Latest Oil Industry Catch-Phrase

[KissMy]

Horse shit.

Remember when everyone wanted to get off foreign oil? Remember when we were an oil importer with few barrels to export?

That was six years ago.

What's different? Domestic production is at an all time high and Obama was elected twice.

Obama banned offshore drilling that Bush had approved and allowed virtually no drilling on federal lands. The industry increased production in spite of the road blocks put in place by Obama.

US oil production increased because setback boundaries on eco-pads were removed under Obama making US oil production profitable creating the oil shale production boom we enjoy today. US oil production declined every year under Bush & rose every year under Obama.

The potential for extraction has been severely curtailed by this administration and nothing he's done has enhanced output. He's only stifled and has kept this economy in the dumps as a result.

How then do you explain the sharp, steady rise in domestic oil production?

Perhaps your partisanship has left you blind to the truth.

Yup! US oil production went up even faster after Obama was re-elected to a second term.

 

[RoshawnMarkwees]

Remember when everyone wanted to get off foreign oil? Remember when we were an oil importer with few barrels to export?

That was six years ago.

What's different? Domestic production is at an all time high and Obama was elected twice.

Obama banned offshore drilling that Bush had approved and allowed virtually no drilling on federal lands. The industry increased production in spite of the road blocks put in place by Obama.

US oil production increased because setback boundaries on eco-pads were removed under Obama making US oil production profitable creating the oil shale production boom we enjoy today. US oil production declined every year under Bush & rose every year under Obama.

The potential for extraction has been severely curtailed by this administration and nothing he's done has enhanced output. He's only stifled and has kept this economy in the dumps as a result.

How then do you explain the sharp, steady rise in domestic oil production?

Perhaps your partisanship has left you blind to the truth.

Yup! US oil production went up even faster after Obama was re-elected to a second term.

Geez, you are dense or being obtuse. The increase is in spite of his efforts to stifle domestic extraction. Offset by increased demand the supply is a deficit that is still above where it could be, should be and was.

 

[Mr. H.]

Remember when everyone wanted to get off foreign oil? Remember when we were an oil importer with few barrels to export?

That was six years ago.

What's different? Domestic production is at an all time high and Obama was elected twice.

Obama banned offshore drilling that Bush had approved and allowed virtually no drilling on federal lands. The industry increased production in spite of the road blocks put in place by Obama.

US oil production increased because setback boundaries on eco-pads were removed under Obama making US oil production profitable creating the oil shale production boom we enjoy today. US oil production declined every year under Bush & rose every year under Obama.

The potential for extraction has been severely curtailed by this administration and nothing he's done has enhanced output. He's only stifled and has kept this economy in the dumps as a result.

How then do you explain the sharp, steady rise in domestic oil production?

Perhaps your partisanship has left you blind to the truth.

Yup! US oil production went up even faster after Obama was re-elected to a second term.

LOL. Ok, so Obama is responsible for THAT while Bush is responsible for THIS?
Crack me up...

 

[KissMy]

Shiiiittt Son!!! Bush exploded Food Stamps! They were going down until Bush & Republicans took over in 2001. Food stamps went up every year Bush was in office.

 

[thereisnospoon]

When gasoline is $1/gallon, I can't afford to buy it.

The time is long overdue for the U.S. to become a true World Player in the markets by lifting the ban on crude exports.

We export over 40 million gallons of ethanol each month. Why?

The ass-******* farmer. That's why.

U.S. Exports of Fuel Ethanol Thousand Barrels

Ethanol is hevily subsidized as a appeasement to the farming lobby.
Farmers were told to grow corn to be harvested for Ethanol production. When it became widely known that Ethanol is harmful to gasoline engines, Americans rejected the crap.
So to ram this shit down out throats, the federal government created a regulation that Ethanol must be added to every gallon of gasoline. At concentrations up to 10%

 

[thereisnospoon]

I think the catch phrase is "drill baby, drill!". And it has been co-opted by Obama from McCain!

$2.70 gas? Thank the Obama administration!

Horse shit.

Remember when everyone wanted to get off foreign oil? Remember when we were an oil importer with few barrels to export?

That was six years ago.

What's different? Domestic production is at an all time high and Obama was elected twice.

Has ZERO to do with Obama. Rather, the price adjustments and production is IN SPITE of Obama.
Do not think for a moment that Obama is not seething over the fact that his green agenda has been beaten back by so many failures and the fact that he cannot stop or slow oil and gas production not on federal lands....Oh, don't look now but the Regime is completely ignoring the fact that billions of dollars in oil and gas royalty payments are going to the US Treasury.

 

[Mr. H.]

When gasoline is $1/gallon, I can't afford to buy it.

The time is long overdue for the U.S. to become a true World Player in the markets by lifting the ban on crude exports.

We export over 40 million gallons of ethanol each month. Why?

The ass-******* farmer. That's why.

U.S. Exports of Fuel Ethanol Thousand Barrels

Ethanol is hevily subsidized as a appeasement to the farming lobby.
Farmers were told to grow corn to be harvested for Ethanol production. When it became widely known that Ethanol is harmful to gasoline engines, Americans rejected the crap.
So to ram this shit down out throats, the federal government created a regulation that Ethanol must be added to every gallon of gasoline. At concentrations up to 10%

10% isn't enough! They MUST have 15%! This is the latest push by the Big Ag lobby.

All the while, we export this shit by the billions of gallons year end and year out.

**** the ass-******* farmer.

 

[thereisnospoon]

WTF! This was an opportunity celebrate our success and OPEC's misery and instead this thread has been reduced to a political, mud-slinging blame-fest. C'mon guys ... don't be afraid to feel good. It doesn't hurt a bit.

You suffer from stockholm syndrome. You've become grateful for having your abuse reduced. But you're still being abused. Your gratefulness contributes to the abuse those of us are aware of still have to endure. Thanks for nothing.

Oh go bite yourself. Try buying a liter of petrol in the U.K. and then get back to us.

Europeans are paying less as well.
Prices over there are much higher due to confiscatory taxation.
What is your point?

 

[thereisnospoon]

WTF! This was an opportunity celebrate our success and OPEC's misery and instead this thread has been reduced to a political, mud-slinging blame-fest. C'mon guys ... don't be afraid to feel good. It doesn't hurt a bit.

You suffer from stockholm syndrome. You've become grateful for having your abuse reduced. But you're still being abused. Your gratefulness contributes to the abuse those of us are aware of still have to endure. Thanks for nothing.

Oh go bite yourself. Try buying a liter of petrol in the U.K. and then get back to us.

Pointing to another dysfunctional system doesn't justify this one. You go over to Europe. Most idiotic lefties want us to go in that direction anyway. The rest of us are aware that this country was created to NOT be Europe.

I have no idea why the OP would mention Euro prices for fuel.
Other than a belief that we should be paying what they pay....In other words, TAX INCREASES

 

[thereisnospoon]

Another day, another $2 off a barrel of Brent crude. C'mon guys ... it's Xmas ... SMILE.

If ******* Romney had won in 2012 you can bet they'd be crowing and giving him the credit.
But since it's happened on Obama's watch they have to diss it.

There is no political credit here.....
You guys trying to make this an Obama thing is a hoot.
So just cut the shit

 

[thereisnospoon]

You suffer from stockholm syndrome. You've become grateful for having your abuse reduced. But you're still being abused. Your gratefulness contributes to the abuse those of us are aware of still have to endure. Thanks for nothing.

Oh go bite yourself. Try buying a liter of petrol in the U.K. and then get back to us.

Pointing to another dysfunctional system doesn't justify this one. You go over to Europe. Most idiotic lefties want us to go in that direction anyway. The rest of us are aware that this country was created to NOT be Europe.

"Drill, baby, drill" became a reality just as the right wanted in 2008 and now you hopeless idiots still want to find fault.

This drilling is not being done by obama energy policy but in spite of it. He is still stifling the drilling, baby.

Thanks for admitting that he's not the dictator you ******* wingnuts claim him to be.

Hey genius, then why has production on federal lands not increased?
The answer is plain as day.....Obama is still pot committed to his green energy agenda.

 

[thereisnospoon]

Not to mention putting new dollars into the hands of those oil wildcatters who are finding and pumping America's new oil sources while bringing down oil related costs across the global economy. Sounds like a win-win-win.

Happy Holidays!

Well ... Good and Bad Depending.

My property is sitting on top of the Haynesville Shale ... And I was smart enough not to take the money up front when they came around leasing mineral rights prior to diagonal drilling (a process where the companies have to pay you royalties for the oil or gas drilled even when there is not a rig present on your land).

After the rigs within two miles started producing ... Royalty checks started coming monthly. As with anything, the checks get smaller as the price goes down.

But ... I don't really have a problem with it because it is just checks (one natural gas one oil) for doing nothing but sitting here. I am also pleased with what has been done with the tax revenues generated ... Upgrading roads and public services or facilities. It is great people around here have jobs associated with the drilling and exploration as well.

The oil companies even upgraded the tiny local airport with corporate funds so it could handle the added traffic associated with the business and exploration.

Happy Holidays Indeed ... And More To Come I Am Sure.

It should be noted this area has always been rich in gas and oil ... And although I am too young to remember myself, people still talk about the last time the prices dropped quickly. The oil companies capped the wells and waited for the price to return ... Leaving everyone in the lurch and causing major problems with the establishment. Banks went under because of loans people couldn't pay without the production. Supply and support industries dried up and left.

.

The difference is with new technologies costs to harvest are much lower in present day dollars than they were 30 or 40 years ago.
I do not know the number for break even but apparently the number is low enough such that production has not been curtailed.
Could be as low as $25 or $30 per barrel.
One other thing. Not only did the oil boom of the 70's make for prosperity and of course the collapse of the oil state economies, so did land speculation.
Due to a total absence of regulatory oversight in the real estate appraisal industry, banks were hiring appraisers to place value on land so that a loan could be made.
Problem was the land was vastly over valued. but no one cared because the oil was flowing and the prices were high...No one ever imagined, at least those getting in on the tail end of the boom times the boom would go BOOM.....The result was capped wells and the Savings and Loan collapse.

 

[Mr. H.]

Go drill a hole in the ground, bitches.

 

[KissMy]

Go drill a hole in the ground, bitches.

You should try doing that with horizontal boundaries setbacks in place like they were before Obama took over. You would lose your shirt at today's oil prices.

 

[TooTall]

Shiiiittt Son!!! Bush exploded Food Stamps! They were going down until Bush & Republicans took over in 2001. Food stamps went up every year Bush was in office.

It appears to me from your graph that food stamps increased in 2000 from about 15 million to 17 million before Bush office. (I hate graphs like this) And, didn't the Democrats take over the House in 2009 for two years?

Bush was elected in 2000, took office in Jan, 2001 and left office in Jan 2009. Counting from the Jan 2001 to Jan of 2009, food stamps increased from about 17 million to about 38 million. That is an increase of 21 million or 2.65 per year.
From Jan 2009 until what ever in 2013 they increased from 38 million to 75 million. That is 37 million in 5 years or 7.4 million a year.
I stand by for any corrections since it is very early in the morning and I am in a hurry.

 

[SAYIT]

Not to mention putting new dollars into the hands of those oil wildcatters who are finding and pumping America's new oil sources while bringing down oil related costs across the global economy. Sounds like a win-win-win.

Happy Holidays!

Well ... Good and Bad Depending.

My property is sitting on top of the Haynesville Shale ... And I was smart enough not to take the money up front when they came around leasing mineral rights prior to diagonal drilling (a process where the companies have to pay you royalties for the oil or gas drilled even when there is not a rig present on your land).

After the rigs within two miles started producing ... Royalty checks started coming monthly. As with anything, the checks get smaller as the price goes down.

But ... I don't really have a problem with it because it is just checks (one natural gas one oil) for doing nothing but sitting here. I am also pleased with what has been done with the tax revenues generated ... Upgrading roads and public services or facilities. It is great people around here have jobs associated with the drilling and exploration as well.

The oil companies even upgraded the tiny local airport with corporate funds so it could handle the added traffic associated with the business and exploration.

Happy Holidays Indeed ... And More To Come I Am Sure.

It should be noted this area has always been rich in gas and oil ... And although I am too young to remember myself, people still talk about the last time the prices dropped quickly. The oil companies capped the wells and waited for the price to return ... Leaving everyone in the lurch and causing major problems with the establishment. Banks went under because of loans people couldn't pay without the production. Supply and support industries dried up and left.

.

The difference is with new technologies costs to harvest are much lower in present day dollars than they were 30 or 40 years ago.
I do not know the number for break even but apparently the number is low enough such that production has not been curtailed.
Could be as low as $25 or $30 per barrel.
One other thing. Not only did the oil boom of the 70's make for prosperity and of course the collapse of the oil state economies, so did land speculation.
Due to a total absence of regulatory oversight in the real estate appraisal industry, banks were hiring appraisers to place value on land so that a loan could be made.
Problem was the land was vastly over valued. but no one cared because the oil was flowing and the prices were high...No one ever imagined, at least those getting in on the tail end of the boom times the boom would go BOOM.....The result was capped wells and the Savings and Loan collapse.

6 weeks ago - when oil WTI was trading at $80/bbl - the consensus was $55-$60/bbl would be the price point at which new drilling would cease and some existing well capping would begin. WTI has been trading for under $60/bbl since Friday (around $56 currently) so we should soon see how US production will be affected. Stay tuned.

 

[SAYIT]

It's now a month since this thread was established and in that month the price of oil has fallen another 20%. The direct benefit of lower fuel prices to American families at $55/bbl is well over $100 BILLION per year. At the current price ($45/bbl) it is approaching $150 BILLION. That's money we can use to buy down credit card debt, pay tuition or school loans, invest, save or just blow on better beer. Whatever you do with yours be sure to thank an American fracker.