Oil prices
- Thread starter moreluck
- Start date
brazenbrown
Well-Known Member
I thought the trillions of cubic feet of gas reserves were a significant number in itself (notice how you skipped over that) since we're trying to get away from oil....pay attention to the whole picture..
Oh by the way you're the one who quoted this: " In April 2008, the United States Geological Survey (USGS) released a report giving a new resource assessment of the Bakken Formation underlying portions of Montana and North Dakota. The USGS believes that with new horizontal drilling technology there is somewhere between 3.0 and 4.5 billion barrels"
You seem to round off all your oil estimates to the tune of 4.5..hmm.. I'd have to say your sources are flawed, but maybe it's just a coincidence!!
I thought the trillions of cubic feet of gas reserves were a significant number in itself (notice how you skipped over that) since we're trying to get away from oil....pay attention to the whole picture..
Oh by the way you're the one who quoted this: " In April 2008, the United States Geological Survey (USGS) released a report giving a new resource assessment of the Bakken Formation underlying portions of Montana and North Dakota. The USGS believes that with new horizontal drilling technology there is somewhere between 3.0 and 4.5 billion barrels"
You seem to round off all your oil estimates to the tune of 4.5..hmm.. I'd have to say your sources are flawed, but maybe it's just a coincidence!!
4.5 billion is the high end of the USGS's (one of my flawed sources) estimate for recoverable oil from the Bakken Formation. Estimates for recoverable oil in the Atlantic area currently covered by the drilling ban are 3.82 billion barrels according to the Energy Information Administration (yet another one of my flawed sources
). Estimates from the oil companies for that area have ranged as high as 5 billion barrels, so I used 4.5 as a high midpoint estimate. I hope that clears up the "coincidence".I've been consistent in saying that we need to develop alternative sources of energy, including natural gas and nuclear power. The billion barrels of oil contained in Hutchinson's otherwise interesting proposal is nothing but a payoff to the oil lobby, and a testament to the influence they wield on capitol hill.
brazenbrown
Well-Known Member
In the 90's the USGS said there were only 151 million barrels and that's been revised to 3.65 billion with the possibility of another revision much, much higher, only time will tell...4.5 billion is the high end of the USGS's (one of my flawed sources) estimate for recoverable oil from the Bakken Formation. Estimates for recoverable oil in the Atlantic area currently covered by the drilling ban are 3.82 billion barrels according to the Energy Information Administration (yet another one of my flawed sources
The Bakken oil formation and national security
I agree that we need to wean ourselves off of oil but until viable alternatives are able to take the place of oil we should be able to use as much of our own oil as possible.
tieguy
Banned
1989 thanks for simplyfying the point.
Doing nothing equals nothing. The argument that increasing the amount of drilling we do will net nothing is absurd.
If that argument is valid then doing nothing would net a negative result?
paidslave
Well-Known Member
Who cares how much oil we drill? We will just sell it to Japan anyway at premium price...
Do you really think that if we found more oil that will drive the price down? Not.....a chance.......there will always be business people creating controversy to drive the Market price up with fear....
This is a smoke screen....Wake up people! Big oil Big business, big goverment wants oil prices high.....
Get rid of these cronies...and for all you Republicans out there, You don't make enough money to even think you are a republican unless you own a company in the s%p 500..........or fortune 500 companies...
So quit your bs and think you are making a little more and vote republican?......this is another falacy with College Educated people.
I have a College Degree and seeing how these people think is crazy..
Unless you make over $1 million a year you should vote democratic.......for the rest you are badly mistaken to think the republicans are in your interest!...
You can't think like Cheny, Bush or McCain, and be brainwashed thinking your few dollars you make can compare to BP Moble/GAs......
Sorry to rant....................Record profits for the oil companies while the economy is in the crapper!!
One last note,,,,,the Alaskan pipe line was suppose to ease cost, sure. Then why do we sell to JAPAN our oil?
You got it, for record profits.......off shore drilling is only for more record profits........
my2cents
brett636
Well-Known Member
Its called a world market. The oil goes where its needed. If the world market has more oil the price goes down. Simple supply and demand.
Did you take your medicine today? If not I highly recommend a tinfoil hat to keep Bush from reading your mind with his mind reading satellites.
I own stock in UPS, my 401k is invested in the S&P 500, and I'm willing to bet my pension plan has money invested in both the S&P 500 and oil company stocks. Now do I qualify as a republican?
Could have fooled me...
Are you sure about the college thing? Or was that just another fantasy of yours from not taking your meds?
Yes, you are right, profits are horrible for everyone. I mean all those pension plans invested in oil company stocks. All those 401ks, 403bs, SEPS, and other retirement accounts invested in multiple stocks that all rely on steady, increasing profits are a bad thing. This free market economy sucks with all these jobs for people to do, opportunity for people to succeed. I just don't understand how the American people can handle it.
paidslave
Well-Known Member
BRETT, (Its called a world market. The oil goes where its needed. If the world market has more oil the price goes down. Simple supply and demand)
I have to dissent with simple supply and demand theory. There has always been a demand for oil and there has always been a supply of oil. This market is inflated by fear in the middle east Created by the Bush Administration.
Here is a nice supply of oil.......
WASHINGTON - Iraq’s oil reserves could be nearly twice as large as previously estimated, containing more than 200 billion barrels, a new analysis of the war-torn country’s oil resources says.
Iraq is now occupied by the U.S and Iraq is sitting on the 4 largest OIL reserve in the world. In theory, We own the 4th largest OIL reserve and OIL prices have tripled since the war. This OIL was supposed to pay for the War from what the Bush Admin. has told us. This has not happened and the OIL companys have hoarded the profits to themselves.
my2cents
I have to dissent with simple supply and demand theory. There has always been a demand for oil and there has always been a supply of oil. This market is inflated by fear in the middle east Created by the Bush Administration.
Here is a nice supply of oil.......
WASHINGTON - Iraq’s oil reserves could be nearly twice as large as previously estimated, containing more than 200 billion barrels, a new analysis of the war-torn country’s oil resources says.
Iraq is now occupied by the U.S and Iraq is sitting on the 4 largest OIL reserve in the world. In theory, We own the 4th largest OIL reserve and OIL prices have tripled since the war. This OIL was supposed to pay for the War from what the Bush Admin. has told us. This has not happened and the OIL companys have hoarded the profits to themselves.
my2cents
brazenbrown
Well-Known Member
Created by the Bush administration????
Man, Brett was right about the meds. I guess Bush is responsible for the lunatic President of Iran, Mahmoud Ahmadinejad saying he'd like to wipe Israel off the face of the earth!!
Or is Bush over there helping them build the nukes to wipe us out with??
What friggin planet are you from...Liberanous!!
tieguy
Banned
BrownShark
Banned
Its amazing how those who listen to republican hype simply repeat what they are told over and over....
Brazenbrown, moreluck, Denieguy & brett with all your republican talking points in hand....
Lets listen to the head of OPEC for a moment:
In addition, OPEC has blamed the high price of oil on the state of the economy of the US and the WEAKENED US dollar caused by wall street GREED!
Those of you fixated on drilling listen to radio and tv way to much, try reading for a change.
An unchecked energy sector allowed traders to RUN UP the price of a barrel of oil without making ANY investment whatsoever.
When you compare the price of a barrel of oil's rise in 8 years, its clear that the bush administration allowed the speculators to accelerate the cost of a barrel at a rate faster than in any time in history.
There is no shortage, there is no reason for extra drilling, theres a need to control the market, regulation should take care of wall street.
Of all the oil the republicans want to go get, only 25% is designated to the USA and the rest intended to go to world markets....
This doesnt help the american market, if all the oil was to stay at home then it would make a difference, but thats not the intention.
This presidents failure to understand economics has caused the state of our economy, his cutting taxes policy has only killed our federal deficit for 20 years.
Taxes will inevitably have to be raised to cover this RECORD deficit.
This president has spent more on his federal budget over 8 years than all the presidents before him combined going back to George Washington.
I know , I know, hes keeping us safe...what a crock!
Greed caused this country to be brought to its knees, and those of you who support this action should be ashamed of yourselves.
Look at all the industries being affected by the oil price of oil.
Look at the 700 thousand people who lost there jobs over the last 6 months.
Look at the highest price for foods in the history of this country.
Now, you are all sold on drilling, because thats the new "selling" point of the republican party.
Havent you all learned you lessons yet in 8 years?
This country is in a spiral downward, OBAMA has the right idea, tap the reserves and bring the price of oil down drastically so the country can get back on its feet.
McSame will only continue the failed policies of the Bush legacy.
OIL is the evil that is ruining this great countries infrastructure.
Peace
Brazenbrown, moreluck, Denieguy & brett with all your republican talking points in hand....
Lets listen to the head of OPEC for a moment:
In addition, OPEC has blamed the high price of oil on the state of the economy of the US and the WEAKENED US dollar caused by wall street GREED!
Those of you fixated on drilling listen to radio and tv way to much, try reading for a change.
An unchecked energy sector allowed traders to RUN UP the price of a barrel of oil without making ANY investment whatsoever.
When you compare the price of a barrel of oil's rise in 8 years, its clear that the bush administration allowed the speculators to accelerate the cost of a barrel at a rate faster than in any time in history.
There is no shortage, there is no reason for extra drilling, theres a need to control the market, regulation should take care of wall street.
Of all the oil the republicans want to go get, only 25% is designated to the USA and the rest intended to go to world markets....
This doesnt help the american market, if all the oil was to stay at home then it would make a difference, but thats not the intention.
This presidents failure to understand economics has caused the state of our economy, his cutting taxes policy has only killed our federal deficit for 20 years.
Taxes will inevitably have to be raised to cover this RECORD deficit.
This president has spent more on his federal budget over 8 years than all the presidents before him combined going back to George Washington.
I know , I know, hes keeping us safe...what a crock!
Greed caused this country to be brought to its knees, and those of you who support this action should be ashamed of yourselves.
Look at all the industries being affected by the oil price of oil.
Look at the 700 thousand people who lost there jobs over the last 6 months.
Look at the highest price for foods in the history of this country.
Now, you are all sold on drilling, because thats the new "selling" point of the republican party.
Havent you all learned you lessons yet in 8 years?
This country is in a spiral downward, OBAMA has the right idea, tap the reserves and bring the price of oil down drastically so the country can get back on its feet.
McSame will only continue the failed policies of the Bush legacy.
OIL is the evil that is ruining this great countries infrastructure.
Peace
diesel96
Well-Known Member
I tell you what More, I invite all my armchair quarterback oil expert Republican BC friends to my property, there's plenty of grass to munch on now during the rainy season. The grass is getting to high and as a bonus, there'll get a chance to unemploy my Mexican Lawn Crew and shoo back across the border.
tieguy
Banned
Its amazing how those who listen to republican hype simply repeat what they are told over and over....
Brazenbrown, moreluck, Denieguy & brett with all your republican talking points in hand....
Lets listen to the head of OPEC for a moment:
In addition, OPEC has blamed the high price of oil on the state of the economy of the US and the WEAKENED US dollar caused by wall street GREED!
Those of you fixated on drilling listen to radio and tv way to much, try reading for a change.
An unchecked energy sector allowed traders to RUN UP the price of a barrel of oil without making ANY investment whatsoever.
When you compare the price of a barrel of oil's rise in 8 years, its clear that the bush administration allowed the speculators to accelerate the cost of a barrel at a rate faster than in any time in history.
There is no shortage, there is no reason for extra drilling, theres a need to control the market, regulation should take care of wall street.
Of all the oil the republicans want to go get, only 25% is designated to the USA and the rest intended to go to world markets....
This doesnt help the american market, if all the oil was to stay at home then it would make a difference, but thats not the intention.
This presidents failure to understand economics has caused the state of our economy, his cutting taxes policy has only killed our federal deficit for 20 years.
Taxes will inevitably have to be raised to cover this RECORD deficit.
This president has spent more on his federal budget over 8 years than all the presidents before him combined going back to George Washington.
I know , I know, hes keeping us safe...what a crock!
Greed caused this country to be brought to its knees, and those of you who support this action should be ashamed of yourselves.
Look at all the industries being affected by the oil price of oil.
Look at the 700 thousand people who lost there jobs over the last 6 months.
Look at the highest price for foods in the history of this country.
Now, you are all sold on drilling, because thats the new "selling" point of the republican party.
Havent you all learned you lessons yet in 8 years?
This country is in a spiral downward, OBAMA has the right idea, tap the reserves and bring the price of oil down drastically so the country can get back on its feet.
McSame will only continue the failed policies of the Bush legacy.
OIL is the evil that is ruining this great countries infrastructure.
Peace
Last time I checked there was a democratic led congress that has been in power during this time when the price of oil has risen dramatically. Somehow its all Bushs fault.
brazenbrown
Well-Known Member
Those of you fixated on drilling listen to radio and tv way to much, try reading for a change.
Now, you are all sold on drilling, because thats the new "selling" point of the republican party.
Havent you all learned you lessons yet in 8 years?
This country is in a spiral downward, OBAMA has the right idea, tap the reserves and bring the price of oil down drastically so the country can get back on its feet.
OIL is the evil that is ruining this great countries infrastructure.
Peace
Apparently you don't take your own advice, what a hypocrite!
Yes your very own peace loving, ah inspiring candidate is willing to drill now..
A republican talking point?? How about the majority of Americans that support it, why do you think your very own talking head, radical liberal Obama flip/flopped??? Yes, that's right...the majority rules!!
Back at Ya!!We are the ones we've been waiting for!!LOL
brett636
Well-Known Member
Exactly, oil was $58/barrel the day the democrats took control of congress. Now that the price has doubled they go on vacation and refuse to do anything about the situation.
