Comments on: Oil Sets New Record: Over $132 A Barrel

Analysts Fear Little Can Be Done To Stem Runaway Prices

[element51]

bobnjersey....Thanks for responding. So I was right about the bottom line. No relief at the gas pump. I told my wife tonight that we are all going have to adjust to a new world. I have no idea as to how we will do that but the old days are gone forever and they ain''t commin back. I just wonder how far this can go before there is a complete break down of our society. Pretty scary schite.

[north1949]

America has simply become irrelevant both as a consumer and as a producer in the world of petroleum.
Rather than being a valued customer, the USA is simply another fool in the line at the world''s pump.
Oil will go to the highest bidder, and if you''re not
ready to pay the price, you can just go empty. No government, no fat company CEO''s, no miracle to bail you out.

[bobnjersey]

[If the oil companies are allowed to drill in protected areas in America, if they go in and find the oil and drill the wells and pump out the oil, who does the oil belong to? With demand rising world wide why would they sell cheaper in the USA? Seems to me that they would sell to the highest bidder and nothing would change except perhaps the places where they do the drilling. Can anyone clarify this for me?]
[Posted by Element51 at 09:01 PM : May 21, 2008]

it would be sold on the commodities market like all other commodities at the current market price. however, they would be paying for the drilling rights and any other ''access'' fees for the right to extract the oil.

congress can then p!ss that away on some ridiculous earmark or other nonsense.

so the price of gas at the pump would be no different.

only a discovery of a huge reserve and the many years to build the infrastructure to access it and deliver it would yield any real impact ... could be 10 or more years away.

invading saudi arabia would be easier [/sarcasm]

[element51]

I''m confused about something and maybe someone out there can help me. If the oil companies are allowed to drill in protected areas in America, if they go in and find the oil and drill the wells and pump out the oil, who does the oil belong to? Some of you seem to indicate that this will help solve the problem and bring gas prices down. But if the oil companies own the oil, can''t they sell it where they want and for whatever price they want? With demand rising world wide why would they sell cheaper in the USA? Seems to me that they would sell to the highest bidder and nothing would change except perhaps the places where they do the drilling. Can anyone clarify this for me?

[arlt1627]

arit1627....Are you as stupid as you sound?
Posted by b48151 at 03:24 PM : May 21, 2008
even more so

Posted by jamesm12341 at 07:03 PM : May 21, 2008

Oh James....glad to see you''re still alive and actively participating in the "peanut gallery!" What fun would a forum be with your insight, intelligence, and analytical thinking!! Thanks!

[noloyalisti]

Oil is way too important a resource to leave in the hands of right wing war profiteering corporations. Time to nationalize the oil industry and at the same time install a government that represents We the People instead of the corporate elites.

[underdogus]

oil just hit 133.22$ watch you head ...Im drinking beer and eating pork chops facing Mecca.....

[underdogus]

..Sands of Iraq hold WORLD''''S 2nd largest OIL RESERVE!!! Ahmadinejad your day''s are numbered

[noloyalisti]

Well, we have to pay for this occupation that we didn''t stop. And the republicans oil company friends. What did we expect?

[buttermilk12]

They keep saying supply and demand.I DO NOT BUT THAT EXCUSE AND NEVER DID NOTHING BUT PURE GREEEEEED They could build more refinneries but it would take some of there profit GOD FORBID THEY DO THAT no refinneries nin 30 years don''t they think it is time???????????

[msay3]

ANWR oil, if the oil companies are allowed to explore, is predicted to increase American production by over 1 million barrels per day which at $130 per barrel prices is a tremendous savings to our national debt and boost to our economy. This will be compounded by the hundreds of thousands of jobs that will be created nationwide from production in the 10-02 and also the up to $280 billion in tax royalties the Federal Government would gain from production. It will be interesting to see how the new administration deals with these solutions to our growing energy crisis. Locking up resources produces a scarcity of supply. An increasing population and growing economy produces an increase in demand. The very same goes for off-shore drilling off of the coast of Florida...The reserves are there, we just have to come to an equitable solution that will benefit everyone, and be kind to the environment...A rather tall order, but it can be done with some planning...
What good is protecting a species in danger of extinction if the human race becomes extinct in the process?

[arlt1627]

and no explanation for how ''''losing'''' (also undefined) will impact the us of a becoming third world.

we''''ll be responsible for our own demise ... due to enough ignorant fools (like yourself) that will listen to whatever your ''''authoritarian leaders'''' will tell you.


Posted by bobnjersey at 04:07 PM : May 21, 2008

Well stated Bob!! Glad to see some "regular/moderate" thinkers on here versus trolls and "wing supporters" of the parties. Keep up the good analytical work!

[arlt1627]

THE PEOPLE RESPONSIBLE FOR HIGH GAS PRICES ARE THE VERY SAME PEOPLE DRILLING (NO PUN INTENDED) THE OIL EXECUTIVES.

THINK ABOUT IT YOU CLOWNS...YOU SUE OPEC FOR NOT RAISING PRODUCTION, BUT THEN CLAIM THAT HIGH PRICES ARE NOT CAUSED BY LACK OF SUPPLY IN THE MARKET...WHERES YOUR CONSISTENCY. YOU YELL AT OPEC FOR NOT DOING WHAT YOU WONT ALLOW OUR OIL COMPANIES TO DO.

NO ONE HERE CAN EXPLAIN HOW TAXING THE COMPANIES WILL DECREASE GAS PRICES.

THOSE WHO VOTE FOR THESE PEOPLE DESERVE WHAT THEY GET.

Posted by lilvinnyb

And you need to remember that the USA does NOT dominate the oil industry anymore.....drilling & refining more AMERICAN oil will not even make a dent in the prices we have today when the vast majority of our oil is imported.....we are going to see prices driven by foreign demand (China & India) and OPEC. And, to think that American companies would sell discounted oil to us is naive. They''re in it for profit....why wouldn''t the sell at "world price?"

[bobnjersey]

[go and watch your "american idol show" NEXT!!!]
[Posted by underdogus at 03:15 PM : May 21, 2008]

so you''re bankrupt? i know you don''t have any intelligent responses since you''re just spewing whatever someone else has told you ... or your just making it up as you go.

no definition of ''winning''? (the talking points don''t cover this?)

you''re also wrong w/ iraq being second largest reserve ... as of data from 2007, canada has the second known largest next to saudia arabia. iraq is third ... iran is fourth. many believe caspian sea area ''may have'' reserves larger than saudi''s.

and no explanation for how ''losing'' (also undefined) will impact the us of a becoming third world.

we''ll be responsible for our own demise ... due to enough ignorant fools (like yourself) that will listen to whatever your ''authoritarian leaders'' will tell you.

[arlt1627]

arit1627....Are you as stupid as you sound?

Posted by b48151 at 03:24 PM : May 21, 2008

Nope. But I am baiting you for a discussion. And since you brought it up, I definitely believe your "democraps" slant is ridiculous and it does make you look stupid! Sorry.

[tylenol6]

Let us also not forget our idiots in congress are making
a killing on all their oil stock that is making them
even richer. The morons in congress really do not want
the oil prices to go down. Congress questioning these
oil companies is all for show........

[arlt1627]

Thank-you ''''no new drilling'''' democraps.

Posted by b48151 at 03:18 PM : May 21, 2008

So simplistic and neo-con in thought.....and lame. How about demand from Asia, depressed American dollar, borrow and spend republicans, lower interest rates, and a failing housing industry. Oh, and corporate gouging from the good ole'' oil companies.

[arlt1627]

underdogus,

How does "winning" Iraq have anything to do with how much you''re paying at the pump? I''m interested to hear your insight on this one!!

[underdogus]

[Sands of Iraq hold WORLD''''''''S 2nd largest OIL RESERVE!!!]
[Posted by underdogus at 02:26 PM : May 21, 2008]

... and ...
Posted by bobnjersey ..go and watch your "american idol show" NEXT!!!

[msay3]

[underdogus: You said it!!!!]
[Posted by msay3 at 02:16 PM : May 21, 2008]

i must have missed it ... can you explain it to me?
Posted by bobnjersey at 02:22 PM : May 21, 2008

Sure....imderdogus said "THE US ECONOMY IS PREPARING TO SELF-DESTRUCT".