HOW Stupid ."increasing domestic production will not lower gas price

[Seawytch]

Canada actually produces more oil than it consumes and yet it has NOT equated to lower prices at the pump for them...outside their additional taxes.

 

[SniperFire]

I would like to point out that the study highlighted in the OP has yet to be disputed. More drilling has NOT led to lower gas prices. Funny that...

The abundance of natural gas supply, thanks in large part to fracking, brought it down from $7 or so a cubic foot to less than $3.

Over abundant supply leads to lower prices. Always has, always will.

 

[healthmyths]

It might impact the world supply by a percentage point.



The US is producing more oil now than it did when Obama took office. Try a different mindless rant.

ARE YOU that stupid to think oh.. Obama came into office 2009.. turned OIL spigots on and production is more then when he took office?

No, only you would make such a fucking stupid statement.

SO how in the "f..k" can you be so stupid to credit Obama????

Who credited Obama? I simply stated a fact.

FACTS.. 10 years from discovery to Production!!!
The assumption that ANWR oil production would begin 10 years after legislation approves the Federal oil and natural gas leasing in the 1002 Area is based on the following 8-to-12 year timeline:

So you're admitting that drilling ANWR won't affect current prices? Good, thx. So again.. how fucking naive and stupid of you

THEN when should we have started you idiot?

If it takes 10 years why has Obama stopped it?
If it takes 10 years answer me how can he take credit from current production?
OBAMA has Stopped federal land leases so WHEN will they be release after he's gone?

SEE YOU idiots keep showing how totally out of touch with reality!
OF course Bush opened up more drilling and if it takes 10 years.. we are seeing the results of Bush's 2003,2004 efforts today!

Geez.. you guys are so stupid!

FACTS FACTS... there is over 300 year supply of oil in the USA today!

 

[8537]

The following table provided by the Bank of Kuwait gathers current reported break-even prices of major oil producing nations:
Oil Break-Even Prices
Nation US$/Barrel
Bahrain 40
Kuwait 17
Saudi Arabia 30
U.A.E. 25
Oman 40
Qatar 30
Canada’s oil sands 33


Price of Oil: Economic Breakeven vs. Political Breakeven Prices *|* Peak Oil News and Message Boards



Barrel price is WAY above that needed to bring marginal producers online to affect consumer prices.

Wait a second - you're claiming that the marginal cost of extraction in Canadian Shield sands is $33? With an EROI 3.3?

Why aren't all of these other places with marginal costs well below current prices increasing production?

They are part of a cartel and engage in price controls. Leftists enjoy enabling them by doing everything possible to keep free market oil off the market.

Oh, I see - so the worlds largest producers collude? amiright?

So tell me Sniperfire - how would a profit-maximizing cartel respond to an outside agency increasing the supply of its product?

 

[hortysir]

But we sell a considerable amount of the blue bar to others.
We don't get that oil.

You said we only produce 2% of the world's oil.

Is that correct, or not?

Actually, we probably (which means I haven't looked yet )produce even less than that.
I mis-spoke. We possess only 2% of the world's oil reserves.
Obviously we haven't tapped in to our total potential.

I'd love to see us be able to supply 100% of our own needs and 0% of the world's. Then, and only then, our increase or decrease in production, based on demand, could effect our pump prices.
As it stands now, not so much....

 

[SniperFire]

The Left's 'no can do' argument will kill them.



Works for me!

 

[Inthemiddle]

BECAUSE if the IDIOT President hadn't shut down the gulf, shut down pipelines, shut down coal plants, EPA'd the St. Croix 350,000 barrels /day refinery requiring $700 million in pollution controls that captured the remaining 2%!!!

You have a good point. It would be nice if things were different, and we could say that domestic production was at it's highest levels ever in history, but sadly that's not how it is. Oh wait.....

 

[SniperFire]

Wait a second - you're claiming that the marginal cost of extraction in Canadian Shield sands is $33? With an EROI 3.3?

Why aren't all of these other places with marginal costs well below current prices increasing production?

They are part of a cartel and engage in price controls. Leftists enjoy enabling them by doing everything possible to keep free market oil off the market.

Oh, I see - so the worlds largest producers collude? amiright?

So tell me Sniperfire - how would a profit-maximizing cartel respond to an outside agency increasing the supply of its product?

By dropping prices.

Thanks for proving my point.

 

[8537]

ARE YOU that stupid to think oh.. Obama came into office 2009.. turned OIL spigots on and production is more then when he took office?

No, only you would make such a fucking stupid statement.



Who credited Obama? I simply stated a fact.

FACTS.. 10 years from discovery to Production!!!
The assumption that ANWR oil production would begin 10 years after legislation approves the Federal oil and natural gas leasing in the 1002 Area is based on the following 8-to-12 year timeline:

So you're admitting that drilling ANWR won't affect current prices? Good, thx. So again.. how fucking naive and stupid of you

THEN when should we have started you idiot?

never. ever. In any of our lifetimes.

If it takes 10 years why has Obama stopped it?
If it takes 10 years answer me how can he take credit from current production?

I never credited Obama for current production.

OBAMA has Stopped federal land leases so WHEN will they be release after he's gone?

There are hundreds and thousands of unused leases in the US right now.

OF course Bush opened up more drilling and if it takes 10 years.. we are seeing the results of Bush's 2003,2004 efforts today!

$4 gas is the result of Bush opening up drilling in 2003? OK then - nice work, Georgie!

Geez.. you guys are so stupid!

 

[8537]

They are part of a cartel and engage in price controls. Leftists enjoy enabling them by doing everything possible to keep free market oil off the market.

Oh, I see - so the worlds largest producers collude? amiright?

So tell me Sniperfire - how would a profit-maximizing cartel respond to an outside agency increasing the supply of its product?

By dropping prices.

Thanks for proving my point.

eh, no - Oil is a rather inelastic good. They would maximize profits by decreasing supply. That's why they're a cartel.

hint: the oil in the ground isn't going anywhere.

 

[Inthemiddle]

By dropping prices.

Thanks for proving my point.

You might want to inform OPEC, so that they'll stop mistakenly reducing production whenever they want to bump prices back up.

 

[tinydancer]

Hey hey hey?

You guys tell me. We are your number one supplier. You tell me.

Why are the gas shortages happening? This is weird. No reason. Canada is your number one supplier. You have no reason for your gas prices going up like this?

 

[8537]

Hey hey hey?

You guys tell me. We are your number one supplier. You tell me.

Why are the gas shortages happening? This is weird. No reason. Canada is your number one supplier. You have no reason for your gas prices going up like this?

Oil is fungible and its sold on an international spot market.

 

[SniperFire]

Oh, I see - so the worlds largest producers collude? amiright?

So tell me Sniperfire - how would a profit-maximizing cartel respond to an outside agency increasing the supply of its product?

By dropping prices.

Thanks for proving my point.

eh, no - Oil is a rather inelastic good. They would maximize profits by decreasing supply. That's why they're a cartel.

hint: the oil in the ground isn't going anywhere.

Wrong again. With new marginal suppliers entering the market, The politics are such that the cartel nations will not relinquish marketshare for any length of time:


Need proof?

 

[tinydancer]

By dropping prices.

Thanks for proving my point.

You might want to inform OPEC, so that they'll stop mistakenly reducing production whenever they want to bump prices back up.

OPEC has nothing to do with your supply.

Please, we are your number one and by mandate we have to provide you.

 

[8537]

By dropping prices.

Thanks for proving my point.

eh, no - Oil is a rather inelastic good. They would maximize profits by decreasing supply. That's why they're a cartel.

hint: the oil in the ground isn't going anywhere.

Wrong again. With new marginal suppliers entering the market, The politics are such that the cartel nations will not relinquish marketshare for any length of time:


Need proof?

Thank you for a link demonstrating that the Saudis have been relinquishing market share with fair regularity for decades.

Why did their share increase during the Bush administration?

 

[hortysir]

You said we only produce 2% of the world's oil.

Is that correct, or not?

No...I think it is that we only hold 2% of the worlds oil reserves. We are the third highest producer of oil at 9,688,000 barrels a day. We use twice that.

YOU are vomiting like OBAMA the OLD out of date statistics of 2%!
AGAIN please refute these real numbers from real oil people that know a hell of lot more then you and DEFINTELY OBAMA!!!

FACT: 4.7 TRILLION BARRELS in USA that Obama could open up!
100 feet or less of Gulf 2.8 billion barrels
Virginia 0.3
Anwr Alaska 10.0
Bakken formation 3,600
CO,UT,WY 1,100
total 4,713 billion barrels or at above consumption rate 686 YEARS!!
U.S. oil resources: President Obama’s ‘non sequitur facts’ - The Washington Post

That is 4.713 TRILLION BARRELS!
The known world was in 2009 based on 2007,2008 figures.. 1.34 trillion!
And those number of 1.34 trillion known world reserves was based on old technology!

Again.. Obama and you are throwing up such old antique data and I don't understand why??? I mean he's suppose to be the smartest president and I don't know about you but why are you refusing the FACTS?
Even if the figure is half recoverable.. 2.3 trillion barrels in domestic USA!
that 300 years of domestic oil for the USA using every barrel at 6.8 billion barrels/year!

HOw come that simple math is so hard to understand???

Stop spamming, dude.

Just because there is crude available doesn't mean we'll have access to it.
Then we're just going to sell the majority of it to the rest of the world, any-damned-way. So how the hell does it benefit us?

 

[8537]

By dropping prices.

Thanks for proving my point.

You might want to inform OPEC, so that they'll stop mistakenly reducing production whenever they want to bump prices back up.

OPEC has nothing to do with your supply.

oh gawd.

really?

 

[SniperFire]

eh, no - Oil is a rather inelastic good. They would maximize profits by decreasing supply. That's why they're a cartel.

hint: the oil in the ground isn't going anywhere.

Wrong again. With new marginal suppliers entering the market, The politics are such that the cartel nations will not relinquish marketshare for any length of time:


Need proof?

Thank you for a link demonstrating that the Saudis have been relinquishing market share with fair regularity for decades.

13% share by the Saudi's then vs. 12% share now.

You lose.

 

[hortysir]

Hey hey hey?

You guys tell me. We are your number one supplier. You tell me.

Why are the gas shortages happening? This is weird. No reason. Canada is your number one supplier. You have no reason for your gas prices going up like this?

Because oil is bought and sold around the globe in dollars.

The dollar isn't worth the paper it's printed on right now.