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
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- tmcattack;
Lesson #2: Refining capacity is not the issue. The global demand for crude now equals the production rate. Production is flat at about 85 mb per day, and many experts think that is the most that can be produced because the major oil fields have peaked. At the same time, global demand is increasing 1-2 % per year. Supply and demand. - Reply to this comment
- 3) Your idea to set back and do nothing to control our own energy supply is not a plan at all.
Posted by tmcattack at 12:35 PM : Jul 03, 2008
lolll...I beg your pardon? I''ve been advocating getting off oil ever since the ''70s by replacing it with alternative energy.
Instead of removing that strategic vulnerability, though, it has always been encouraged by people like you who place money over the best interests of the nation and indeed the planet itself.
lolll...by encouraging a strategic vulnerability for the last three decades, those who support our continued addiction to oil have in fact been committing treason for money.
Of course, you wouldn''t see it that way. - Reply to this comment
- Call your Senators/Congressmans offices and tell them to pass laws closing the Enron loophole.Former Senator Phil Gramm, the original sponsor of legislation leading to the current high gas prices, is now chief financial adviser to the Johnny McBush campaign. Look it up!
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- Congress needs to force the opening of the Stategic Petroleum Reserve. That oil is there for just this purpose, why is Bush so adamant that he will not open it?
Posted by deacon20081
Hey Einstein, did you know that the Stategic Petroleum Reserve only contains a 58 day supply of crude? Then what? - Reply to this comment
- What with the 4th of July and all, I was figuring on drinking some beer and eating me some pickled eggs and picnic beans and crapping myself a supertanker full of sweet, light crude....
Posted by ibsteve2u
LOL, I hope you are in a different geographic location than me!! - Reply to this comment
- I AM a geologist (retired). You don''''t know what you are talking about, but I am happy to explain things to you.
#1 Lesson: Gas reserves do not equal oil reserves!!!
Posted by jimfinster at 12:28 PM : Jul 03, 2008
Bummer.
What with the 4th of July and all, I was figuring on drinking some beer and eating me some pickled eggs and picnic beans and crapping myself a supertanker full of sweet, light crude.... - Reply to this comment
- "You do not seem to understand basic economics."
Basic econ has little to do with oil, as econ makes all kinds of assumptions about perfect markets, communication, frictionless. Big oil profits by making sure those assumptions are not true in their markets.
"If it was hugely profitable to build a new refinery, which it would be..."
No it is profitable NOT to build refineries. Look at the oil companies profits: the largest of any corporation in history, ever. Environmental regs has little to do with it.
"You assume that what we call "big oil" companies have anything to do with price, WRONG, they control less than 5% of the world supplies."
Econ again... the supplies do not dictate the price, big oil makes sure of that by manipulating the supply chain and processing. - Reply to this comment
- OPEC considers switch to EURO pricing (reuters reports)....
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- I just read where Valero has stopped refining gas at 2 refinerys. Why..so they said "is they are not in the business of providing people with cheap Gas."
Congress needs to force the opening of the Stategic Petroleum Reserve. That oil is there for just this purpose, why is Bush so adamant that he will not open it? - Reply to this comment
- You are repeating a myth that is simply not true. We can''''''''t drill our way out of this problem, and the sooner people understand that the better. We do not have the domestic reserves to support our current consumption, and global crude supplies have peaked.
Posted by jimfinster
Let me guess, you are a petroluem engineer with a major production company, NOTTTTTTTT. The energy industry has successfully found huge new reserves of natural gas in the Rockies an added over 4,000,000,000 cubic feet of gas supply per day over the last 3 years. If given the opportunity they could do the same for oil production.
Posted by tmcattack
I AM a geologist (retired). You don''t know what you are talking about, but I am happy to explain things to you.
#1 Lesson: Gas reserves do not equal oil reserves!!! - Reply to this comment
- You don''t seem to understand basic economics.
1) If it was hugely profitable to build a new refinery, which it would be, some company unrelated to production would do it. There is too much money to be made not to do it however the governmental regulations won''t allow it plain and simple.
2)You assume that what we call "big oil" companies have anything to do with price, WRONG, they control less than 5% of the world supplies. Its like the tail wagging the dog. Until they get more supply they can''t have a major effect on pricing.
Posted by tmcattack at 12:22 PM : Jul 03, 2008
And you assume that nobody understands that "profit" is the difference between the cost of production and what you charge the consumer.
And you assume that nobody has noticed years in a row of record profits for Big Oil.
And as to "You assume that what we call "big oil" companies have anything to do with price."?
lolll..well now you are assuming that the American consumer - and Congress - is just plain stupid. - Reply to this comment
- we cannot drill our way out of this problem...
the ONLY solution is to heavily invest into green techologies and ween ourselves off of oil and oil based products as much as we possibly can as fast as we can.
if we do drill more it wil take 10 years ot get that oil to market, and right now the oil companies have plenty of land leases they are not even using. they need ot use their exisiting leases and start those lands producing before anyone should consider giving the incredibly shady oil industry more land
I support the funding of alternative fuel techologies and mass transit systems. When I see major investments from our government and th eoil industry in those deaprtments we can then open up som edebate on drilling for more oil in areas once protected... but only then. - Reply to this comment
- I think I will start a rumor about all of the oil fields in the middle east going dry and see what that does to the prices. I am sure there is some idiot commidities broker that would speculate on that and push the oil prices even higher.
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- the US DOLLAR is standing at the edge of a cliff and most people dont even know it....
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- Our current lifestyle is based on cheap oil. Cheap oil is history, and so are giant SUVS and homes in the suburbs. Better get used to it.
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- Too many crooks, not enough Americans.
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- 4) China and India over last few years have increased their energy consumption over 200% and continue to grow. Americans have decreased their usage over the last year by 500,000 gallons per day but that supply has been taken by the Chinese.
Posted by tmcattack at 12:13 PM : Jul 03, 2008
Read that, then consider this: Would Big Oil see a need to build new refineries in the U.S. if consumption here is declining, when they didn''t see a need to build new refineries here at previous U.S. consumption levels?
Now ask yourself this: Gee, if we start drilling here, is it for our benefit and use, or is it so that Big Oil can sell more oil to the Chinese and Indians because U.S. demand is being met by increased production locally?
Further, ask yourself this: Do you have any reason at all to believe that Big Oil would hesitate to sell oil produced in North America - from these hypothetical nearshore wells or from existing wells - to the Chinese and Indians instead of to the U.S. consumer, if the Chinese and Indians are willing and can pay more?
lollll...and gee - since they have all of our manufacturing capacity and all of our debt, that question of "Can they pay more?" is already moot... - Reply to this comment
- "they get our oil and gives us a WORTHLESS PIECE OF PAPER" Ahmadinejad told reporters....
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- Our best option is for us to DRILL NOW but in order to do that the democrats will have to lift their drilling ban.
Posted by tmcattack
You are repeating a myth that is simply not true. We can''t drill our way out of this problem, and the sooner people understand that the better. We do not have the domestic reserves to support our current consumption, and global crude supplies have peaked. - Reply to this comment
- DOLLAR COLLAPSE NOW IMMINENT....don''t hold on to your stocks hold on to your socks!
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