Comments on: Oil Soars On Report Of U.S. Supply Decline

Price Nears $146 Per Barrel; Latest Spike Puts Cost Up 50 Percent Since End Of Last Year

[dowell100]

On 7/3/08 oil is 144.35, up just 0.78 today.

Articles like this alarmist and don''t help anyone.

[jimfinster]

We could have all you suggest IF we lived in Iraq cause bush would find the funds immediately.

Posted by rharrin1


Good point. The total cost of Iraq is estimated to be about 1 trillion dollars. Imagine if Bush had put that money into an alternate energy program.

[jimfinster]

All correct except the last part:
Right: OPEC is in cahoots with the wealthy."

Wrong: OPEC is retaliating against the West.

"There is no shortage of oil. The truth is oil is everywhere, and only a minuscule amount has been tapped from the earth. Don%u2019t be fooled by phrases such as %u201CPeak production has been reached, supply and demand is dictating the market, war with Iran, or China and India are industrializing.%u201D Nothing but nonsense and brainwashing. Oil should not be over $60 a barrow and the only reason it is above that is because the OPEC is retaliating against the West."

Posted by cbsfan73


Really? Since it is everywhere, then I just need to drill in my backyard, and I will be a millionaire! LOL

[barbaram99]

We saw a man sriving a moter scooter and it was cool and smart. We use mass transit/walk.

[Syndicate]

We really need to start thinking outside the box. How about we wave all taxes on the purchase of a new fuel efficient vehicle. How about we make the stop lights smarter. We should drill. We should build more Nuclear plants. We should invest in any technology that will help. fortunately the American people will take this upon them selfs. We all know congress isn''t going to do a dam thing except blame each other. $4.50 for a gallon of gas and they go on Vacation. They should be shot. All of them. The presidential candidates too.

[ddaryl1]

invest into mass transit and alternative energies and we can continue to reduce demand considerably in the same amount of time it would take to set up new rigs to drill for new oil etc...

We knew what oil addicition could do to this ocuntry back in the late 1970''s and we didn''t learn then. here we are in a similiar boat and we have the same "can''t thnk outside th ebox" crew preaching philosophies that failed us before.

Our money, and efforts will be a billion times better served pushin gfor alternative fuels, and other green technologies ASAP, and increasing our mass transit systems.

Screw oil I''d rather see $10 gas then see our country do what is a temporary easy fix, and until I see a couple 100 billion investment into alternatives from our government and the oil industry among others I won''t even cosider letting the oil industry have more land.

[cbsfan73]

All correct except the last part:
Right: OPEC is in cahoots with the wealthy."

Wrong: OPEC is retaliating against the West.

"There is no shortage of oil. The truth is oil is everywhere, and only a minuscule amount has been tapped from the earth. Don%u2019t be fooled by phrases such as %u201CPeak production has been reached, supply and demand is dictating the market, war with Iran, or China and India are industrializing.%u201D Nothing but nonsense and brainwashing. Oil should not be over $60 a barrow and the only reason it is above that is because the OPEC is retaliating against the West."

[jimfinster]

tmcattack:

I gotta go something constructive. In the meantime, you should educate on the REAL story of our energy crisis. For someone who claims 25 years in the energy business, you sure have lots of bad information.....

[jimfinster]

With regard to oil shale, there is not a single production plant in the U.S. Ever wonder why there are none?

Hint: It has nothing to do with Democrats or regulations.

[acolton1]

Oil Soars:

I am not even supprised its the 4th weekend and somebody has to make some extra cash this weekend. These NAZI speculators said that oil would be $150 by the 4th weekend and they are doing their best to meet their quota''s.

[jimfinster]

the biggest areas of new oil reserves in the US are to be found in 4 areas, 3 of which are off limits by the government.
1) Offshore Florida, banned
2) offshore California, banned
3) Alaskan National Wildlife Refuge banned
4) Onshore Shale regions in the rockies and northern states, which is now being developed but is the smallest in size.

Posted by tmcattack


The energy dept estimates that offshore drilling would provide less than 5% of our current daily demand. ANWR would provide only a 2 year supply. Look it up, USGS and Dept of Energy studies!

Yes, there are huge reserves tied up in the shale, but very expensive to extract. Plus, this is an arid region. Did you know it takes 3 barrels of water to produce 1 barrel of crude from shale? Where will the water come from?

[talkingham]

The speculators need to be put in jail. It is they and they alone who are driving these prices through the roof.

It has nothing to do with economics 101 and everything to do with greed and a completely broken system. Oil was $44/barrel last Fall, and before Bush leaves (if the jerk leaves office!) It will be around $200/barrel. There is no way demand has risen more than 300% in less than a year.

Virtually all of the oil mined in Alaska goes to Asia, we don''t and won''t get a drop from drilling in arctic preserves. Let''s wait about 10 years on that and they won''t be arctic anymore anyway.

But if you believe this supply and demand lie then you need to review Greed and Power 101 first.

The neocons want a world in shambles - it''s a lot easier to herd sheep when they are scared a wolf is about.

[caliguy55]

The essential point is the immediate need to substantially reduce the amount of carbon gasses released into the atmosphere by burning fossil fuels. Global Warming is an undeniable fact. And, unless we stop damaging our planet, we won''t have any place to live. That should be very simple to understand.

[missingamerica]

lolll...well, I''m bored. I know you can''t argue with people who spread propaganda because of their personal financial interest - thinking about the good of others is not one of their abilities.

Ya''ll have fun!

[missingamerica]

I''''m starting to think that tmcattack either:

1) Works for an oil company [...]

Bottom line, I suspect that continuing our addiction to oil is to his financial advantage.

Posted by ibsteve2u at 12:51 PM : Jul 03, 2008

wrong again. I have worked in the energy industry for over 25 years.

Posted by tmcattack at 12:51 PM : Jul 03, 2008

TA DA! (Sound of trumpets blaring as I score.)

[jimfinster]

Wrong again. I have worked in the energy industry for over 25 years. Where you and your democrat buddies are getting your propaganda is wrong. Is drilling equipment tight, yes but there are rigs available and new ones can be build as well. Just like the natural gas boom in the rockies has found a way to find manpower and equipment. Additionally not all of the oil is offshore, ANWR is onshore.

Posted by tmcattack

Lesson #4: I am not a Democrat.

Lesson #5: Google ship supply and see. These ships are booked 5 years out right now. Sure they are building new ships, but they have years of back orders, and have double the price!! That cost will be passed along at the pump, bet on it.

[missingamerica]

I''m starting to think that tmcattack either:

1) Works for an oil company
2) Is a wildcat driller
3) Is in the drilling supply business
4) Is a broker in the energy sector on Wall Street
5) Holds a lot of oil company shares and/or shares reflected in the AMEX stock symbol XOI
6) Owns a lot of oil shale land
7) Owns a "played out" oil field that might yield more oil with environmentally unfriendlier harvesting techniques
8) Works for Disney, and wants to get all of the roughnecks who would be drilling off Florida and California into their parks on their off-time
9) Builds SUVs in Detroit or elsewhere or manages their production

lolll....one or more of the above, or something I overlooked.

Bottom line, I suspect that continuing our addiction to oil is to his financial advantage.

[jimfinster]

I will agree that it is a supply and demand issue however I disagree that there not new production to be found. Additionally with refining capacity running at max and with a large percentage of it controlled internationally, new refining in the US would indeed help lower overall costs. What have you got against adding new capacity?

Posted by tmcattack


Where is the "new production to be found"? We have been drilling in the U.S. for over 100 years. There are no new big oil fields to be found. Our oil production peaked 30 years ago. Oil is a finite resource, do you not understand that?

[pleaseread]

The facts are simple:
United States population: 304,502,757
China: 1,321,851,888
India: 1,129,866,154
From Wiki:
United States proven oil reserves declined to a little less than 21 billion barrels (3.3W109 m3) as of 2006 according to the Energy Information Administration, a 46% decline from the 39 billion barrels (6.2W109 m3) it had in 1970 when the huge Alaska North Slope (ANS) reserves were booked. With production of around 5 million barrels per day (790W103 m3/d) as of 2006, this represents about an 11 year supply of oil reserves at current rates of production.

If the United States had to supply its entire demand of 21 million barrels per day (3.3W106 m3/d) without resorting to foreign imports, existing US reserves would last only three years at the current rate of consumption.

No oil fields of similar size to the ANS reserves have been found in the US since 1970. With over 2.3 million wells having been drilled in the US since 1949,[44] there are very few unexplored areas left where a similar size oil field is likely to be found.[citation needed] US oil reserve numbers are very accurate compared to those of most other countries.

To put it in the most simple terms, we do not matter anymore as a country when it comes to oil prices. Just look at the numbers. We are a very small in terms of population when compared to China and India which are both rapidly growing.

[jimfinster]

Posted by ddaryl1
Energy IGNORANCE again. What propaganda are you reading that it will take ten years to get the oil to market. WRONG! Once permits are given most oil production can be drilled and brought online in 2 to 3 years, 4 to 5 if new pipeline infrastructure is needed however you are right it might take 5 to 7 years for things to get so bad that the democrats will let any serious drilling begin.

Posted by tmcattack


LOL

Lesson #3: The giant ships capable of drilling offshore are booked 5 years in advance right now. It would take 10-15 years for any of that oil to come to market if we started today. Plus, did you know that there is an executive (ie Bush) hold on offshore drilling? Why do you keep blaming the Democrats?