[Old Texan]

John McCain spoke in Houston yesterday proposing we start drilling offshore. GWB is proposing lifting the offshore drilling moratorium. FL Gov. Crist is softening his stance on the topic. Ron Paul agrees it's time to get back in the Gulf in his interview yesterday. The Republicans want to allow individual states to have more latitude in deciding to drill. All feel that if we can increase our own supply, we can bring the per barrel price of crude down and thus get fuel costs back in line.

Obama says they are wrong and maintains we need to institute a windfall profit tax on the oil companies and seek new sources of renewable energy. His Democratic constituents and the Sierra Club all are against renewing offshore drilling.

Seems to me one group is interested in solving the problem realisticly in the present while the other group still looks to the "future" with hopes for a miracle cure. Again Obama has no real plan, just playing on emotion and he yet claims the Republicans are the ones using fear tactics.

We have the reserves and the technology ready to roll. It's time to go drill.

 

[redneckcharlie]

These guys crack me up with all there talk on new sources. Thats all fine and dandy, go come up with new ways of supplying energy. But, fix the supply issues right now. Not in 2012, right fricken now. Start getting more oil in circulation. Obama can keep preaching his huge tax on oil companies all he wants, because he knows he'll never do it. Its simply a statement to attain votes.

 

[Ultra26 # 1]

John McCain spoke in Houston yesterday proposing we start drilling offshore. GWB is proposing lifting the offshore drilling moratorium. FL Gov. Crist is softening his stance on the topic. Ron Paul agrees it's time to get back in the Gulf in his interview yesterday. The Republicans want to allow individual states to have more latitude in deciding to drill. All feel that if we can increase our own supply, we can bring the per barrel price of crude down and thus get fuel costs back in line.

Obama says they are wrong and maintains we need to institute a windfall profit tax on the oil companies and seek new sources of renewable energy. His Democratic constituents and the Sierra Club all are against renewing offshore drilling.

Seems to me one group is interested in solving the problem realisticly in the present while the other group still looks to the "future" with hopes for a miracle cure. Again Obama has no real plan, just playing on emotion and he yet claims the Republicans are the ones using fear tactics.

We have the reserves and the technology ready to roll. It's time to go drill.

How long do you believe it will take before the US realizes any price decrease as a result of new offshore drilling? Even better, do you actualy believe that offshore drilling will lower the cost of oil? Why would oil co's want the cost per barrel to go down?

Seems to me that more US oil production will result in more $150 + per barrel oil being exported from th US.

 

[westair]

How long do you believe it will take before the US realizes any price decrease as a result of new offshore drilling? Even better, do you actualy believe that offshore drilling will lower the cost of oil? Why would oil co's want the cost per barrel to go down?

Seems to me that more US oil production will result in more $150 + per barrel oil being exported from th US.

Why wouldn't the price go down, more oil in circulation, less demand, competition. Doesn't it also affect the price when a lot of our oil now has to be shipped in from the other side of the earth.

 

[Old Texan]

Placing more oil on the market will increase supply side. If we can find a way to keep that supply in our country it will definitely improve our immediate supply. Supply increases will effectively reduce prices. The oil companies already have said they can recover oil from the GoM for far less than the current market demand prices.

If our government would work together they can allow drilling to take place and work on better means and incentives to keep the oil here at lower prices.

How long? Who knows except those that need to relax the offshore moratorium and do the actual drilling. Rigs are available and are being sent to Africa and elsewhere every day so equipment for shallow drilling is there. Just a solid plan showing we will be increasing our drilling activity could shake OPEC into increasing supplies which could be an immediate effect. If we continue arguing over taxing and moratoriums, OPEC will just sit back and see it as more US politics and won't be inclined to do anything except ride the current price rise.

It all boils down to taking action and quit fighting the obvious need to use our own resources which are just sitting.

 

[Havasu Dreamin]

Seems to me that more US oil production will result in more $150 + per barrel oil being exported from th US.

John,

On this I need to disagree. Unless I have completely forgotten my understanding of economics, which is entirely possible, as you place more supply into the marketplace the price should drop. While the drilling makes sense in terms of trying rectify the problem in the short-term there still needs to be investment in alternatives.

At the same time, aren't we, the US, at 100% refining capacity? If so, additional oil supplies will not really help as it can't be refined, right?

 

[Old Texan]

John,

On this I need to disagree. Unless I have completely forgotten my understanding of economics, which is entirely possible, as you place more supply into the marketplace the price should drop. While the drilling makes sense in terms of trying rectify the problem in the short-term there still needs to be investment in alternatives.

At the same time, aren't we, the US, at 100% refining capacity? If so, additional oil supplies will not really help as it can't be refined, right?

I'm not sold on the fact refining is at 100%, it at least isn't causing a fuel shortage, so that isn't the prolbem. The key is too increase crude supplies and the market as you mention will adjust.

Alternatives are being worked on but the support infrastucture needed even if we could find some new fuel is far from being in place. Plus just because we get alternatives doesn't mean they will be cheaper and doesn't mean there won't be issues such as environment and other negatives. It's funny how the recent "demands" for nuclear power have pushed the issue of waste disposal into the background.

 

[westair]

At the same time, aren't we, the US, at 100% refining capacity? If so, additional oil supplies will not really help as it can't be refined, right?

Wouldn't we be buying less foreign oil?

 

[Ultra26 # 1]

John,

On this I need to disagree. Unless I have completely forgotten my understanding of economics, which is entirely possible, as you place more supply into the marketplace the price should drop. While the drilling makes sense in terms of trying rectify the problem in the short-term there still needs to be investment in alternatives.

At the same time, aren't we, the US, at 100% refining capacity? If so, additional oil supplies will not really help as it can't be refined, right?

Scott,

Again, the question. Why woulod anyone expect US oil co's to do anything to reduce their margin of profit. It's already been proven that the market will bear $4.00 a gallon fuel. What's in it for US oil to cause a decrese in the price per barrel. I don't see US oil co's doing anything with regard to production that will lower their profits.

 

[058]

The extra 200K/bbls of oil the Saudis are pumping....its being bought up by the Chinese. No reduction in barrel price in the future. Thats supply and demand. Drill Here, Drill Now!

 

[Ultra26 # 1]

The extra 200K/bbls of oil the Saudis are pumping....its being bought up by the Chinese. No reduction in barrel price in the future. Thats supply and demand. Drill Here, Drill Now!

More US production may be needed to stabilize fuel prices between $4.00 and $5.00 per gallon. Expecting US Oil Co's to produce enough oil to lower the price of fuel is just plain naive, It isn't going to happen.

 

[Old Texan]

Scott,

Again, the question. Why woulod anyone expect US oil co's to do anything to reduce their margin of profit. It's already been proven that the market will bear $4.00 a gallon fuel. What's in it for US oil to cause a decrese in the price per barrel. I don't see US oil co's doing anything with regard to production that will lower their profits.

So we just sit and don't drill?

 

[Ultra26 # 1]

So we just sit and don't drill?

Read my most recent post Tex.

More US production may be needed to stabilize fuel prices between $4.00 and $5.00 per gallon. Expecting US Oil Co's to produce enough oil to lower the price of fuel is just plain naive, It isn't going to happen.

 

[058]

More US production may be needed to stabilize fuel prices between $4.00 and $5.00 per gallon. Expecting US Oil Co's to produce enough oil to lower the price of fuel is just plain naive, It isn't going to happen.

If I have to settle for that I will....but if something isn't done soon we all will be paying 6-7 or 8.00 a gallon for fuel....is that what you want? According to you we should just sit on our hands and do nothing....oh, right we have windmills and solar panels. Thats going to cure all our energy problems. For your 57 years you sure are naive.

 

[IMPATIENT 1]

anyone else finding it convenient that "all of a sudden" the repubs are worried about oil they had 8 fucking yrs to do something and nothing happened, yet once it becomes a leading topic in this next pres election, it becomes a issues for them
i think we should drill wherever the hell we can, however we can, but i also think obama is on the right track insisting we look more into alt fuels, which would cut alot of dependence on the middle east. then we can turn it into a glass plate and go drill therehand

 

[058]

Expecting US Oil Co's to produce enough oil to lower the price of fuel is just plain naive, It isn't going to happen.

You are right....With your thinking and those like you it never will.

 

[Old Texan]

anyone else finding it convenient that "all of a sudden" the repubs are worried about oil they had 8 fucking yrs to do something and nothing happened, yet once it becomes a leading topic in this next pres election, it becomes a issues for them
i think we should drill wherever the hell we can, however we can, but i also think obama is on the right track insisting we look more into alt fuels, which would cut alot of dependence on the middle east. then we can turn it into a glass plate and go drill therehand

For the better part of those years gas was cheap and diesel cheaper. Nobody gavea squat. No one looks ahead in politics 'cause they just care about being reelected it seems.

Alternatives aren't currently a solution, just work in progress. Inflation and a weak $$$$ have more to do with prices anyway.

 

[058]

anyone else finding it convenient that "all of a sudden" the repubs are worried about oil they had 8 fucking yrs to do something and nothing happened, yet once it becomes a leading topic in this next pres election, it becomes a issues for them
i think we should drill wherever the hell we can, however we can, but i also think obama is on the right track insisting we look more into alt fuels, which would cut alot of dependence on the middle east. then we can turn it into a glass plate and go drill therehand

And in those 8 years the Republicans were blocked at every turn by the Dems for anything regarding energy....no drilling ANYWHERE!....No nuke powerplants....No gas Drilling.....No offshore drilling....NO NOTHING regarding anything that comes out of the ground. All the Dems offered is "USE LESS". Energy Policy? Who's at fault here?

 

[Not So Fast]

I didnt see this post until too late so I posted it in OPEN WATER, sorry bout that.
I have to say that I like the idea!!!!! Maybe it wont relieve the prices but it should cut our dependancy on Arab oil and that would suit me just fine. They can take all their fancy ass islands and hotels that we paid for and stuff them where the sun dont shine!! NSF

 

[eliminatedsprinter]

THe portion of the price increase, that is due to speculation in the futures market, could begin to drop right away, if it looks like the supply will increase in the future.