That is how the market works, the current price is based upon FUTURE supply and demand. If we say we are going to start drilling, the current price will PLUMMET and we will probably have $2.50 gas.
This is true REGARDLESS of whether or not we even get any large amounts of oil or not in future because in the meantime as SMART PEOPLE, we will be working on alternatives in PARALLEL.
So the question remains, why do Democrats have an IRRATIONAL resistance to drilling right now?Oil Falls After Report Shows Unexpected Increase in Supplies. Why do Dems resist drilling more immediately?
Yeah, I don't get it. The Democrats say everything is Bush's vault, but the democrats fail for America to becoming energy independant.
ANWR Exploration House Republicans: 91% Supported House Democrats: 86% Opposed
Coal-to-Liquid
House Republicans: 97% Supported
House Democrats: 78% Opposed
Oil Shale Exploration
House Republicans: 90% Supported
House Democrats: 86% Opposed
Outer Continental Shelf (OCS) Exploration
House Republicans: 81% Supported
House Democrats: 83% Opposed
Refinery Increased Capacity
House Republicans: 97% Supported
House Democrats: 96% Opposed
SUMMARY
91% of House Republicans have historically voted to increase the production of American-made oil and gas.
86% of House Democrats have historically voted against increasing the production of American-made oil and gas.
Oh, we have 1.8 trillion, now thats trillion in Colorado, Utah, Wyoming.
There is countries drilling 50 miles offshore already, why not us. China is one of them drilling 50 miles out from the coast of a Florida.
If you actually to a little research, Great Britin turned down drilling oil in the Middle East in the 1920's. Why- because they said there was NO oil there. HHHMMMM sounds familier.
DID WE LEARN ANYTHING FROM HISTORY. THIS IS NEARLY EXACT SAME THING THAT HAPPENED IN THE LATE 70'S. WHAT DID OPEC DO THEN. THEY MADE OIL SO CHEAP THAT WE WOULD NOT DRILL IN THE USA. OIL WILL GO DOWN IF WE DRILL AT HOME!!!
WHY THE OIL PRICES WILL TANK
http://money.cnn.com/2008/06/06/news/eco…Oil Falls After Report Shows Unexpected Increase in Supplies. Why do Dems resist drilling more immediately?
I wish Republicans would stop talking and start drilling.
There are 68 million acres of land offshore and onshore in the United States that have already been leased by oil companies to drill on but have not yet been used. If oil companies tapped the 68 million federal acres of leased land it would generate an estimated 4.8 million barrels of oil a day - six times what ANWR would produce at its peak
Bottom line, the finger pointing and blame game toward Democrats is nothing more than a ridiculous joke.
Speculators can drive it up artificially whenever they want.
If it was based on supply/demand, then prices would have gone up by a small percentage, not tripled. (barrels of oil)
Did demand for oil triple worldwide since last year?
No.
We don't need to perpetuate oil, there are better, more efficient ways to fuel our needs, without poisoning the air we breathe or the water we drink while we do it.
The sooner we develop new technologies and infrastructure to support them, the stronger the US will be.
The oil companies have many wells that have been drilled and capped in the US - on land leased from the government. Why are they not pumping that oil? They say they are saving it - for what exactly?
And why are there millions of acres both onshore and offshore that are leased but are not being explored by the oil companies? When they've truly used up these leases, THEN they can come back asking for more.
Bush yesterday estimated there are 18 billion barrels off-shore - and 800 billion barrels onshore that could be exploited right now. Which one do you think they should do first?
in reality a lot of influential Democrats are pressuring Obama to DRILL DRILL DRILL..it is only a matter of how high the gas is going to have to go before the public gets nasty..
maybe another two or three dollars a gallon should do it..
then Obama will cave in on drilling and nuclear energy plants
Know what? The price at the pump yesterday? $4.08.
It didn't go down just because a barrel of oil cost less.
Know why? Because we've already proven that we will pay it.
You'll never have gas lower than $3.50 EVER AGAIN, no matter WHAT anyone does.
Because it's environmentally dangerous and it won't get us any new oil for years. All the benefits go to the oil companies, and they already have far more than they need. They could drop prices right now if they weren't so damn greedy.
';Unexpected increase in supplies'; is due to reduced DEMAND. Why to Republicans resist conservation? To increased CAFE standards?
You are being lied to. Offshore drilling won't change a thing - except to destroy our coastlands.
';PLUMMET'; ????
be honest just for one time deek and tell us..
How much did the price of gas at the pump just drop ?
and how could that have been linked to news just 24 hours old ?
I ask because the MAJORITY of people know that the news on one day cant change the price of gas at the pump in just 24 hours.
and
Not ONE (1) single oil company agrees with your claim !!!!
plus, please tell us about your Dreams regarding this alternative fuel and the ';SMART PEOPLE'; who you claim are now working on it
please
one last thing
ALL the experts I have listened to say that gas will NEVER drop below 4.00 per gallon again
and that the price is only going up !!!
do you have even ONE (1) real source to back up you Crazy bull-sh*t claim about 2.50 per gallon gas ????
------------------
';MY'; sources ???
deek I just asked for ';YOURS'; !!!
or do you just pull all that mubo-jumbo out of your @ss ?
---------------
BTW : we DO drill
The U.S. is The worlds Third (3rd) largest petroleum producer,
though it has only the 12th largest crude reserve.
---------------
if your going to make Statements
instead of Asking Questions (as always)
you should at the very least back up your crazy claims with just One or Two credible sources
There is nothing you, I, or the folks in Washington are going to do that will cause a single well to get drilled any sooner than it will get drilled anyway.
That is unless you, I, or the folks in Washington start making drilling ships, rotary rigs, mud units and so on.
At present rates, it would take oil companies more than 30 years to exhaust drilling opportunities on existing leases, and there is a shortage of drilling equipment backlogged 4-7 years depending on what you are trying to buy or lease.
In short, it's a bit like saying, ';Why are Democrats opposed to men jumping to the moon? Jumping would save lots of resources and be less costly than launching rockets.';
It might be true that jumping to the moon would be cheaper, but it isn't going to happen.
What we are once again witnessing is people exploiting a crisis for their own ends. It's kind of like using 9/11 as an excuse to invade Iraq when Iraq had nothing to do with 9/11.
we export more American oil than we use...Fact.
Then the mega oil barons buy up Canadian, Venezuelan, and OPEC oil for less than what they export ours for, and do a reverse mark up for us the American citizens.
The news has been rampant with explanations of how Exxon only makes .08 per gallon of gas profit, but that is totally false. That number is based on their mark up after the fact.. the books are cooked and in the process Exxon for example is now larger than every auto manufacturer on the face of the planet combined... Now stop and think about what that number really means... we are talking Global Empire, that does not include, Chevron, Sun Oil, Arco, BP etc,etc,etc..
what this manufactured fuel crisis does is divert even more of the planets monetary wealth to a small group of owners...
with a devalued Dollar these multi national conglomerates are able to utilize foreign currencies to their advantage.. while we struggle with a weak Dollar, European and Asian oil traders are getting whacked while the power brokers reap all that funny money..
It's wild just how totally out of control this whole thing is..
Edit: Baseless Paranoia eh'...
There are currently 60 million acres owned by oil producers within the US, known to have vast oil reserves under them. That’s 60 million acres that could have been under construction and well on their way to refinery. Of course most of what is owned in Montana and Wyoming is owned at least in part, if not fully, by VP Cheney under one of the multiple corporations he uses to conduct his rape and pillage of the US economy. Of course, this would take another ten years minimally to begin producing.
OPEC has been bounced around as the reason for high oil prices too. Only OPEC has not increased their prices; only kept their production at the current rate and refused to increase the amount of oil they put on the market at any one time. That’s just good business. All you free-trader’s who think unregulated trade is such a good deal can at least appreciate the supply and demand aspect of this. And keep in mind, if it was Mobil/Exxon that was refusing to increase supply so that the price remained steady you would think that was just great.
There is another aspect to this that is more subtle, and most likely more lethal. By creating an oil shortage and allowing the price of a barrel to exceed its actual real value, many Americans might rethink their opposition to the Iraq war in favor of lower gas prices which could be expected if we just admitted we were there to steal their oil and went ahead and razed the entire country and openly took it over, dispensing with the puppet government we installed. At a possible $5.00 per gallon of gas…….how many of us would be screaming for war with Iran? After all, they have some of the largest known oil deposits in the world.
With oil cartels reporting the largest profits in history of any corporation ever known there is no reason that we have to continue subsidizing them with billions of taxpayer dollars or why they should be receiving billions in tax credits. In fact, these corporations should be penalized for failing and refusing to build refineries over the last twenty years.
The current gas prices cannot, and will not be solved by drilling in the Gulf, ANWAR or anywhere else for that matter. Not drilling in these places has not caused the current hike in gas prices. Beginning drilling construction in these areas now will not ease the current squeeze on American consumers, and it won’t for many years to come.
Like the building food crisis and shortage, the oil crisis has been carefully staged. None of this is accidental and the intent is not to reduce gas prices or to make oil more readily available. The intent is to collapse the economy of the US.
We have already seen the collpase of our housing markets. We are preparing for a created food crisis we are told is coming if not already here. Legislation is pending to take control of our water rights and supplies so that they can be privatized and now we have an energy crisis.
Housing, food, water and energy. Basically the foundations of our lives are under assault from within our own country. All these planned shortages, prices hikes, rigged markets, mortgage frauds, water theft, food shortages and inflated gas prices have been carefully planned and implemented to make us more readily accepting of the North American Union and the New World Order.
There are those in our government and those behind the scenes who will stop at nothing until they have devastated this country from coast to coast, border to border, and then some. We are being crushed and destroyed not by terrorists from “over there”, but from those within our own borders who have neither allegiance nor loyalty to the US and Who could care less what we endure.
To correct the current created crisis i would suggest these things:
1. Repeal all tax breaks and subsidies for all oil cartels.
2. Institute a Windfall Profits Tax to prevent oil cartels from artificially inflating the market.
3. Fine and penalize oil cartels that seem to be able to plan for future shortages but have failed to construct, build or maintain adequate refineries, or to drill oil deposits they already have access to.
4. Cap the price per gallon of gas.
The only paranoia on this post starts with you and your ';Dem'; heckling... Give it a break.. Deekhead.
Deek, you silly goose. Don't you know that oil supply and price is not the issue for democrats? Increasing supply is the absolute last thing that they want. Given their preference, liberals would like to see gas prices double. In fact, Obama recently aired a commercial here in Virginia that said, in essence, ';We need to break our dependence on foreign oil and drilling domestically is not an option. Neither is nuclear or coal.'; Well, sorry Barak, my BMW doesn't run on cow dung and I don't think I could retrofit one of those windmills on the roof.
They'd rather GAMBLE our time and money in POTENTIAL alternatives to the EXCLUSION of oil rather than bring down the price of oil and work on alternatives. Rather than continue to use a proven and plentiful resource, they want to pin their hopes that in the next 20, 30, or 40 years, something better will come along. So their resistance is not irrational. It's right in line with their thinking. And it's their thinking...based on their evangelical Green religious beliefs...that's the problem. Hey, I'm an environmentalist, but these guys are whack!!
Keith Olbermann delivered a special report Wednesday on the ';Enron loophole'; -- a regulatory gap that is the single greatest cause of out-of-control gasoline prices -- and how McCain's leading advisors created that loophole and continue to defend it.
People who deal in oil routinely use ';futures'; -- agreements in advance on prices and delivery dates -- to deal with fluctuations in the market. However, deregulation has allowed commodity speculators to take over this system of futures and use it for their own profit, running up the price of oil in a speculative bubble.
According to Olbermann, the story of $4 a gallon gas begins during the presidency of George H.W. Bush, when former Enron CEO Ken Lay started speculating on energy futures. The Commodity Futures Trading Commission (CFTC) gave Enron free rein, and when Bill Clinton was elected in 1992, CFTC Chairwoman Wendy Gramm moved to lock in the commission's informal position on Enron as official policy. Gramm then joined Enron's board of directors, earning more than $900,000 over the next decade.
In December 2000, during the chaos following the presidential election, Enron got a law passed containing an amendment known as the ';Enron loophole,'; deregulating not just single trades but entire markets. This made it possible for Enron to artificially create the California energy crisis -- and left Enron employees chortling over how they had ****** over ';Grandma Millie.';
The Enron loophole applied not just to electricity, but to all energy sources, which is why speculators have now been able to take over the oil market. Two weeks ago, the Senate Commerce Committee heard testimony from a former CFTC director that ';the speculators are not just placing bets in these futures markets, they're saying, 'Gosh, I can control the price of heating oil.' ... Morgan Stanley is the biggest heating oil owner in New England.';
If the Enron loophole is removed, said this director, ';you get at least a 25% drop in the cost of oil ... some people estimate 50%.';
John McCain voted to close the Enron loophole in 2002 and 2003, saying at the time that ';we're all tainted'; by Enron's money. But, notes Olbermann, ';for most of this campaign, McCain has offered explanations other than the influence of speculators, and remedies other than regulation.'; If the Enron loophole is not closed, even alternative energy sources will do little to reduce prices, because speculators will be able to immediately take those over as well.
';John McCain doesn't talk about the Enron loophole any more,'; reports Olbermann. ';What changed? Since 2006, John McCain's top economic advisor has been former Texas Senator Phil Gramm, husband of the former CFTC head who then joined Enron.';
';It was Graham who passed the Enron loophole ... with no hearings, no debate,'; Olberman emphasizes. ';It was Graham who stopped Democrats from closing the Enron loophole. ... Graham lobbied Congress about commodity trading rules in 2006.';
In addition, McCain's senior advisor, Charlie Black, was a lobbyist for the act containing the Enron loophole in 2000, and McCain's finance co-chair, Wayne Berman, has lobbied more recently against legislation to prevent price gouging.
Olbermann acknowledges that McCain is now saying, ';We must reforms the laws and regulations governing the oil futures market.'; However, McCain has not yet specifically mentioned the Enron loophole, and he still has Gramm and Berman and Black running his campaign and writing his economic policies
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