OIL OIL OIL: Drill for more, develop alt resources or crush speculation?

I hear more and more of the national conversation regarding the energy crisis being overtaken by what I believe to be short-term and worthless activities versus sincere aknowledgement of the problem and meaningful solutions. Specifically, things like government regulation of speculation on oil as a commodity and other idiotic notions.





For a more comprehensive walk through my reasoning, see this: http://prodeusetpatria.blogspot.com/2008鈥?/a>





My question: Does anyone really believe that the solution is to drill more oil and have the government regulate open-market speculation of oil as a commodity? If not, can anyone explain why we're wasting time on this stuff? If so, please demonstrate how this will solve the problem.OIL OIL OIL: Drill for more, develop alt resources or crush speculation?
These 'Drill Now, Drill More' people do not understand that oil and gas exploration and drilling is going on, and has been going on for a long time in the US. Active rigs are up 38% in the last year, work over rigs are up over 50%, almost 10,000 permits on Federal lands have been issued, several oil producing states like Texas, North Dakota, Montana, Oklahoma are experiencing record production years. Many previous discovered fields were put on hold because the price of crude was so low it was not economically feasible to drill (the Bakken reserve in North Dakota/Montana is a prime example, this field has been known about for almost 30 years). And there are many others. What these Drill Now people want is merely to let the oil companies get a hold of previous off limit areas such as ANWR and the coastal fields. It is not a matter of NEED, it is a matter of GREED.OIL OIL OIL: Drill for more, develop alt resources or crush speculation?
There is no good solution. Developing alternative energy sources will take a ****load of money, and no one will be willing to spend that money until oil is insanely expensive (probably way more than $5/gallon).





Right now oil is by far the cheapest energy source. Sure, it's expensive, but it's still WAY cheaper than setting up tens of thousands of square miles of solar panels, or increasing the amount of cropland in the US by 20x to make enough biofuel to replace all the oil we use.





Once oil becomes expensive enough, it will make sense to develop new technologies, because they will be cheaper than the oil, and after that energy prices will probably go down due to the technologies improving.





The gov't can regulate the prices and allowing drilling, and it will help in the short term, but eventually oil supplies will run low enough that the the government won't be able to keep them artificially low, and then we'll be in the same situation as we're in now.
';Specifically, things like government regulation of speculation on oil as a commodity and other idiotic notions.';





I don't understand your assertion that regulation is idiotic...





do you realize that prior to Bush Sr., the commodities and futures energy markets were regulated to prevent the same speculation that HAS driven up costs ? It wasn't always like this, and the price volatility is a direct result of allowing speculators to manipulate prices.





watch this: http://www.youtube.com/watch?v=DnV1NE7kX鈥?/a>
We should drill now so we won't face this problem in the future. In the meantime we can devote our time to get the american public to consume more alternative sources of energy to reduce demand. Invest in other sources of energy and we will be fine and have a backup if all fails by drilling now and having a great amount of supply for the future.
Unfortunately the economy won't wait around for the miracle renewable, sustainable, environmentally friendly energy source that you anti-oil guys are crying for, so we need to get energy costs under control and right now the best way to do that is to increase production and reduce our dependence on foreign oil. There is no reason why we can't increase production, use alternate sources like wind, solar and thermal, and also keep searching for viable alternatives to petroleum base energy sources. Without oil, the US would come to a screeching halt.
I agree with you. Oil is a waste of our time (except for those stockholders!). It's sad how so many people are content to say ';you can't just go out and buy an electric car--it's expensive!'; I haven't heard anybody complaining about how analog television is going to be phased out by next February. Everybody's excited to get a new TV so they can sit around on their fat assses and watch American Idol in high-definition. There has been enough of a movement to conserve gasoline with the recent hike in gas prices that I think the switch to alternatives will be less painful than people think. We just have to go for it.
I don't favor regulating open market speculation. Drill more now as a short and medium term solution as we could have oil flowing in a few years (not 10 or more as some liars say). At the same time lets get on the stick and develop as many alternatives as possible for a more long term solution..
I don't see why we can't do two things at once; drill more AND install more wind turbines and solar panels. In fact, it probably makes the most sense since electric generation mostly uses filthy coal, and most of our oil now comes from overseas.


Furthermore, anybody who tells you that they know exactly how much oil is under American land is a blow-hard; NOBODY, not even the best geologists, can know that for sure.
To tell you the truth, there really nothing we can do but to make new ways of energy not because of the wildlife, but because it's been proven that at some point, we will run out of fossil fuels, which is a part of our daily lives. When we run out of energy, it will soon lead to our own demise. So we should preserve what's left and try something new.
Hello, Oil is now becoming a excuse for mayhem around the world, the cost is counted in lives to obtain. My personal thoughts are to much time and money is involved in finding the oil. Japan in a decade will knock the bottom out the market, as it will find the answer to it's imports of oil. Watch this space.
Yes it is the solution.


You will note that Bush decreased the price of oil by the biggest drop in 17 years with the single stroke of the pen last week.


If the speculators - and the real purchasers of oil - see the prospects of increased supply the price goes down.


Supply - Demand.
I don't know. Did you know in the past, investors had to put up 25% or more to by this stock. Speculators these days only have to put up 5%, before turning around and selling.





I like T. Boone Pickens (sp?) ideas.
i dont believe drilling for more oil now to feed our hunger is the solution.we need to retain a lt for our future generations.we need to find an alternative to oil.
We should be investing in alternatives, but the government is on the dick of the oil company's CEOs.
Crush Speculation, because it is the speculators that drive up Oil prices.
PETROLEUM.........PLAY VIDEOGAMES
T. pickens has the right idea, do something, even if it's wrong.