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

[healthmyths]

F..king IDIOTS!!!
Read what supposedly economic experts say about why increasing domestic production WON"T have an affect on gas prices... THEN use some common sense which these IDIOTS HAVE NONE!!!

Doug Holtz-Eakin, American Action Forum: “Domestic action to increase production will not lower gas prices set on a global market.”

Pinelopi Goldberg, Yale economist: “US domestic policy has only tiny effect on the world price of oil. US foreign policy is probably more relevant than energy policy.”

Michael Levi, Council on Foreign Relations: “The amount of oil you produce at home doesn’t affect the price … You can lower your vulnerability to price by lowering your consumption of oil, but not by increasing your production.”

20 Experts Who Say Drilling Won't Lower Gas Prices | ThinkProgress


First of all the first guy showed his stupidity by saying..
"not lower gas prices set on a global market.”"
IDIOT doesn't seem to realize "GAS PRICES are set locally!" i.e. states with oil production AND refineries WILL BE LOWER by shear fact of proximity! IDIOT!

But that aside... THINK folks...

Assume there was a BIG bucket in your back yard.
HOLDS all the gas in the world.
Who determines the price when you want to sell some? YOU DO you own it!
NOW assume there were 10,000 buckets .. i.e. gas stations around the world?
WHO owns the gas in each station?? THE OWNER but they have to sell it cause
WHY??? THEY ARE GETTING gas every day and they NEED to move the gas to make room for more gas!

SO for these idiot economists to say increasing production has NO affect????
Tell that to the gas station retailers that have to move the gas OR go out of business!
MORE GAS coming in means they have to move more gas!
MOVE MORE GAS by selling it for LESS... IDIOTS like the above are so OUT of touch!

 

[SniperFire]

This is certainly a complicated topic when it comes to suppy, demand and production.

Suffice to say that when a POTUS feels the heat, their first instinct is to open up the strategic fuel reserves and increase supply on the market to lower pump price.

An oversupply lowers prices. Period.

 

[Katzndogz]

This is a basic belief of democrats.

 

[hortysir]

Considering we only produce 2% of the world's oil, but consume 25% of the world's supply, I'd say we'd have to realize a considerable increase of production in order to make a dent in the world market.

I do have a question, though:
Is that 2% enough to supply just our selves if we were to just zip up and try to be self-sufficient?

 

[rdean]

"increasing domestic production will not lower gas price

Sure it will. The problem is we are not Arabia, Iraq or Iran. We don't have enough oil to make a difference. Right wingers think there is oil under the ground everywhere, exactly where God put it, but that liberals stand in the way of taking it out of the ground.

 

[Seawytch]

Yeah, screw the experts...we the dumb people know so much better than them...

Analysis: More drilling hasn't lowered gasoline prices

 

[HereWeGoAgain]

How come releasing oil from the strategic supply(which is miniscule) will bring down prices but drilling wont?

 

[Seawytch]

Considering we only produce 2% of the world's oil, but consume 25% of the world's supply, I'd say we'd have to realize a considerable increase of production in order to make a dent in the world market.

I do have a question, though:
Is that 2% enough to supply just our selves if we were to just zip up and try to be self-sufficient?

You know...I'd at least like to see us try. We aren't even taking baby steps towards self-sufficiency. Other countries are taking huge leaping steps ahead of us on that scale...

Germany is selling energy to France for crying out loud.

 

[SniperFire]

Considering we only produce 2% of the world's oi

If we produce only 2% of the world's oil and consume 25%, how can we supply about half of our own use?

 

[Seawytch]

Considering we only produce 2% of the world's oi

If we produce only 2% of the world's oil and consume 25%, how can we supply about half of our own use?

Are you confusing oil with refined gas? Do you have a link?

 

[rightwinger]

There is no law that says American oil has to be sold in the American marketplace. Prices are still dictated by the international marketplace

 

[occupied]

Also most of our remaining oil is hard to get to and expensive to produce, if the price of a barrel falls below a certain point it stays in the ground.

 

[SniperFire]

Considering we only produce 2% of the world's oi

If we produce only 2% of the world's oil and consume 25%, how can we supply about half of our own use?

Are you confusing oil with refined gas? Do you have a link?

 

[SniperFire]

Also most of our remaining oil is hard to get to and expensive to produce, if the price of a barrel falls below a certain point it stays in the ground.

Price does tend to trade around the break-even point of the next marginal supplier.

Do you know the break-even barrel prices for domestic production?

 

[8537]

Unless so-called conservatives are suggesting we nationalize US oil production, drilling more in the US will have a negligible effect on oil prices.

 

[SniperFire]

Unless so-called conservatives are suggesting we nationalize US oil production, drilling more in the US will have a negligible effect on oil prices.

Are you just regurgitating what you have been told, or can you actually make an argument on the impact which adding new marginal suppliers have to commodity prices?

 

[healthmyths]

Considering we only produce 2% of the world's oil, but consume 25% of the world's supply, I'd say we'd have to realize a considerable increase of production in order to make a dent in the world market.

I do have a question, though:
Is that 2% enough to supply just our selves if we were to just zip up and try to be self-sufficient?

My goodness I'd hope I'd read that inane comment repeated frequently by Obama..
we produce on 2% but consume 25%!
HERE ARE SOME FACTS OK???


YES we do consume the following in comparison...

FACTS: USA uses 6.87 billion barrels a year!
Source:
World Crude Oil Consumption by Year (Thousand Barrels per Day)
FACT: OIL resources that USA uses 18,810,000 barrels / day.
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

FACT.. IF just 50% of the above 4.7 trillion barrels is recoverable that would be
2.35 trillion barrels OK make sense so far???
If we use 6.87 billion barrels a year how many years will 2.35 trillion again HALF the projected USA DOMESTIC resources:
Divide 6.87 billion into 2.35 trillion...........
342 years!!!
342 YEARS... OF OIL IF THE USA USED ONLY IT'S KNOWN RESERVES!
WHY DOESN'T ANYONE USE THAT NUMBER THEN????

 

[hortysir]

If we produce only 2% of the world's oil and consume 25%, how can we supply about half of our own use?

Are you confusing oil with refined gas? Do you have a link?

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

 

[8537]

Unless so-called conservatives are suggesting we nationalize US oil production, drilling more in the US will have a negligible effect on oil prices.

Are you just regurgitating what you have been told, or can you actually make an argument on the impact which adding new marginal suppliers have to commodity prices?

Speaking of regurgitating...The marginal suppliers will only add to the supply of they can extract and sell the oil below the cost of extraction. As the price of oil goes up, techniques that were unfeasible become feasible.

None of which changes the fact that we can't add oil to the US supply. We can only add oil to the world supply. it's a fungible good sold on a spot market. The short term difference between Brent and WTC is not a result of US production changes.

 

[SniperFire]

Are you confusing oil with refined gas? Do you have a link?

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?