$5 GAS BY MEMORIAL DAY: So how many think that the voters will forgive this

[edthecynic]

Yes it can be laid at the feet of the current president.
When Bush lifted the offshore drilling ban what happen to gas prices? Was it a dream or did they start to drop?

Oil started to drop BEFORE Bush lifted the ban, which did not produce a single additional drop of oil, so yes it was a complete fantasy.

Again, none of the new oil found by the oil monopoly ever goes on the market. The new wells are capped. Remember the BP Deepwater Horizon well? A huge oil find was made, but was the oil put on the market? No, the well was capped. The capping was bad and it exploded and it was recapped. Still to this day the well is not producing any oil to put on the market.

The only increase in oil production that ends up on the market is coming from small INDEPENDENT oil companies leasing private land. The way you get more oil on the market is to threaten to nationalize all CAPPED wells and lease them to the independents. If that happens, you can be sure BP and the others will immediately tap their capped wells and put the oil on the market rather than lose them.

Oil started to drop BEFORE Bush lifted the ban, which did not produce a single additional drop of oil, so yes it was a complete fantasy.

Give a valid credible source.

Notice how he carefully avoids the fact that new oil discoveries do not make it onto the market from anyone other than the small independent oil companies!!!!!!

 

[bigrebnc1775]

Oil started to drop BEFORE Bush lifted the ban, which did not produce a single additional drop of oil, so yes it was a complete fantasy.

Again, none of the new oil found by the oil monopoly ever goes on the market. The new wells are capped. Remember the BP Deepwater Horizon well? A huge oil find was made, but was the oil put on the market? No, the well was capped. The capping was bad and it exploded and it was recapped. Still to this day the well is not producing any oil to put on the market.

The only increase in oil production that ends up on the market is coming from small INDEPENDENT oil companies leasing private land. The way you get more oil on the market is to threaten to nationalize all CAPPED wells and lease them to the independents. If that happens, you can be sure BP and the others will immediately tap their capped wells and put the oil on the market rather than lose them.

Oil started to drop BEFORE Bush lifted the ban, which did not produce a single additional drop of oil, so yes it was a complete fantasy.

Give a valid credible source.

You gave no "valid credible source" for your Bush crap, so:
'That which can be asserted without evidence can also be dismissed without evidence.'
- Christopher Hitchens

Please show with a "valid credible source" how Bush's decree put more oil on the market in time to drive down oil prices.

Why is the media “spinning” how Bush making oil prices drop today?

So yesterday Bush lifts the exectutive ban on off-shore drilling, and before you Democrats go getting your panties in a wad, he readily admits that this won’t help in the short term much. He said “it’s not going to produce a drop pf oil tomorrow.” But it does make OPEC and the oil speculators think twice about what the future might hold.


Yet maybe it did do something with immediate results…..today oil prices fell $ 10 a barrel. Yet the media wants to “credit” the fall in price to the bad economy. But isn’t that what they were “blaming” for the rise in oil prices in the first place?
Why is the media “spinning” how Bush making oil prices drop today? | Current Oil Price

 

[edthecynic]

Give a valid credible source.

You gave no "valid credible source" for your Bush crap, so:
'That which can be asserted without evidence can also be dismissed without evidence.'
- Christopher Hitchens

Please show with a "valid credible source" how Bush's decree put more oil on the market in time to drive down oil prices.

Why is the media “spinning” how Bush making oil prices drop today?

So yesterday Bush lifts the exectutive ban on off-shore drilling, and before you Democrats go getting your panties in a wad, he readily admits that this won’t help in the short term much. He said “it’s not going to produce a drop pf oil tomorrow.” But it does make OPEC and the oil speculators think twice about what the future might hold.


Yet maybe it did do something with immediate results…..today oil prices fell $ 10 a barrel. Yet the media wants to “credit” the fall in price to the bad economy. But isn’t that what they were “blaming” for the rise in oil prices in the first place?
Why is the media “spinning” how Bush making oil prices drop today? | Current Oil Price

Amazing what passes for a "valid credible source" to CON$. Some unknown schlub asks a loaded question with false information and that is a "valid credible source." At least your source points out that even Bush admitted that his decree will not put any new oil on the market immediately.

Oil was falling before Bush spoke, then spiked when there was SPECULATION that Israel was going to attack Iran, and then started falling again when that threat passed before Bush's decree.

Again you carefully avoid the fact that all the new drilling by big oil puts no new oil on the market!!! The only new oil finding its way onto the market is coming from small independent oil companies drilling on private land.

 

[signelect]

Most of the increases are coming at the hands of the traders. Gas in my area jumped $.20 in two days, oil did not go up, the traders are making the money on the backs of the consumer. I hate to say it but if $5.00 gas will get POTUS out of office it is OK with me. By the way it effect the left with the same degree of difficulty as the right. Yall need to get your heads into some sunlight

 

[Big Fitz]

Oil started to drop BEFORE Bush lifted the ban, which did not produce a single additional drop of oil, so yes it was a complete fantasy.

Again, none of the new oil found by the oil monopoly ever goes on the market. The new wells are capped. Remember the BP Deepwater Horizon well? A huge oil find was made, but was the oil put on the market? No, the well was capped. The capping was bad and it exploded and it was recapped. Still to this day the well is not producing any oil to put on the market.

The only increase in oil production that ends up on the market is coming from small INDEPENDENT oil companies leasing private land. The way you get more oil on the market is to threaten to nationalize all CAPPED wells and lease them to the independents. If that happens, you can be sure BP and the others will immediately tap their capped wells and put the oil on the market rather than lose them.

Oil started to drop BEFORE Bush lifted the ban, which did not produce a single additional drop of oil, so yes it was a complete fantasy.

Give a valid credible source.

You gave no "valid credible source" for your Bush crap, so:
'That which can be asserted without evidence can also be dismissed without evidence.'
- Christopher Hitchens

Please show with a "valid credible source" how Bush's decree put more oil on the market in time to drive down oil prices.

"To a believer, no proof is necessary. To a skeptic, no proof is enough."
Me

When any source can be considered without credit because it disagrees with you, there can be no validity in demanding sources.

 

[bigrebnc1775]

You gave no "valid credible source" for your Bush crap, so:
'That which can be asserted without evidence can also be dismissed without evidence.'
- Christopher Hitchens

Please show with a "valid credible source" how Bush's decree put more oil on the market in time to drive down oil prices.

Why is the media “spinning” how Bush making oil prices drop today?

So yesterday Bush lifts the exectutive ban on off-shore drilling, and before you Democrats go getting your panties in a wad, he readily admits that this won’t help in the short term much. He said “it’s not going to produce a drop pf oil tomorrow.” But it does make OPEC and the oil speculators think twice about what the future might hold.


Yet maybe it did do something with immediate results…..today oil prices fell $ 10 a barrel. Yet the media wants to “credit” the fall in price to the bad economy. But isn’t that what they were “blaming” for the rise in oil prices in the first place?
Why is the media “spinning” how Bush making oil prices drop today? | Current Oil Price

Amazing what passes for a "valid credible source" to CON$. Some unknown schlub asks a loaded question with false information and that is a "valid credible source." At least your source points out that even Bush admitted that his decree will not put any new oil on the market immediately.

Oil was falling before Bush spoke, then spiked when there was SPECULATION that Israel was going to attack Iran, and then started falling again when that threat passed before Bush's decree.

Again you carefully avoid the fact that all the new drilling by big oil puts no new oil on the market!!! The only new oil finding its way onto the market is coming from small independent oil companies drilling on private land.

Oil on July 14 th 2008 145.00 a barrel that was the date bush lifted the ban

Dtae of the CNN article July 15 2008
Biggest oil price drop in 17 years

Oil falls amid concerns economic woes will cut demand - Jul. 15, 2008

You were saying?

 

[signelect]

I don't understand the argument that any new drilling won't won't bring immediate relief, that is true but it will bring relief in time. We don't need foreign oil if we drill and convert our own, don't you libs get it. What is your problem. I am beginning to think you were dropped on your heads at birth and can't help it.

 

[edthecynic]

Why is the media “spinning” how Bush making oil prices drop today?

So yesterday Bush lifts the exectutive ban on off-shore drilling, and before you Democrats go getting your panties in a wad, he readily admits that this won’t help in the short term much. He said “it’s not going to produce a drop pf oil tomorrow.” But it does make OPEC and the oil speculators think twice about what the future might hold.


Yet maybe it did do something with immediate results…..today oil prices fell $ 10 a barrel. Yet the media wants to “credit” the fall in price to the bad economy. But isn’t that what they were “blaming” for the rise in oil prices in the first place?
Why is the media “spinning” how Bush making oil prices drop today? | Current Oil Price

Amazing what passes for a "valid credible source" to CON$. Some unknown schlub asks a loaded question with false information and that is a "valid credible source." At least your source points out that even Bush admitted that his decree will not put any new oil on the market immediately.

Oil was falling before Bush spoke, then spiked when there was SPECULATION that Israel was going to attack Iran, and then started falling again when that threat passed before Bush's decree.

Again you carefully avoid the fact that all the new drilling by big oil puts no new oil on the market!!! The only new oil finding its way onto the market is coming from small independent oil companies drilling on private land.

Oil on July 14 th 2008 145.00 a barrel that was the date bush lifted the ban

Dtae of the CNN article July 15 2008
Biggest oil price drop in 17 years

Oil falls amid concerns economic woes will cut demand - Jul. 15, 2008

You were saying?

First of all, your own link contradicts you!!!
From your link:

NEW YORK (CNNMoney.com) -- Oil prices plummeted by the second-largest margin on record Tuesday as investors feared a further decline in U.S. demand after hearing comments from Federal Reserve Chairman Ben Bernanke.

On Tuesday morning, Federal Reserve Chairman Ben Bernanke warned that high energy prices have helped to limit the purchasing power of U.S. households. High energy costs will remain a drag on the U.S. economy for the rest of the year, Bernanke told the Senate Banking Committee Tuesday.
That could result in businesses pushing a greater percentage of their high fuel and commodity costs through to consumers, he warned.
Immediately following Bernanke's speech, prices dropped more than $9, sinking below $136 a barrel, before recovering some.

Is Threat of Iran Attack Raising Oil Prices? - Newsweek
June 28, 2008
The War Premium On Oil

Speculators may be assuming that Israel and the United States will 'take out' Iranian nuclear facilities.

(Page 1 of 2)
There are two questions being asked around the global water cooler these days, and no one seems to have a very good answer for them. First, why does the price of oil keep rising, even if the world economy is slowing down and the Saudis appear to be willing to raise production? Second, why do so many analysts and governments think that the United States or Israel, or both, will attempt to destroy or set back the Iranian nuclear program sometime before George W. Bush's departure from the White House early next year?



Obviously there is no single explanation for the astonishing and persistent rise in oil prices, recently hitting more than $140 per barrel. But one explanation may well be that energy traders and even real consumers, including refiners, companies and governments, are betting on an American-Israeli intervention against Iran in the near future, and logically believing that such an act would drive oil prices sky-high.


What would happen if such an intervention were to occur? To begin with, Iran would almost certainly suspend most or all of its oil sales abroad in retaliation; that would remove a couple of million barrels from the current worldwide supply of roughly 85 million barrels per day. Then—and this is crucial—Tehran's increasingly close ally, Hugo Chávez in Caracas, would in all likelihood at least stop sales to the United States and possibly declare a general suspension of sales. There go another 1.5 million barrels per day, though PDVSA, the Venezuelan state oil company, claims it is exporting substantially more today (showing, by the way, that in today's global economy, it is not that easy to know exactly how much each producer is placing on the world market). Finally, it would not be impossible for other exporters, out of tongue-in-cheek solidarity with Iran (applauding the American-Israeli move in private while giving lip service to international law in public), to remove an additional million or so barrels per day from the global market. Prices would in all likelihood break through the $200 ceiling, and maybe go much higher.

 

[edthecynic]

I don't understand the argument that any new drilling won't won't bring immediate relief, that is true but it will bring relief in time. We don't need foreign oil if we drill and convert our own, don't you libs get it. What is your problem. I am beginning to think you were dropped on your heads at birth and can't help it.

Again, any new oil that is found by the big oil monopolies does not make it on to the market, to keep supply artificially low and prices artificially high. Giving them more access to drilling sites will only lead to them controlling more of the supply they keep off the market.

We must get them to tap the wells they have capped, not give them leases to more drilling sites. You do this by threatening to take back the leases on the capped wells and leasing them to independent oil companies who will put the oil on the market. Big oil will put the oil from the capped wells on the market rather than lose the leases.
Problem solved.

 

[bigrebnc1775]

Amazing what passes for a "valid credible source" to CON$. Some unknown schlub asks a loaded question with false information and that is a "valid credible source." At least your source points out that even Bush admitted that his decree will not put any new oil on the market immediately.

Oil was falling before Bush spoke, then spiked when there was SPECULATION that Israel was going to attack Iran, and then started falling again when that threat passed before Bush's decree.

Again you carefully avoid the fact that all the new drilling by big oil puts no new oil on the market!!! The only new oil finding its way onto the market is coming from small independent oil companies drilling on private land.

Oil on July 14 th 2008 145.00 a barrel that was the date bush lifted the ban

Dtae of the CNN article July 15 2008
Biggest oil price drop in 17 years

Oil falls amid concerns economic woes will cut demand - Jul. 15, 2008

You were saying?

First of all, your own link contradicts you!!!
From your link:

NEW YORK (CNNMoney.com) -- Oil prices plummeted by the second-largest margin on record Tuesday as investors feared a further decline in U.S. demand after hearing comments from Federal Reserve Chairman Ben Bernanke.

On Tuesday morning, Federal Reserve Chairman Ben Bernanke warned that high energy prices have helped to limit the purchasing power of U.S. households. High energy costs will remain a drag on the U.S. economy for the rest of the year, Bernanke told the Senate Banking Committee Tuesday.
That could result in businesses pushing a greater percentage of their high fuel and commodity costs through to consumers, he warned.
Immediately following Bernanke's speech, prices dropped more than $9, sinking below $136 a barrel, before recovering some.

Is Threat of Iran Attack Raising Oil Prices? - Newsweek
June 28, 2008
The War Premium On Oil

Speculators may be assuming that Israel and the United States will 'take out' Iranian nuclear facilities.

(Page 1 of 2)
There are two questions being asked around the global water cooler these days, and no one seems to have a very good answer for them. First, why does the price of oil keep rising, even if the world economy is slowing down and the Saudis appear to be willing to raise production? Second, why do so many analysts and governments think that the United States or Israel, or both, will attempt to destroy or set back the Iranian nuclear program sometime before George W. Bush's departure from the White House early next year?



Obviously there is no single explanation for the astonishing and persistent rise in oil prices, recently hitting more than $140 per barrel. But one explanation may well be that energy traders and even real consumers, including refiners, companies and governments, are betting on an American-Israeli intervention against Iran in the near future, and logically believing that such an act would drive oil prices sky-high.


What would happen if such an intervention were to occur? To begin with, Iran would almost certainly suspend most or all of its oil sales abroad in retaliation; that would remove a couple of million barrels from the current worldwide supply of roughly 85 million barrels per day. Then—and this is crucial—Tehran's increasingly close ally, Hugo Chávez in Caracas, would in all likelihood at least stop sales to the United States and possibly declare a general suspension of sales. There go another 1.5 million barrels per day, though PDVSA, the Venezuelan state oil company, claims it is exporting substantially more today (showing, by the way, that in today's global economy, it is not that easy to know exactly how much each producer is placing on the world market). Finally, it would not be impossible for other exporters, out of tongue-in-cheek solidarity with Iran (applauding the American-Israeli move in private while giving lip service to international law in public), to remove an additional million or so barrels per day from the global market. Prices would in all likelihood break through the $200 ceiling, and maybe go much higher.

Nope my link does not. oil prices on july 14th was at 145.00 a barrel.
on the 15th the prices drop at a 17 year low, doesn't matter how the media spinned it. Oil drop come back after class is over and I will quiz you again.

 

[Mr. H.]

I don't understand the argument that any new drilling won't won't bring immediate relief, that is true but it will bring relief in time. We don't need foreign oil if we drill and convert our own, don't you libs get it. What is your problem. I am beginning to think you were dropped on your heads at birth and can't help it.

Again, any new oil that is found by the big oil monopolies does not make it on to the market, to keep supply artificially low and prices artificially high. Giving them more access to drilling sites will only lead to them controlling more of the supply they keep off the market.

We must get them to tap the wells they have capped, not give them leases to more drilling sites. You do this by threatening to take back the leases on the capped wells and leasing them to independent oil companies who will put the oil on the market. Big oil will put the oil from the capped wells on the market rather than lose the leases.
Problem solved.

Firstly, there is no "monopoly" in the oil industry.

As for "big oil"- it's all but non-existent in this country.
The independents are doing 90% of the drilling, and produce the vast majority of oil and gas in the U.S.

I'd like to learn more from you about these "capped" wells.

 

[edthecynic]

Oil on July 14 th 2008 145.00 a barrel that was the date bush lifted the ban

Dtae of the CNN article July 15 2008
Biggest oil price drop in 17 years

Oil falls amid concerns economic woes will cut demand - Jul. 15, 2008

You were saying?

First of all, your own link contradicts you!!!
From your link:

NEW YORK (CNNMoney.com) -- Oil prices plummeted by the second-largest margin on record Tuesday as investors feared a further decline in U.S. demand after hearing comments from Federal Reserve Chairman Ben Bernanke.

On Tuesday morning, Federal Reserve Chairman Ben Bernanke warned that high energy prices have helped to limit the purchasing power of U.S. households. High energy costs will remain a drag on the U.S. economy for the rest of the year, Bernanke told the Senate Banking Committee Tuesday.
That could result in businesses pushing a greater percentage of their high fuel and commodity costs through to consumers, he warned.
Immediately following Bernanke's speech, prices dropped more than $9, sinking below $136 a barrel, before recovering some.

Is Threat of Iran Attack Raising Oil Prices? - Newsweek
June 28, 2008
The War Premium On Oil

Speculators may be assuming that Israel and the United States will 'take out' Iranian nuclear facilities.

(Page 1 of 2)
There are two questions being asked around the global water cooler these days, and no one seems to have a very good answer for them. First, why does the price of oil keep rising, even if the world economy is slowing down and the Saudis appear to be willing to raise production? Second, why do so many analysts and governments think that the United States or Israel, or both, will attempt to destroy or set back the Iranian nuclear program sometime before George W. Bush's departure from the White House early next year?



Obviously there is no single explanation for the astonishing and persistent rise in oil prices, recently hitting more than $140 per barrel. But one explanation may well be that energy traders and even real consumers, including refiners, companies and governments, are betting on an American-Israeli intervention against Iran in the near future, and logically believing that such an act would drive oil prices sky-high.


What would happen if such an intervention were to occur? To begin with, Iran would almost certainly suspend most or all of its oil sales abroad in retaliation; that would remove a couple of million barrels from the current worldwide supply of roughly 85 million barrels per day. Then—and this is crucial—Tehran's increasingly close ally, Hugo Chávez in Caracas, would in all likelihood at least stop sales to the United States and possibly declare a general suspension of sales. There go another 1.5 million barrels per day, though PDVSA, the Venezuelan state oil company, claims it is exporting substantially more today (showing, by the way, that in today's global economy, it is not that easy to know exactly how much each producer is placing on the world market). Finally, it would not be impossible for other exporters, out of tongue-in-cheek solidarity with Iran (applauding the American-Israeli move in private while giving lip service to international law in public), to remove an additional million or so barrels per day from the global market. Prices would in all likelihood break through the $200 ceiling, and maybe go much higher.

Nope my link does not. oil prices on july 14th was at 145.00 a barrel.
on the 15th the prices drop at a 17 year low, doesn't matter how the media spinned it. Oil drop come back after class is over and I will quiz you again.

DOWN, before Bush said two sylables, from the high of $147 a barrel on the 12th after Iran tested a new missile increasing the threat of an Israeli, US attack on Iran!!! The prices had nothing to do with supply, so it is illogical to argue that a speech about supply would affect prices.

Fuel prices: Iran missile launches send oil to $147 a barrel record | Business | The Guardian

Fuel prices: Iran missile launches send oil to $147 a barrel record

• Saturday 12 July 2008 <li class="history">Article history Oil prices surged to a new record of $147 a barrel yesterday on increasing tension between the west and Iran.
  Brent crude rose to $147.02 in London, while in the US light sweet crude was up by more than $3 to $146.90.
  Iran this week tested missiles capable of reaching Israel, leading US secretary of state Condoleezza Rice to warn that America would defend its allies. Iran, second largest producer in the oil cartel Opec, responded with another missile launch.
  Neither the US nor Israel has ruled out a military strike on Iran. Traders fear the oil-producing nation could retaliate by blocking the Strait of Hormuz, through which 40% of the world's tanker traffic passes.
  "There's always a fear premium in pricing," said Jeff Brown, managing director of Facts Global Energy. "The tensions in Iran and the threat of supply disruption will help support oil prices."
  
  

 

[edthecynic]

I don't understand the argument that any new drilling won't won't bring immediate relief, that is true but it will bring relief in time. We don't need foreign oil if we drill and convert our own, don't you libs get it. What is your problem. I am beginning to think you were dropped on your heads at birth and can't help it.

Again, any new oil that is found by the big oil monopolies does not make it on to the market, to keep supply artificially low and prices artificially high. Giving them more access to drilling sites will only lead to them controlling more of the supply they keep off the market.

We must get them to tap the wells they have capped, not give them leases to more drilling sites. You do this by threatening to take back the leases on the capped wells and leasing them to independent oil companies who will put the oil on the market. Big oil will put the oil from the capped wells on the market rather than lose the leases.
Problem solved.

Firstly, there is no "monopoly" in the oil industry.

As for "big oil"- it's all but non-existent in this country.
The independents are doing 90% of the drilling, and produce the vast majority of oil and gas in the U.S.

I'd like to learn more from you about these "capped" wells.

The Rockefeller Family has controlled the oil monopoly for about 100 years and your claim is a testament to your complete ignorance of how the world works.

 

[edthecynic]

I'd like to learn more from you about these "capped" wells.

Again, let's use BP as an example. BP uses a different size pipe in digging its exploratory wells. Others use a small size pipe for exploration and then enlarge the well if they find oil.
BP uses a larger pipe for exploration so they can use the same well they explore with for production. But when BP found a massive oil pocket at the Deepwater Horizon site did they then go into production with the well??? Hell no, they capped it and kept the new found oil off the market.

 

[Mr. H.]

Again, any new oil that is found by the big oil monopolies does not make it on to the market, to keep supply artificially low and prices artificially high. Giving them more access to drilling sites will only lead to them controlling more of the supply they keep off the market.

We must get them to tap the wells they have capped, not give them leases to more drilling sites. You do this by threatening to take back the leases on the capped wells and leasing them to independent oil companies who will put the oil on the market. Big oil will put the oil from the capped wells on the market rather than lose the leases.
Problem solved.

Firstly, there is no "monopoly" in the oil industry.

As for "big oil"- it's all but non-existent in this country.
The independents are doing 90% of the drilling, and produce the vast majority of oil and gas in the U.S.

I'd like to learn more from you about these "capped" wells.

The Rockefeller Family has controlled the oil monopoly for about 100 years and your claim is a testament to your complete ignorance of how the world works.

Well maybe you can help me out here with some current background info that would shed some light on this monopoly. In my 34 years in the industry, I've not seen evidence of it.

Thanking you in advance....

 

[Mr. H.]

I'd like to learn more from you about these "capped" wells.

Again, let's use BP as an example. BP uses a different size pipe in digging its exploratory wells. Others use a small size pipe for exploration and then enlarge the well if they find oil.
BP uses a larger pipe for exploration so they can use the same well they explore with for production. But when BP found a massive oil pocket at the Deepwater Horizon site did they then go into production with the well??? Hell no, they capped it and kept the new found oil off the market.

Wells are drilled, not "dug". But that's just semantics.

Initial well bore size is determined by a number of parameters, the most important being the targeted depth of the formation. This is because the deeper the well, the more intermediate strings of casing that need to be cemented into place. Successively smaller strings are cemented into the wellbore as drilling progresses.

Often times the initial well is an "appraisal" well, and is temporarily sealed. The drillstring is retrieved and then deliniated through the existing well bore in order to assess the extent of a formation. This might be done several times. A number of deliniations can be kicked off from a single well bore.

As for "keeping oil off the market", it makes no sense to invest hundreds of millions of dollars in drilling a well with the intention of keeping it non-productive.

 

[bigrebnc1775]

First of all, your own link contradicts you!!!
From your link:
Is Threat of Iran Attack Raising Oil Prices? - Newsweek
June 28, 2008
The War Premium On Oil

Speculators may be assuming that Israel and the United States will 'take out' Iranian nuclear facilities.

(Page 1 of 2)
There are two questions being asked around the global water cooler these days, and no one seems to have a very good answer for them. First, why does the price of oil keep rising, even if the world economy is slowing down and the Saudis appear to be willing to raise production? Second, why do so many analysts and governments think that the United States or Israel, or both, will attempt to destroy or set back the Iranian nuclear program sometime before George W. Bush's departure from the White House early next year?



Obviously there is no single explanation for the astonishing and persistent rise in oil prices, recently hitting more than $140 per barrel. But one explanation may well be that energy traders and even real consumers, including refiners, companies and governments, are betting on an American-Israeli intervention against Iran in the near future, and logically believing that such an act would drive oil prices sky-high.


What would happen if such an intervention were to occur? To begin with, Iran would almost certainly suspend most or all of its oil sales abroad in retaliation; that would remove a couple of million barrels from the current worldwide supply of roughly 85 million barrels per day. Then—and this is crucial—Tehran's increasingly close ally, Hugo Chávez in Caracas, would in all likelihood at least stop sales to the United States and possibly declare a general suspension of sales. There go another 1.5 million barrels per day, though PDVSA, the Venezuelan state oil company, claims it is exporting substantially more today (showing, by the way, that in today's global economy, it is not that easy to know exactly how much each producer is placing on the world market). Finally, it would not be impossible for other exporters, out of tongue-in-cheek solidarity with Iran (applauding the American-Israeli move in private while giving lip service to international law in public), to remove an additional million or so barrels per day from the global market. Prices would in all likelihood break through the $200 ceiling, and maybe go much higher.

Nope my link does not. oil prices on july 14th was at 145.00 a barrel.
on the 15th the prices drop at a 17 year low, doesn't matter how the media spinned it. Oil drop come back after class is over and I will quiz you again.

DOWN, before Bush said two sylables, from the high of $147 a barrel on the 12th after Iran tested a new missile increasing the threat of an Israeli, US attack on Iran!!! The prices had nothing to do with supply, so it is illogical to argue that a speech about supply would affect prices.

Fuel prices: Iran missile launches send oil to $147 a barrel record | Business | The Guardian

Fuel prices: Iran missile launches send oil to $147 a barrel record

• Saturday 12 July 2008 <li class="history">Article history Oil prices surged to a new record of $147 a barrel yesterday on increasing tension between the west and Iran.
  Brent crude rose to $147.02 in London, while in the US light sweet crude was up by more than $3 to $146.90.
  Iran this week tested missiles capable of reaching Israel, leading US secretary of state Condoleezza Rice to warn that America would defend its allies. Iran, second largest producer in the oil cartel Opec, responded with another missile launch.
  Neither the US nor Israel has ruled out a military strike on Iran. Traders fear the oil-producing nation could retaliate by blocking the Strait of Hormuz, through which 40% of the world's tanker traffic passes.
  "There's always a fear premium in pricing," said Jeff Brown, managing director of Facts Global Energy. "The tensions in Iran and the threat of supply disruption will help support oil prices."
  
  

one more time for stupid on july 14th 2008 crude oil prices per barrel was 145.00
On the July 15th 2008 the day after Bush lifted the ban oil prices droped. Deal with it.

 

[bigrebnc1775]

I'd like to learn more from you about these "capped" wells.

Again, let's use BP as an example. BP uses a different size pipe in digging its exploratory wells. Others use a small size pipe for exploration and then enlarge the well if they find oil.
BP uses a larger pipe for exploration so they can use the same well they explore with for production. But when BP found a massive oil pocket at the Deepwater Horizon site did they then go into production with the well??? Hell no, they capped it and kept the new found oil off the market.

Wells are drilled, not "dug". But that's just semantics.

Initial well bore size is determined by a number of parameters, the most important being the targeted depth of the formation. This is because the deeper the well, the more intermediate strings of casing that need to be cemented into place. Successively smaller strings are cemented into the wellbore as drilling progresses.

Often times the initial well is an "appraisal" well, and is temporarily sealed. The drillstring is retrieved and then deliniated through the existing well bore in order to assess the extent of a formation. This might be done several times. A number of deliniations can be kicked off from a single well bore.

As for "keeping oil off the market", it makes no sense to invest hundreds of millions of dollars in drilling a well with the intention of keeping it non-productive.

As for "keeping oil off the market", it makes no sense to invest hundreds of millions of dollars in drilling a well with the intention of keeping it non-productive

You must remember who you're dealing with. In the mind of a liberal it would make perfect sense.

 

[edthecynic]

I'd like to learn more from you about these "capped" wells.

Again, let's use BP as an example. BP uses a different size pipe in digging its exploratory wells. Others use a small size pipe for exploration and then enlarge the well if they find oil.
BP uses a larger pipe for exploration so they can use the same well they explore with for production. But when BP found a massive oil pocket at the Deepwater Horizon site did they then go into production with the well??? Hell no, they capped it and kept the new found oil off the market.

Wells are drilled, not "dug". But that's just semantics.

Initial well bore size is determined by a number of parameters, the most important being the targeted depth of the formation. This is because the deeper the well, the more intermediate strings of casing that need to be cemented into place. Successively smaller strings are cemented into the wellbore as drilling progresses.

Often times the initial well is an "appraisal" well, and is temporarily sealed. The drillstring is retrieved and then deliniated through the existing well bore in order to assess the extent of a formation. This might be done several times. A number of deliniations can be kicked off from a single well bore.

As for "keeping oil off the market", it makes no sense to invest hundreds of millions of dollars in drilling a well with the intention of keeping it non-productive.

It makes less sense, in terms of dollars and cents, to put the oil on the market and glut the supply bringing the price down. The cost of drilling is more than offset by the higher prices from limiting supply. The goal is to control the drill sites to keep others who might put the oil on the market from access to the oil.

 

[edthecynic]

Nope my link does not. oil prices on july 14th was at 145.00 a barrel.
on the 15th the prices drop at a 17 year low, doesn't matter how the media spinned it. Oil drop come back after class is over and I will quiz you again.

DOWN, before Bush said two sylables, from the high of $147 a barrel on the 12th after Iran tested a new missile increasing the threat of an Israeli, US attack on Iran!!! The prices had nothing to do with supply, so it is illogical to argue that a speech about supply would affect prices.

Fuel prices: Iran missile launches send oil to $147 a barrel record | Business | The Guardian

Fuel prices: Iran missile launches send oil to $147 a barrel record

• Saturday 12 July 2008 <li class="history">Article history Oil prices surged to a new record of $147 a barrel yesterday on increasing tension between the west and Iran.
  Brent crude rose to $147.02 in London, while in the US light sweet crude was up by more than $3 to $146.90.
  Iran this week tested missiles capable of reaching Israel, leading US secretary of state Condoleezza Rice to warn that America would defend its allies. Iran, second largest producer in the oil cartel Opec, responded with another missile launch.
  Neither the US nor Israel has ruled out a military strike on Iran. Traders fear the oil-producing nation could retaliate by blocking the Strait of Hormuz, through which 40% of the world's tanker traffic passes.
  "There's always a fear premium in pricing," said Jeff Brown, managing director of Facts Global Energy. "The tensions in Iran and the threat of supply disruption will help support oil prices."

one more time for stupid on july 14th 2008 crude oil prices per barrel was 145.00
On the July 15th 2008 the day after Bush lifted the ban oil prices droped. Deal with it.

One more time for the moronic, prices were higher before July 14th and were down from the $147 record high to $145 before Bush spoke on the 14th. Prices rose to $146 after Bush spoke. Then Bernanke spoke on the 15th and IMMEDIATELY prices fell. Bush was ignored, Bernanke was listened to according to YOUR own link.