Oil headed for $120/bbl. Obama wants to buy more from foerigners

Discussion in 'Energy' started by Revere, Dec 3, 2010.

  1. Revere
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    Revere BANNED

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    And of course, higher profits for oil companies.

    Rising Oil Prices Fuels Debate Over Offshore Drilling - FoxNews.com

     
    Last edited: Dec 3, 2010
  2. Mr. H.
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    Mr. H. Diamond Member

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    More profits, more production. 85% of the drilling and exploration is done in this country by independently owned companies who reinvest all their profits and more right back into the business.

    Still... on the horizon- tens of billions of dollars in penalties directed at those very same companies by the Obama admin.

    But remember, when oil hit $140/bbl it soon tanked at $30 before bouncing back to where it is today.
     
  3. Bill O'Olberman
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    Bill O'Olberman Active Member

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    Im sure expanding the money supply like we are is doing its part to make oil produced in foriegn countries more expensive. But I got to ask how immediate are the benefits of more offshore drilling? And what exactly are those benefits? Im mean am I saving 5 or 10 cents a gallon?
     
  4. JiggsCasey
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    JiggsCasey VIP Member

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    This isn't very difficult, people. Oil prices are rising because global oil reserves are running down, while new demand is skyrocketing. New discoveries are not keeping up with dying capacity. It's going to get much worse, I can assure you.

    There is no vast conspiracy to line the pockets of oil execs. It is basic geology and supply/demand here.

    It's amazing that coincidence theorists regarding 9/11 and everything else are so often the first ones insisting it's some vast conspiracy by Big Oil that explains why the cost of everything is going up.

    To them, it's ever-more situational ethics. To hell with hard evidence. :rolleyes:

    Peak... is.... here. .... Accept it, get used to it.
     
    Last edited: Dec 3, 2010
  5. uscitizen
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    uscitizen Senior Member

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    OIl going up? Do you want an economic recovery or not?
    The only way we will have one is for us to pay more for what we already buy.
    Price increases have been mostly responsible for any economic recover so far.

    Of course even if the economy recovers jobs are gone.
    We will not have a "people" recovery, just an economic one.
     
    Last edited: Dec 3, 2010
  6. theHawk
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    theHawk Registered Conservative

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    Yes, the higher the price of oil and gas the more money the gov collects in taxes on such products. Its MORE GOOD NEWS!!!
     
  7. uscitizen
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    uscitizen Senior Member

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    Umm the federal tax on gas is per gallon not percentage.
    And if it costs more people will cut back some and use less, so less fuel taxes are collected.
    The govt also uses lots of fuel in it's day to day operations so spending will increase just to stay the same.

    Actually the higher oil costs the more in the road / highway maintenance costs and they suck in the same or less gas tax to pay for it.

    Fuel tax needs to be a percentage of the price tax to try and keep balance for highway maintenance costs.
     
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    Last edited: Dec 3, 2010
  8. Yurt
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    Yurt Gold Member

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    tff.....

    when oil goes up under a bush presidency = bad

    when oil goes up under an obama presidency = good
     
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  9. JiggsCasey
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    JiggsCasey VIP Member

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    no one said that.... who here said that? ... cons have nothing in their arsenal but personal attack and straw man argument.

    it doesn't matter what president.... oil price is going up because there's not enough of it to satisfy demand.
     
  10. uscitizen
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    uscitizen Senior Member

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    Sez you.
    Sez me, bad either way on we citizens and for govt spending.
     

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