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It will take at least a decade to even begin to have any increased supply from offshore drilling, and the current estimates is that world supply would increase by well under 1% of current output, not enough to make any dent in prices. While Palin's home state melts away, the great economic work of the next 50 years will be the development of alternative fuels, and the GOP troglodytes can only chant "drill baby drill." Truly pathetic.
12. August 18, 2008. Oil is $112.92. OPEC plans a cut in production, a news item speculates. In three days, oil rises to $121.23 before falling back to $116.31. The news item reports that Iran raised its production in July, and that OPEC’s total production increased in July.
OPEC, the cartel that controls roughly 40% of the world’s oil supply, pushed its production to the highest level in its 48-year history in July after being criticized for doing too little as the oil bull went on a year-long rampage – causing oil prices to reach an all-time high of $147.27 on July 11. The production increase was led by Saudi Arabia, which – after a visit from U.S. President George W. Bush – boosted its production from 9.4 million barrels per day (bpd) to 9.7 million bpd, the highest level in 30 years. Higher production from Iran also helped push OPEC’s total output to 32.8 million bpd.
So finally, we're back to admitting that its a supply/demand issue, not speculation.. After all, speculators are still trading..
Bush's TRILLION dollar trade deficit decimated the US dollar sending the price of crude through the roof. That along with high demand, simple economics.
Drilling is a false argument created by the right before the election. If the Dems compromise on the bill they will be labeled "flip floppers", if they protest it (since it's irrelevant to the price point and we have millions of acres on which we can currently drill, that we haven't yet) they'll be labeled as "anti american." It's a cheap political ploy to box the Dems in on this position. Even more so, the Republicans aren't doing this to "help" us, it is merely political posteuring.
But the biggy, is that they currently have millions of acres they haven't drilled. There are plenty of drilling opportunities right now, and they aren't exercising these options. That's the big lie, and what sqaushes the right's "Off Shore" drilling crap.
This is Bush's comprehensive energy plan after eight years: Drill. Wow, imagine that. An oilman who destroyed our US currency, causing the price per barrel to spike, and his remedy? More oil. I never saw that coming.
Bush's TRILLION dollar trade deficit decimated the US dollar sending the price of crude through the roof. That along with high demand, simple economics.
Drilling is a false argument created by the right before the election. If the Dems compromise on the bill they will be labeled "flip floppers", if they protest it (since it's irrelevant to the price point and we have millions of acres on which we can currently drill, that we haven't yet) they'll be labeled as "anti american." It's a cheap political ploy to box the Dems in on this position. Even more so, the Republicans aren't doing this to "help" us, it is merely political posteuring.
But the biggy, is that they currently have millions of acres they haven't drilled. There are plenty of drilling opportunities right now, and they aren't exercising these options. That's the big lie, and what sqaushes the right's "Off Shore" drilling crap.
This is Bush's comprehensive energy plan after eight years: Drill. Wow, imagine that. An oilman who destroyed our US currency, causing the price per barrel to spike, and his remedy? More oil. I never saw that coming.
In conclusion: QUIT LYING.
So you think we shouldn't drill. So let me ask a question. What do we gain by sending 700 million dollars a year out of this country for oil?
What would we gain my drilling more of our own oil? What would we lose?
Bush's TRILLION dollar trade deficit decimated the US dollar sending the price of crude through the roof. That along with high demand, simple economics.
Drilling is a false argument created by the right before the election. If the Dems compromise on the bill they will be labeled "flip floppers", if they protest it (since it's irrelevant to the price point and we have millions of acres on which we can currently drill, that we haven't yet) they'll be labeled as "anti american." It's a cheap political ploy to box the Dems in on this position. Even more so, the Republicans aren't doing this to "help" us, it is merely political posteuring.
But the biggy, is that they currently have millions of acres they haven't drilled. There are plenty of drilling opportunities right now, and they aren't exercising these options. That's the big lie, and what sqaushes the right's "Off Shore" drilling crap.
This is Bush's comprehensive energy plan after eight years: Drill. Wow, imagine that. An oilman who destroyed our US currency, causing the price per barrel to spike, and his remedy? More oil. I never saw that coming.
In conclusion: QUIT LYING.
You would be correct except for two very important issues.
1) Prices are record high world wide.
2) The deficit hasnt gone away, and has done nothing but increase. Using your argument, the price of fuel would continue to rise here, and drop everywhere else, and that isnt happening..
So you think we shouldn't drill. So let me ask a question. What do we gain by sending 700 million dollars a year out of this country for oil?
What would we gain my drilling more of our own oil? What would we lose?
Good questions!
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Quit lying!
