We Don't Have To Take $4 Gas Prices  We Can Drill

[Scout26]

Of course the record high oil prices are entirely the fault of green/socialist/statist activists, and are not driven by anything like underegulated capitalist market speculation, right?

Google "Supply/Demand Curve".  So yes, by .gov artifically limiting supply, the cost goes up.  Duh.....

[The Annoyed Man]

Google "Supply/Demand Curve".  So yes, by .gov the oil industry artificially limiting supply, the cost, along with their record profits, goes up.  Duh.....

There.  Fixed it for you.

[Scout26]

Google "Supply/Demand Curve".  So yes, by .gov the oil industry artificially limiting supply, the cost, along with their record profits, goes up.  Duh.....

There.  Fixed it for you.

Ahhhh yes,  It's the oil industry that won't let us drill in ANWR or off our coasts.   Sorry, my bad....

[The Annoyed Man]

If Big Oil wanted to drill ANWAR, it would be drilled by now.  Every so often, their toadies own both houses of Congress and the Whitehouse at the same time.  A word from the oil industry can get whatever environmental law that stands in their way repealed.  But that hasn't happened because it wouldn't add to their bottom line.  More expense and work for no more profit then they 'earn' with $4 gas.  Certainly a disservice to their shareholders.

See how it works?

[Manedwolf]

A word from the oil industry can get whatever environmental law that stands in their way repealed.

Well, that's absolutely incorrect. The greenies file lawsuit after lawsuit until the oil companies can't even make a profit, and give up.

[Scout26]

If Big Oil wanted to drill ANWAR, it would be drilled by now.  Every so often, their toadies own both houses of Congress and the Whitehouse at the same time.  A word from the oil industry can get whatever environmental law that stands in their way repealed.  But that hasn't happened because it wouldn't add to their bottom line.  More expense and work for no more profit then they 'earn' with $4 gas.  Certainly a disservice to their shareholders.

See how it works?

Wow, you really need to loosen up the tinfoil......

[Gewehr98]

As I was munching on a burger at Culver's yesterday, CNN was reporting that the reserves in the ANWR would provide between three months to two year's worth of crude at our current consumption rate of 7 billion barrels/year. The ANWR estimates range from somewhere between 1.9 billion to possibly as much as 16 billion barrels. Of course, their three-month/two year math discounts other sources of oil in the U.S., but it's still a relative drop in the bucket. 10 years to drill and pump, for a small drink of oil to feed a thirsty nation.  Interesting, and almost in the Chinese meaning of the word. 

[Manedwolf]

The tar sand areas of Canada are apparently a new gold rush. Little towns springing up, six figure salaries for the people qualified to operate the massive scoop equipment. Or, for contracted, $60 to $90 an hour.

Not surprisingly, the tar sand camps and isolated towns like one called "Fort Mac" (Fort McMurray) now have lots of alcohol, gambling, and hookers...history repeats itself.

[Firethorn]

Of course, their three-month/two year math discounts other sources of oil in the U.S., but it's still a relative drop in the bucket. 10 years to drill and pump, for a small drink of oil to feed a thirsty nation.

Sure, it might take a decade, but a year here, two years there, repeated in a dozen different locations and suddenly we're good for the next 50.

Also, most of those studies were for oil that was economically recoverable at half the price per barrel than what we have today.  More and more measures are becoming profitable at today's prices.

Not to mention that we're actually conserving.

[Manedwolf]

One question I wonder is that if the bubble bursts, and the speculators cannot sell their futures contracts before they expire and they have to take delivery...what is an office-only operation going to do? If you know how commodities markets work and all...



WHERE DO YOU WANT THIS? UNLOAD WHERE?

[charby]

One question I wonder is that if the bubble bursts, and the speculators cannot sell their futures contracts before they expire and they have to take delivery...what is an office-only operation going to do? If you know how commodities markets work and all...


WHERE DO YOU WANT THIS? UNLOAD WHERE?

I think its going to be more like this if every ship in the photo is a tanker.

[The Annoyed Man]

The tar sand areas of Canada are apparently a new gold rush. Little towns springing up, six figure salaries for the people qualified to operate the massive scoop equipment. Or, for contracted, $60 to $90 an hour.

Not surprisingly, the tar sand camps and isolated towns like one called "Fort Mac" (Fort McMurray) now have lots of alcohol, gambling, and hookers...history repeats itself.

Hey, that sounds like loads of fun! What skills does one need?
(Because I know you guys: Skills to run the equipment. Not for being a hooker )

[Manedwolf]

The tar sand areas of Canada are apparently a new gold rush. Little towns springing up, six figure salaries for the people qualified to operate the massive scoop equipment. Or, for contracted, $60 to $90 an hour.

Not surprisingly, the tar sand camps and isolated towns like one called "Fort Mac" (Fort McMurray) now have lots of alcohol, gambling, and hookers...history repeats itself.

Hey, that sounds like loads of fun! What skills does one need?
(Because I know you guys: Skills to run the equipment. Not for being a hooker )

I'm not sure, but everything involved is big. They use the kind of heavy equipment that could pick up, say, a town. Which means you can't screw up, or people get squished. Google for more about the area, lots of people are apparently chasing their fortunes there.

[The Annoyed Man]

The tar sand areas of Canada are apparently a new gold rush. Little towns springing up, six figure salaries for the people qualified to operate the massive scoop equipment. Or, for contracted, $60 to $90 an hour.

Not surprisingly, the tar sand camps and isolated towns like one called "Fort Mac" (Fort McMurray) now have lots of alcohol, gambling, and hookers...history repeats itself.

Hey, that sounds like loads of fun! What skills does one need?
(Because I know you guys: Skills to run the equipment. Not for being a hooker )

I'm not sure, but everything involved is big. They use the kind of heavy equipment that could pick up, say, a town. Which means you can't screw up, or people get squished. Google for more about the area, lots of people are apparently chasing their fortunes there.

Hm. Might be an idea to try getting a degree in engineering or somesuch...

[De Selby]

A word from the oil industry can get whatever environmental law that stands in their way repealed.

Well, that's absolutely incorrect. The greenies file lawsuit after lawsuit until the oil companies can't even make a profit, and give up.

Where are these lawsuits? I've never heard of such a thing.

Usually those lawsuits that are filed are based on either a massive spill, or a government regulation that the oil industries have more than enough lobbying power to change.

"greenie lawsuits" bankrupting oil companies or even slowing them down? I'd like to see some evidence of this ever having happened.

[anygunanywhere]

The risk of oil spills and other environmental lawsuits as a result of deep water drilling is essentially unfounded.

During the Katrina and Rita hurricanes, thousands of wells and hundreds of platforms were severely damaged and not one single incident of spilled oil was ever reported.

If California and Florida or any other state does not allow drilling or refining they should not receive any gas, period.

Anygunanywhere

[Gewehr98]

There's a big lawsuit filed by the Sierra Club right now, against the coal-fired electrical plants here in Wisconsin.

Don't say it doesn't happen, because it does.

[Headless Thompson Gunner]

The tar sand areas of Canada are apparently a new gold rush. Little towns springing up, six figure salaries for the people qualified to operate the massive scoop equipment. Or, for contracted, $60 to $90 an hour.

Not surprisingly, the tar sand camps and isolated towns like one called "Fort Mac" (Fort McMurray) now have lots of alcohol, gambling, and hookers...history repeats itself.

Hey, that sounds like loads of fun! What skills does one need?
(Because I know you guys: Skills to run the equipment. Not for being a hooker )

I'm not sure, but everything involved is big. They use the kind of heavy equipment that could pick up, say, a town. Which means you can't screw up, or people get squished. Google for more about the area, lots of people are apparently chasing their fortunes there.

Hm. Might be an idea to try getting a degree in engineering or somesuch...

I have an electrical engineering degree.  Does that count?

[De Selby]

There's a big lawsuit filed by the Sierra Club right now, against the coal-fired electrical plants here in Wisconsin.

Don't say it doesn't happen, because it does.

It certainly happens sometimes-but not to the extent that we're talking bankrupting the oil companies, unless you're talking about lawsuits over major spills of oil.  It's difficult to file an "environmental" lawsuit even when there is an oil spill and be successful.

[doc2rn]

I bet they make speculating illegal, and then go after people who manipulated the price to where it is now.

[Headless Thompson Gunner]

I bet they make speculating illegal, and then go after people who manipulated the price to where it is now.

Very bad idea.  You need speculators in the futures market to provide liquidity.  It wouldn't be much of a market without buyers and sellers.

There will be an oil futures market, and it will have speculators.  Count on it.  Now, as for whether that market remains here in the US or moves to Dubai, that's for our blockheaded Democrat congrescritters to decide.   

And nobody "manipulated" the price to where it is today.  Lots of people think they can make a buck, so they're buying.  (A good many of them are going to find out that they were wrong, but that's another subject.)  Buying and selling isn't manipulation.  Trading is simply something free people sometimes choose to do with their money.

[RocketMan]

There's a big lawsuit filed by the Sierra Club right now, against the coal-fired electrical plants here in Wisconsin.

Don't say it doesn't happen, because it does.

It certainly happens sometimes-but not to the extent that we're talking bankrupting the oil companies, unless you're talking about lawsuits over major spills of oil.  It's difficult to file an "environmental" lawsuit even when there is an oil spill and be successful.

You're not paying attention.  Those lawsuits are filed frequently.  Do a little looking, Google being your friend and all.
And no one said anything about them bankrupting oil companies.

[De Selby]

There's a big lawsuit filed by the Sierra Club right now, against the coal-fired electrical plants here in Wisconsin.

Don't say it doesn't happen, because it does.

It certainly happens sometimes-but not to the extent that we're talking bankrupting the oil companies, unless you're talking about lawsuits over major spills of oil.  It's difficult to file an "environmental" lawsuit even when there is an oil spill and be successful.

You're not paying attention.  Those lawsuits are filed frequently.  Do a little looking, Google being your friend and all.
And no one said anything about them bankrupting oil companies.

I was responding to this from Manedwolf:

Well, that's absolutely incorrect. The greenies file lawsuit after lawsuit until the oil companies can't even make a profit, and give up.

The only lawsuits that actually have serious cash at stake are the ones involving damages due to spills.  I guess if we prohibited anyone from suing oil companies for damages due to spills they would save money, but would they pass that on to the consumer?

Google isn't terribly good at yielding trends in the judiciary, I'm afraid.

[Manedwolf]

Representative Bart Stupak (D-Mich.) says he plans to introduce legislation to target speculation through swaps, foreign exchanges, and over-the-counter trades. Last month, Senate Majority Leader Harry Reid (D-Nev.), Senator Jeff Bingaman (D-N.M.), and others unveiled the Consumer-First Energy Act, which would mandate higher cash collateral for energy futures trading and ban traders of U.S. crude oil from routing their transactions through offshore markets. And Representative John Larson (D-Conn.) is expected to propose legislation that would go a step further, effectively banning over-the-counter energy futures trading by those who don't take physical delivery of the commodity.

http://www.businessweek.com/bwdaily/dnflash/content/jun2008/db20080610_657041.htm?chan=top+news_top+news+index_news+%2B+analysis

Oh, good god, these idiots are going to cause the commodities exchange to move to Dubai and things to be traded in Euros, and will shove US crude off the global market table. Someone make them take economics 101 before they kill the economy completely.

[LAK]

doc2rn

I bet they make speculating illegal, and then go after people who manipulated the price to where it is now.

Who? Congress? They should - and highly unlikely.

It is arguable which industry - legal or illegal - occupies the number one position in accumilated profit (and hence private wealth) over the last one hundred years. However, it is safe to say that oil is in the top tier because of the sheer volume since it's beginning. With that kind of buying power it is not likely that the benefactors (over and under the table) are going to attack mother goose laying the golden eggs.

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