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It is so sad how Obama is keeping millions of people from getting a really good job in the oil industry. We are sitting on billions of dollars in oil, gas, coal and yet Obama keeps blocking development. China and India want our coal but the Obama administration is blocking it's export with another study. A simple pipeline is blocked by Obama. The vast amount of taxes that could be collected on the natural resources could make a huge dent in our debt.
Then they replaced coal with oil in the rail transportation as well
The electric traction motor in deisel electric locomotives was a huge advancement, and it is more powerful and can haul much freight using very little fuel per ton of freight.
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Originally Posted by GregW
as replacing hard coal with kerosene in home heating. All of this greatly increased the demand for oil. Eventually replacing oil with natural gas in home heating just expanded the gas sector of their industry.
Heating oil is still used extensively in many rural areas, if you can still afford it. It has become far to expensive, however, and I have a reasonbly new Lennox oil burner that I cannot use because I cannot afford the oil anymore. We use a propane fireplace, and electric space heaters. Even with the increase in our electric bill during the heating season, it is cheaper than buying heating oil.
I guess what I don't understand in terms of drilling is what incentive would oil companies have to put a larger supply of oil on the market. Wouldn't this drive down the price of oil and eat into their profits?
I guess what I don't understand in terms of drilling is what incentive would oil companies have to put a larger supply of oil on the market. Wouldn't this drive down the price of oil and eat into their profits?
The misconception about Exxon is that they produce a lot of oil. They don't, they refine a lot of oil. If they are allowed access to more domestic supplies they will have to import less.
Energy is the key to real economic recovery, and a restoration of America as a manufacturing leader. We cannot afford to ignore our resources. Doing so guarantees rising costs of everything, including food, and a continuation of American decline.
Democrats refuse to recognize the issue, and throw their support behind so-called alternative "green" sources, which cannot supply sufficient energy at affordable prices, affordability being the operative word. Without afordable energy in abundance, we will not restore our economy. It seems foolish to ignore such an easy solution, but that is what the Democrat Party chooses to do.
The United States' combined recoverable natural gas, oil, and coal endowment is the largest on Earth, according to the Environment and Natural Resources Committee, which will release a report Thursday from the Congressional Research Service (CRS). New report says U.S. has largest fossil fuel reserves in world | The Daily Caller
Barack Obama's bankrupt energy policy has pourd millions of taxpayer dollars into an industry that has yet to bear fruit, while prematurely shutting down coal plants, and refusing to approve a needed pipeline project, and continued suppression of oil and gas exploration and production.
It's not just about the price of gasoline at the pump. It is about the cost of living and future standard of living of American's, and competitivness of America's industries. America has always lead the world, and we can be the leader again unless we continue to foolishly believe the pipe dream of "renewable" energy. The Democrats are blowing smoke in our eyes.
The misconception about Exxon is that they produce a lot of oil. They don't, they refine a lot of oil. If they are allowed access to more domestic supplies they will have to import less.
So what motive would the companies that drill the oil have to increase the supply of said oil?
So what motive would the companies that drill the oil have to increase the supply of said oil?
I answered your question:
Quote:
they will have to import less.
It's far cheaper to use your own oil than someone else's. More supply on the market will drive down costs, we can see this in action with the cost of natural gas. There is other factors as well, transportation cost being one of them.
The decline of costs after '08 was when the NG industry started booming with new production. FYI that cost dips even lower if the chart were extended to the present.
Last edited by thecoalman; 08-01-2020 at 05:30 PM..
It's far cheaper to use your own oil than someone else's. More supply on the market will drive down costs, we can see this in action with the cost of natural gas. There is other factors as well, transportation cost being one of them.
Coalman, while I generally respect your posts on this issue... I hasten to point out that all of this natural gas that everyone is so eager to exploit wasn't created yesterday as a result I am curious as to why you leave out the fact that it is high prices that have made many of these locations so presently desirable when they weren't so desirable when prices for natural gas weren't as high.
And while you are at it, perhaps you might like to thread into the issue of when prices drop too far for the taste of certain natural resource extractors that supply seems to run a little shorter... well at least until those prices rise again.
The graph you didn't include:
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