You mean all those leases they bought the rights to under the Bush Administration?... Perhaps you should ask them?
Gee, it doesn't change the fact that we're producing more than we ever have--so much so, in fact, that we're exporting it. Gee, it doesn't change the fact that the speculators are adding 15% to the cost of every barrel. Gee, it doesn't change the fact that worldwide consumption has gone up 40% in the last 10 years.... Gee, it doesn't change the fact that we can't drill ourselves to lower gas prices in the U.S. because "the United States only has about 19.1 billion barrels of proven reserves, representing only about 1 to 2% of the world's proven oil reserves."
But you keep regurgitating... I could watch your spin your horsecrap for hours.
So drilling more now is not the panacea for high gas prices..... it is a fantasy conjured up by the oil companies to FURTHER increase there profits... and used by the right to manipulate the ill-informed... nothing more.
That's correct, drilling more now won't do much good right now - the payoff will come later for drilling more now - if we were 4 years into developing the OCS areas, the threatened loss of oil from the Middle East would not be impacting prices nearly as much because we would have the ability to replace a fair amount of that lost supply. Drilling more now means that more is added to the proven reserves that exist, not just here but around the globe. It is the ability to meet the demand from the known supply that sets the price. If the proven reserves around the globe were double what they are now the cost of a barrel of oil would be significantly less than it is. When it appears that ability to meet future demand is questionable, be it from Iran threatening to close the straits and/or a lack of added supply, the price of oil goes up. If it were possible to replace every drop of supply that would be lost if Iran closed the strait, there would not be a rise in the cost of oil - and the cost per barrel would lower as a result of the additional proven ability to supply future demand. The continued opposition to drilling only helps those that have drilled already because they then control the supply.
We have two policies of the general government over the last 6 years that have added to the cost of oil. One of them is the restrictions put into place on developing new sources to satisfy future demands thus lowering known supplies and the other is the unfettered printing of USD that has devalued the currency that is used to buy and sell oil. If we start drilling now then 6 years from now if Iran threatens to close the strait there will be more known supplies to meet the demand and the next president won't be facing what this one is as Iran threatens to close the strait during an election year. Why that is such a difficult concept for Democrats to grasp is beyond me.
LJ,
You really need to stop listening to the 1984 double speak of the media and Obama administration. War is peace, drilling produces less oil? Oil pipelines increase prices.
Up is down?
The Obama administration are the same people who want higher gas prices, so having them talk about this issue is perilous at best.
Thomas Sowell: There are no solutions, just trade-offs.
LadyJazzer wrote: You mean all those leases they bought the rights to under the Bush Administration?... Perhaps you should ask them?
Gee, it doesn't change the fact that we're producing more than we ever have--so much so, in fact, that we're exporting it. Gee, it doesn't change the fact that the speculators are adding 15% to the cost of every barrel. Gee, it doesn't change the fact that worldwide consumption has gone up 40% in the last 10 years.... Gee, it doesn't change the fact that we can't drill ourselves to lower gas prices in the U.S. because "the United States only has about 19.1 billion barrels of proven reserves, representing only about 1 to 2% of the world's proven oil reserves."
But you keep regurgitating... I could watch your spin your horsecrap for hours.
And what is it that the speculators are speculating on LJ? Whether or not the strait remains open, correct? Know what would change how many billions of barrels of proven reserves exist? More drilling. We could prove what the reserves in ANWR are instead of speculating about them. We could prove what the reserves that exist in the OCS are instead of speculating about them. The more we drill, the more we prove what the reserves in existence are. If we had been drilling in the OCS for the past 4 years we might have doubled the proven reserves that we do have as well as the ability to supply our refineries if the strait is closed - and the absence of both of those is directly involved in both the cost of a barrel of oil and the price that speculators are willing to gamble on bidding.
And yes, leases are taken out ahead of time for future development. There is simply not an unlimited supply of drilling rigs and an unlimited supply of roughnecks to operate them. Just like GM, oil companies have to simultaneously walk and chew gum and work on the present as well as the future. Those leases that were purchased during the Bush years were planned on being developed later. When the regulatory burden increases the cost enough, it makes no sense to risk the capital necessary to develop the lease until the price that whatever is found can be sold for also goes up to cover the additional cost of regulatory compliance. This is why the Obama administration is responsible for the rise in oil costs we are seeing here at home. By closing off development in the OCS with their moratoriums, by raising the cost of developing existing leases via thousands of new regulatory burdens, they have effectively decreased both the known proven reserves and the ability to add supply from here if supply from elsewhere is interrupted.
FredHayek wrote: LJ,
You really need to stop listening to the 1984 double speak of the media and Obama administration. War is peace, drilling produces less oil? Oil pipelines increase prices.
Up is down?
The Obama administration are the same people who want higher gas prices, so having them talk about this issue is perilous at best.
I notice the double speak every day- and the minions who buy into it. Isn't it amazing that they don't know who they are?
Then they want to be taken seriously by those who actually think.
We truly are living in George Orwell's 1984.
People who see gas going up when it is, tend to fill up their tanks full because a future purchase will likely be at a higher rate.
They are speculating and millions of us do it when the price changes.
People who see gas going down when it is, tend to not fill up their tanks full because a future purchase will likely be at a lower rate.
They are speculating and millions of us do it when the price changes.
Our collective speculating may add up to more than the power players we all tend to worship as being in control.
This is natural. It is a survival instict. It cannot be stopped, it will just come back again. We must simply deal with it.
Farmers speculate every year that winter will come and then it will be followed by spring, they even read scientific predictions to adjust their speculation and actions.
No report needed to understand this. Anyone remember when you thought your house would just be worth more and more each year....again speculation.
popcorn eater wrote: People who see gas going up when it is, tend to fill up their tanks full because a future purchase will likely be at a higher rate.
They are speculating and millions of us do it when the price changes.
People who see gas going down when it is, tend to not fill up their tanks full because a future purchase will likely be at a lower rate.
They are speculating and millions of us do it when the price changes.
Our collective speculating may add up to more than the power players we all tend to worship as being in control.
This is natural. It is a survival instict. It cannot be stopped, it will just come back again. We must simply deal with it.
Farmers speculate every year that winter will come and then it will be followed by spring, they even read scientific predictions to adjust their speculation and actions.
No report needed to understand this. Anyone remember when you thought your house would just be worth more and more each year....again speculation.
Common sense...wish it was more common. :thumbsup:
The left is angry because they are now being judged by the content of their character and not by the color of their skin.
Mitt Romney Gas Prices Rhetoric Doesn't Get Support Of His Own Economists
WASHINGTON -- Mitt Romney on the campaign trail has chided President Barack Obama for failing to curb prices at the pump, even as prominent economists have debunked those talking points, saying there's little the president can do to lower prices in the short term. Now the latest twist: No one from Romney's economic team will step forward to defend him. And not for want of opportunity.
After Romney insisted that more drilling in Mexico and in the Arctic National Wildlife Refuge could bring down the cost of gas, The Huffington Post contacted members of Romney's economic team -- two revolving-door lobbyists and two former chairmen of the Council of Economic Advisers under President George W. Bush -- to ask if they would vouch for the claim.
"I will pass. Sorry," prominent macroeconomist Gregory Mankiw, a Romney advisor, replied when contacted by HuffPost about an interview. Other queries were similarly denied or unreturned.
Other economists haven't been shy about debunking the claim, explaining that U.S. energy policy has very little effect either on oil prices or on overall U.S. employment. Recent studies have backed them up. The Associated Press' statistical analysis of 36 years of monthly, inflation-adjusted gasoline prices and U.S. domestic oil production found no statistical correlation between gas prices and how much oil comes out of U.S. wells.
Mitt Romney Gas Prices Rhetoric Doesn't Get Support Of His Own Economists
WASHINGTON -- Mitt Romney on the campaign trail has chided President Barack Obama for failing to curb prices at the pump, even as prominent economists have debunked those talking points, saying there's little the president can do to lower prices in the short term. Now the latest twist: No one from Romney's economic team will step forward to defend him. And not for want of opportunity.
After Romney insisted that more drilling in Mexico and in the Arctic National Wildlife Refuge could bring down the cost of gas, The Huffington Post contacted members of Romney's economic team -- two revolving-door lobbyists and two former chairmen of the Council of Economic Advisers under President George W. Bush -- to ask if they would vouch for the claim.
"I will pass. Sorry," prominent macroeconomist Gregory Mankiw, a Romney advisor, replied when contacted by HuffPost about an interview. Other queries were similarly denied or unreturned.
Other economists haven't been shy about debunking the claim, explaining that U.S. energy policy has very little effect either on oil prices or on overall U.S. employment. Recent studies have backed them up. The Associated Press' statistical analysis of 36 years of monthly, inflation-adjusted gasoline prices and U.S. domestic oil production found no statistical correlation between gas prices and how much oil comes out of U.S. wells.
Well, Dang... It's pretty bad when Gov. Etch-a-Sketch can't even get his own economists to back up his lies.
Then why was Obama standing in front of a boat load of pipes at a photo-op in Oklahoma?
"So today, I've come to Cushing, an oil town, because producing more oil and gas here at home has been, and will continue to be, a critical part of an all-of-the-above energy strategy,"[/i] Obama told an audience gathered at the Cushing Pipe Yard.
It looks like Obama is doing a little Etch-a-Sketching himself. It's pretty bad when Obama can't even get his own rhetoric to back up his own lies. Both you and your president are a bunch of bullsh**.
Well, Dang... It's pretty bad when Gov. Etch-a-Sketch can't even get his own economists to back up his lies.
You might want to read a detailed account of the last 30 years of oil prices, oil exploration, and how and what effects prices... shades of the truth... from the New York Times no less... 5 pages long... a major feature...
And be careful what quotes you clip and paste and take out of context. It's a very detailed article and there is much more going on then your drive-by quips and comments can comprehend.
