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

[NYcarbineer]

There's an 'Iran' premium in the price of oil that isn't going to go away as long as there's the potential for some sort of blow up in that situation; traders/speculators don't want to be short oil if Israel starts dropping bombs on Iran.

 

[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.

14% share by the Saudi's in 1973 vs. 12% share now.

You lose.

 

[8537]

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.

14% share by the Saudi's in 1973 vs. 12% share now.

You lose.

quote = you: "cartel nations will not relinquish marketshare for any length of time"

quote = you: "14% share by the Saudi's in 1973 vs. 12% share now." <AKA the Saudi's have given up about 14.28% of their share>

Please try to remain logically consistent long enough to make two posts.

 

[Inthemiddle]

OPEC has nothing to do with your supply.

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

Global market sets the prices.

 

[healthmyths]

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



Who credited Obama? I simply stated a fact.





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

THEN when should we have started you idiot?

never. ever. In any of our lifetimes.



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!

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

When are you guys going to stop using these OLD out of date cliches???

FACTS: A) If they haven't been used idiot... it's because there's no oil!
GEEZ you evidently watched to much "Beverly Hillbillies"..
Jed A poor mountaineer, barely kept his family fed,
Then one day he was shootin at some food,
And up through the ground came a bubblin crude.
Oil that is, black gold, Texas tea."

source: Beverly Hillbillies Lyrics - Theme Song Lyrics

I bet you think that's how easy it is "OIL exploration" means just that!


BUT as you are wont to be so f..king lazy you make these stupid comments insulting people intelligence and the Power of the Internet to prove once again.. how DUMB you are!!!

Obama (June 24): The oil companies already own drilling rights to 68 million acres of federal lands, onshore and offshore, that they haven’t touched. 68 million acres that have the potential to nearly double America’s total oil production.

The charge has been repeated by Nancy Pelosi and others in his party.

So, there are 68 million acres of leased land on which companies aren’t extracting oil, but Obama went too far when he said oil companies "haven’t touched" them. As Bureau of Land Management Petroleum Engineer Bill Gewecke, who manages the onshore sites, told us, he "wouldn’t say untouched, would say undeveloped."
That’s because these leased lands that don’t contain productive drilling operations likely are not lying idle as Obama implies. There are a lot of steps and procedures involved in setting up a productive oil well on leased land, both onshore and off. The Bureau of Land Management’s Web site lists the regulatory hurdles that need to be cleared as part of the larger five-step life cycle of a well. The path to setting up an offshore drilling operation is even longer, as shown in a large flow chart developed by the MMS.
FactCheck.org : Unused Offshore Potential?


Once again... hoisted on your OWN petard of IGNORANCE!!!

Get the facts jack!!!

 

[SniperFire]

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

14% share by the Saudi's in 1973 vs. 12% share now.

You lose.

quote = you: "cartel nations will not relinquish marketshare for any length of time"

quote = you: "14% share by the Saudi's in 1973 vs. 12% share now." <AKA the Saudi's have given up about 14.28% of their share>

.

Wrong, again. The measurement is percentage of market. That is why it is called marketshare. A 1% change or so over nearly 40 years proves that Saudi Arabia will not relinquish marketshare to any degree to keep competitors out of the marketplace.

The politics are such that when the nation wants to go looking for more money, they find it in oil volume.

 

[Dick Tuck]

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?

Only if we nationalize oil, and that ain't gonna happen. Exxon-Mobil, BP, Shell, etc. are going to sell at world market prices, regardless of who holds the contract.

 

[percysunshine]

Never underestimate the power of stupid people in a large group.

 

[ABikerSailor]

OPEC has nothing to do with your supply.

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

Global market sets the prices.

Yep, and with the exploding middle class in China and India, (many of which are first time car buyers), they're sucking up a lot of the gas, which in a free market, means that you can drive up the prices and sell to the highest bidder.

 

[Dick Tuck]

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?

Those are very old numbers, dating back to the '80s if memory serves. Since then, we've reduced domestic demand, mostly through conservation, blended fuel, and efficiency. The rest of the world's demand has grown, especially in the two most populous countries, China and India. The last numbers I saw, from 2011, is demand is about 89.5 mbbls/day, and US demand is at about 6mbbls/day. Someone who knows what they're talking about, feel free to fine tune those numbers.

I fully expect world demand to increase with the world-wide economic recovery. The only thing that opening up our pristine wilderness will do is make more money for producers, and have little impact on price.

 

[8537]

14% share by the Saudi's in 1973 vs. 12% share now.

You lose.

quote = you: "cartel nations will not relinquish marketshare for any length of time"

quote = you: "14% share by the Saudi's in 1973 vs. 12% share now." <AKA the Saudi's have given up about 14.28% of their share>

.

Wrong, again. The measurement is percentage of market. That is why it is called marketshare.

you said: "cartel nations will not relinquish marketshare

Now you're denying your own posts?

Please try to be logically consistent once in a long while.