prospect from MMS in March 2009. An exploration well was scheduled to be drilled in 2009.
On 7 October 2009 the Transocean Marianas semi-submersible rig commenced drilling, but operations were halted at 4,023 feet below the sea floor on 29 November 2009, when the rig was damaged by Hurricane Ida. The Transocean Deepwater Horizon rig resumed drilling operations in February 2010.
In April 2010 BP/ Deepwater Horizon struck a huge producible oil reservoir. On April 20, 2010 an explosion on the drilling rig Deepwater Horizon occurred as it was capping the oil well so the drilling rig could detach from the well head & allow a production platform to connect. This could have started to fill tankers in short order.
The Gulf of Mexico's deep water & ultra deep water oil production went ballistic as soon as the ban was lifted.
Oil is not used to produce electricity..........
Uhhh.....yes it is in some power plants.
.
Perhaps in backup generators in hospitals. Natural gas is far cheaper. Coal is cheaper still. Why would anyone use oil to make electricity?
While oil continues to decline in popularity as an electricity fuel, in places such as New York, oil still comprises about 8 percent of the state's electricity fuel mix.
