If Saudi's can up Production and the Price goes down then...

[GHook93]

...why do our liberal politicians say that if we open up all our oil reserves (CO Shales, ANWR, the Gulf, offshore and deepsea), that it won't effect oil prices!

I mean the Saudis up there production to a 30 year high and the price of a barrel of oil drastically shot down!

We have a ton more UNTAPPED oil reserves than the Saudis!!! The only ones who rival us are Russia (and maybe Canada), yet we aren't able to tap them all!

So if the Saudis by simply uping production can drastically reduce oil prices, why can't America drastically do it by tapping all our sources?

Iran on verge of disaster - Israel Opinion, Ynetnews
and the growing Saudi output produced a situation whereby supply is higher than demand, prices are dropping, and Iran's customers are switching to Saudi Arabia. The Kurds in northern Iraq are doing the same and have also boosted their oil production.

The Saudis are doing it on purpose. They are highly interested in drying up Iran, among other things against the backdrop of Tehran's support for Syrian President Assad. Saudi Arabia can allow prices to drop to $80 a barrel before being hurt, and such prices are indeed drying Iran up and causing huge damage. After all, some 80% of Iran's revenues come from oil.

 

[Middleoftheroad]

...why do our liberal politicians say that if we open up all our oil reserves (CO Shales, ANWR, the Gulf, offshore and deepsea), that it won't effect oil prices!

I mean the Saudis up there production to a 30 year high and the price of a barrel of oil drastically shot down!

We have a ton more UNTAPPED oil reserves than the Saudis!!! The only ones who rival us are Russia (and maybe Canada), yet we aren't able to tap them all!

So if the Saudis by simply uping production can drastically reduce oil prices, why can't America drastically do it by tapping all our sources?

Iran on verge of disaster - Israel Opinion, Ynetnews
and the growing Saudi output produced a situation whereby supply is higher than demand, prices are dropping, and Iran's customers are switching to Saudi Arabia. The Kurds in northern Iraq are doing the same and have also boosted their oil production.

The Saudis are doing it on purpose. They are highly interested in drying up Iran, among other things against the backdrop of Tehran's support for Syrian President Assad. Saudi Arabia can allow prices to drop to $80 a barrel before being hurt, and such prices are indeed drying Iran up and causing huge damage. After all, some 80% of Iran's revenues come from oil.

Your article is wrong and misleading. Production in Saudi is up because they are allowed to make up for the slack that Iran is causing. They are still part of OPEC and OPEC is still at their 30M BPD mark. That number has not increased, therefore production in that region hasn't increased. Saudi Arabia has only increased production by 50k BPD which is less then .2% of OPEC production. In other words, completely irrelevant.

The price of oil is down because the outlook on the economy is down. Barring other circumstances, when the stock market is down, the price of oil is down.

 

[GHook93]

...why do our liberal politicians say that if we open up all our oil reserves (CO Shales, ANWR, the Gulf, offshore and deepsea), that it won't effect oil prices!

I mean the Saudis up there production to a 30 year high and the price of a barrel of oil drastically shot down!

We have a ton more UNTAPPED oil reserves than the Saudis!!! The only ones who rival us are Russia (and maybe Canada), yet we aren't able to tap them all!

So if the Saudis by simply uping production can drastically reduce oil prices, why can't America drastically do it by tapping all our sources?

Iran on verge of disaster - Israel Opinion, Ynetnews
and the growing Saudi output produced a situation whereby supply is higher than demand, prices are dropping, and Iran's customers are switching to Saudi Arabia. The Kurds in northern Iraq are doing the same and have also boosted their oil production.

The Saudis are doing it on purpose. They are highly interested in drying up Iran, among other things against the backdrop of Tehran's support for Syrian President Assad. Saudi Arabia can allow prices to drop to $80 a barrel before being hurt, and such prices are indeed drying Iran up and causing huge damage. After all, some 80% of Iran's revenues come from oil.

Your article is wrong and misleading. Production in Saudi is up because they are allowed to make up for the slack that Iran is causing. They are still part of OPEC and OPEC is still at their 30M BPD mark. That number has not increased, therefore production in that region hasn't increased. Saudi Arabia has only increased production by 50k BPD which is less then .2% of OPEC production. In other words, completely irrelevant.

The price of oil is down because the outlook on the economy is down. Barring other circumstances, when the stock market is down, the price of oil is down.

Fact of the matter is this, the Saudis have increased production to there highest level in 30 years in order to make up for the world loss from Iran. Well want can't America do it? We have more untapped reserves than every country (with possibly Russia and Canada rivaling us), so we could increase production to make up for any OPEC or other oil producers slow downs.

Biggest liberal oil lies:
(1) We don't have enough oil to satisfy all of American's oil needs? Obama repeated the 1% LIE! We have enough in the CO shales to satisfy our needs.

(2) Drill Baby Drill will not decrease gas price! What a lie it would.

 

[Middleoftheroad]

...why do our liberal politicians say that if we open up all our oil reserves (CO Shales, ANWR, the Gulf, offshore and deepsea), that it won't effect oil prices!

I mean the Saudis up there production to a 30 year high and the price of a barrel of oil drastically shot down!

We have a ton more UNTAPPED oil reserves than the Saudis!!! The only ones who rival us are Russia (and maybe Canada), yet we aren't able to tap them all!

So if the Saudis by simply uping production can drastically reduce oil prices, why can't America drastically do it by tapping all our sources?

Your article is wrong and misleading. Production in Saudi is up because they are allowed to make up for the slack that Iran is causing. They are still part of OPEC and OPEC is still at their 30M BPD mark. That number has not increased, therefore production in that region hasn't increased. Saudi Arabia has only increased production by 50k BPD which is less then .2% of OPEC production. In other words, completely irrelevant.

The price of oil is down because the outlook on the economy is down. Barring other circumstances, when the stock market is down, the price of oil is down.

Fact of the matter is this, the Saudis have increased production to there highest level in 30 years in order to make up for the world loss from Iran. Well want can't America do it? We have more untapped reserves than every country (with possibly Russia and Canada rivaling us), so we could increase production to make up for any OPEC or other oil producers slow downs.

Biggest liberal oil lies:
(1) We don't have enough oil to satisfy all of American's oil needs? Obama repeated the 1% LIE! We have enough in the CO shales to satisfy our needs.

(2) Drill Baby Drill will not decrease gas price! What a lie it would.

Once again. Shale oil is not oil. It gets confused with oil bearing shale, but is not the same. No company wants to produce it as it is not profitable. Shale oil only becomes profitable when gas prices stay above $4 a gallon. It requires an additional step in processing above what tar sands require.

If you own an oil company, why would you invest millions of dollars into developing a well that you would have to sell at below production price? It doesn't make sense. Currently every major oil company is testing ways in Colorado to drill this economically. So far none are sure they have an answer.

Or are you suggesting that the government should subsidize this oil at $10-20 a barrel to make it economical? It pollutes more then any other source of oil, and it makes no money for anyone, what incentive is there to produce this?

 

[Moonglow]

...why do our liberal politicians say that if we open up all our oil reserves (CO Shales, ANWR, the Gulf, offshore and deepsea), that it won't effect oil prices!

I mean the Saudis up there production to a 30 year high and the price of a barrel of oil drastically shot down!

We have a ton more UNTAPPED oil reserves than the Saudis!!! The only ones who rival us are Russia (and maybe Canada), yet we aren't able to tap them all!

So if the Saudis by simply uping production can drastically reduce oil prices, why can't America drastically do it by tapping all our sources?

Iran on verge of disaster - Israel Opinion, Ynetnews
and the growing Saudi output produced a situation whereby supply is higher than demand, prices are dropping, and Iran's customers are switching to Saudi Arabia. The Kurds in northern Iraq are doing the same and have also boosted their oil production.

The Saudis are doing it on purpose. They are highly interested in drying up Iran, among other things against the backdrop of Tehran's support for Syrian President Assad. Saudi Arabia can allow prices to drop to $80 a barrel before being hurt, and such prices are indeed drying Iran up and causing huge damage. After all, some 80% of Iran's revenues come from oil.

youdon't run industry and autos or airplanes on crude oil. The refining abilities also are a major factor. manipulation of oil prices are also manipulated by many factors, traders, weather, wars.

 

[uscitizen]

If a bullfrog had wings it would not bump it's ass on the ground.
Lets wait and see how much the price goes down IF the Saudi's increase their production.

 

[whitehall]

Why is Saudi Arabia so influential in the world? Because they produce oil. Why do democrats consistently prevent the United States from producing oil?

 

[uscitizen]

We do produce a lot of oil dipstick.

However we also use a lot of oil instead of exporting most of it like the Saudi's do.

Think a little bit.

 

[GHook93]

If a bullfrog had wings it would not bump it's ass on the ground.
Lets wait and see how much the price goes down IF the Saudi's increase their production.

It's already going down because of it DMW!!!

 

[GHook93]

Your article is wrong and misleading. Production in Saudi is up because they are allowed to make up for the slack that Iran is causing. They are still part of OPEC and OPEC is still at their 30M BPD mark. That number has not increased, therefore production in that region hasn't increased. Saudi Arabia has only increased production by 50k BPD which is less then .2% of OPEC production. In other words, completely irrelevant.

The price of oil is down because the outlook on the economy is down. Barring other circumstances, when the stock market is down, the price of oil is down.

Fact of the matter is this, the Saudis have increased production to there highest level in 30 years in order to make up for the world loss from Iran. Well want can't America do it? We have more untapped reserves than every country (with possibly Russia and Canada rivaling us), so we could increase production to make up for any OPEC or other oil producers slow downs.

Biggest liberal oil lies:
(1) We don't have enough oil to satisfy all of American's oil needs? Obama repeated the 1% LIE! We have enough in the CO shales to satisfy our needs.

(2) Drill Baby Drill will not decrease gas price! What a lie it would.

Once again. Shale oil is not oil. It gets confused with oil bearing shale, but is not the same. No company wants to produce it as it is not profitable. Shale oil only becomes profitable when gas prices stay above $4 a gallon. It requires an additional step in processing above what tar sands require.

If you own an oil company, why would you invest millions of dollars into developing a well that you would have to sell at below production price? It doesn't make sense. Currently every major oil company is testing ways in Colorado to drill this economically. So far none are sure they have an answer.

Or are you suggesting that the government should subsidize this oil at $10-20 a barrel to make it economical? It pollutes more then any other source of oil, and it makes no money for anyone, what incentive is there to produce this?

Times change and so does technology. At one point in history offshore drilling was very expensive. Not so much anymore.

REFILE-Head in the sand, OPEC sees no shale oil threat | Reuters

But the U.S. government's Energy Information Administration has repeatedly torn up its forecasts as shale and oil sands change the game at pace.

So should OPEC fret a little more?

"In some ways they should. Not because North America may become self sufficient, but for the reasons why," said Paul Stevens, a senior research fellow at the Chatham House Royal Institute of International Affairs in London.

"Given the changes in technology involved, if that is applied elsewhere then the assumption that all future increase in global demand will be filled by OPEC is called into question."

Stevens makes an important point. Unconventional oil reserves are spread in a different pattern from traditional ones. Even resource starved world number-one oil importer China has some, and non-OPEC Russia appears to have the biggest of them all.

"If I was an OPEC minister I would be concerned," he said. "This could be significant."


But thanks to new technologies like hydraulic fracturing now sucking away on North American soil, the continent is already self sufficient in natural gas, and is eyeing an even bigger landmark -- OPEC-free oil supplies.

The U.S. was the fastest-growing non-OPEC oil producer in 2011 for the third year in succession, the annual BP statistical review released on Wednesday said. U.S. oil production is up 1 million bpd since 2006 to 7.84 million bpd, consumption is down 1.85 million to 18.84 million.

"In 1990, North American reserves and production were falling but thanks to unconventionals, proved reserves have risen 68 percent since then," ConocoPhillips CEO Ryan Lance told an audience of OPEC ministers on Wednesday.

"North America could become self sufficient in oil as well (as gas) by 2025," he said at a conference before OPEC's policy-setting meeting in Vienna.

 

[onecut39]

...why do our liberal politicians say that if we open up all our oil reserves (CO Shales, ANWR, the Gulf, offshore and deepsea), that it won't effect oil prices!

I mean the Saudis up there production to a 30 year high and the price of a barrel of oil drastically shot down!

We have a ton more UNTAPPED oil reserves than the Saudis!!! The only ones who rival us are Russia (and maybe Canada), yet we aren't able to tap them all!

So if the Saudis by simply uping production can drastically reduce oil prices, why can't America drastically do it by tapping all our sources?

Your article is wrong and misleading. Production in Saudi is up because they are allowed to make up for the slack that Iran is causing. They are still part of OPEC and OPEC is still at their 30M BPD mark. That number has not increased, therefore production in that region hasn't increased. Saudi Arabia has only increased production by 50k BPD which is less then .2% of OPEC production. In other words, completely irrelevant.

The price of oil is down because the outlook on the economy is down. Barring other circumstances, when the stock market is down, the price of oil is down.

Fact of the matter is this, the Saudis have increased production to there highest level in 30 years in order to make up for the world loss from Iran. Well want can't America do it? We have more untapped reserves than every country (with possibly Russia and Canada rivaling us), so we could increase production to make up for any OPEC or other oil producers slow downs.

Biggest liberal oil lies:
(1) We don't have enough oil to satisfy all of American's oil needs? Obama repeated the 1% LIE! We have enough in the CO shales to satisfy our needs.

(2) Drill Baby Drill will not decrease gas price! What a lie it would.

We have vast reserves on Colorado shale. None of it yet commercially viable. What it takes to extract shale oil is vast amounts of electricity and water.

Colorado has neither.