Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
No one is really sure where the oil is on much of the unused lease land. We know where the oil in other unleased areas offshore and in ANWR. We might as well pick the low-hanging fruit, so to speak.
As for refineries, it is true we need more of them. Environmentalists are opposed to more refining capacity, naturally, but they are also opposed to drilling for more of our oil. Their policies are bad for America and their propaganda has went a long way towards getting us in the mess we are in now.
One is finally getting built in Arizona. I swear me and some other capitalists need to get together, purchase a damn county, let other capitalists build a nuclear power plant, oil refineries, tell the federal government to screw off, and provide defense against eco terrorists that would try to sabatoge our operation. God, it would be great to return some of those mother earth worshipers back to the very dirt they so cherish.
One is finally getting built in Arizona. I swear me and some other capitalists need to get together, purchase a damn county, let other capitalists build a nuclear power plant, oil refineries, tell the federal government to screw off, and provide defense against eco terrorists that would try to sabatoge our operation. God, it would be great to return some of those mother earth worshipers back to the very dirt they so cherish.
Its like they want us to go back to living in caves. They are even opposed to wind farms and solar panels in the desert. This week, a huge solar project was delayed 2 years due to environmental concerns. What do they suppose we do?
I heard Iran has a master plan to flood the world market with cheap oil and call for all dealings using the Euro, thus collapsing the U.S. dollar and our economy. Lindsey Williams espouses on this in his Oct 2007 speech about the non-energy crisis. Check out the video...worth watching.
lindsey williams is an idiot. iran does want payment in euro's which is why they set up a bourse. more and more exporting countries are starting to question the dollar. with the likes of greenspan and bernanke printing at will is there any wonder why?
The Fed could burst the oil bubble but it chooses not to because so many irresponsible idiots bought into the ARM scam. 95+% of the US population is paying thier mortgages. Most of those who aren't deserve what they are getting. A collapse of these oil prices would help the economy out tremendously - more than any housing bailout would. All it would take to burst the bubble is a sudden, significant rally in the dollar. I say somewhere around $1.40-$1.45 vs. the Euro for starters. That happens and watch the speculators panic and sell. Ben Bernanke is an incompetent idiot who has no business being chairman of the Federal Reserve.
to bring the value of the dollar back up, the fed would have to seriously reign in on money supply. 5-10% interest rates at the very least! at that rate you can expect every bank to fail, with your money in it!
You want to know who the true fault is at? Its the oil producers who sell their oil barrels for marked up prices and use speculators as the scape goat. The oil producers CAN sell their oil barrels for the correct price which would make speculators lose their money in the oil commodity trade but nope, they gain much more money by raising prices and blaming it on speculators. There is NO supply problem, there are NO gas stations that can't sell you gas, there are NO long lines at gas stations... there is NO reason to increase the price on a barrel of oil and the oil producers KNOW this, they want to increase it and blame speculators... speculators do NOT tell the producers how much to sell the oil for.. oil producers use the commodity index to sell it but at they aren't obligated to do so but they do it anyway... why? GREED... the oil producers could easily sell their oil at prices that are in line with supply and demand but they have NOT, they are fueling speculators to keep investing in oil... once they start to sell the price per barrel of oil correctly, you will see speculators leaving in masse... who are the oil producers?? OPEC and many other countries... FOREIGN GOVERNMENTS... that is who is getting rich... I have yet to see us declare war on them like we used to promise decades ago if oil prices rose... apparently Bush, Republicans, and Democrats are all in bed with foreign governments... they can stop it but have chosen not to... I would of threaten Saudi Arabia, Venezuela, and similar countries of war if they continue to abusing the market... too bad we have a lame duck president and a corrupt Congress...
you obviously have very little knowledge on how physical oil markets work!
The commodity markets doesn't force the oil producers to sell more than the oil is worth either... just because gold is worth $900 an ounce, the people who mine the gold can sell it for $500 an ounce if they want.. just like oil producers... the only thing in their way? Greed...
how much is your house worth evilnewbie? by that i mean how much can you list it for today which will get a deal done? call your realtor over and ask him/her. when you get the price, call me and i will give you 50% of that and i'm sure we can get a deal done after all you are not greedy!?!?!? do you see what i am getting at?
i know the feeling, i write things in a huff without thinking sometimes too
there is NO WAY that oil companies in the US can drill what they have under lease NOW so why go to all the trouble of drilling in the Arctic in much smaller reserves that are difficult to extract and ship--they would go to ASIA on tankers--not to the US via pipeline--where are the refineries on the WEST coast--there aren't any to handle any more oil brought in....
stupid--
just like drilling in the GULF---there are already leases lff-shore that are not drilled--why go deeper which is more difficult and would require HIGHER prices of oil to be feasible--
this is a dog chasing its tail...
HOW MANY OF THESE POSTERS COME ANY CLOSER TO AN OIL or GAS COMPANY THAN A GAS PUMP?
none I bet
and don't tell yourself that reading about it especially the reactionary info that is posted on blogs and web pages is "informed" information...
A lease gives you the right to explore for ten years but there is only a small chance there are reserves there. Usually seismic studies and well logs from other leases will tell you if it is worth spending millions to drill a hole. Most of the time there is no reason to drill.
The stupid numbers being thrown about by critics about the oil and gas in these undrilled leases make an assumption that all land has reserves based upon an average of what has already been found. Using this logic there is gold, diamonds, and oil in your back yard... will you drill?
There have been two major refinery projects shutdown in the last year or so by questionable environmental suits, and one where billions are being extorted from the oil company and applied to green projects elsewhere (paid for by you and me at the pump).
I worked in the industry for many years, have been on the North Slope, on platforms in various places, and familiar with the issues. There are many fine people bringing us energy everyday despite the roadblocks thrown out by Congress and well meaning but misinformed activists. I suggest we let the oil companies do there job and develop domestic reserves.
The Fed could burst the oil bubble but it chooses not to because so many irresponsible idiots bought into the ARM scam.
The Federal Reserve has nothing to do with oil prices or the value of the US$. That
Quote:
Originally Posted by bchris02
95+% of the US population is paying thier mortgages.
Actually foreclosures and late payments were 7.35% for 1st Quarter 2008. That doesn't say much since the majority of defaults already occurred several years ago.
Quote:
Originally Posted by bchris02
Most of those who aren't deserve what they are getting. A collapse of these oil prices would help the economy out tremendously - more than any housing bailout would. All it would take to burst the bubble is a sudden, significant rally in the dollar. I say somewhere around $1.40-$1.45 vs. the Euro for starters.
Dreaming, are we? The value of the US$ relative to other currencies is based on demand. Make no mistake about it, as this is not an aberration. There is a viable alternative to the US$, namely the Euro, and two up-and-coming alternatives, the Ruble and the Yuan. The world has spoken and it prefers to conduct commodities trading in Euros and currencies other than the US$.
If the US fails to invade Iran, then it will not be able to force Japan to buy Iranian oil in US$, nor will it be able to force China to buy Iranian oil in US$, nor will it be able to stop the Iranian oil-bourse. Worse than that, the US will not be able to push its hegemony in Central Asia and accordingly won't be able to guarantee the sale of oil, natural gas and minerals in Central Asia in US$. If Russia and/or China control Central Asia, then the oil, natural gas and minerals will be sold in Euros, Rubles and Yuan, the US$ will depreciate in value to $1.00 = 0.26 Euros over the next 12-15 years. Europeans and everyone else will be paying a paltry 80 Euros/barrel while Americans will be paying over $300/barrel.
So long as you live and barring an asteroid strike on Brussels, or a nuclear war involving the EU, you will never see $1 >= 1 Euro, so get used to the new reality.
I heard Iran has a master plan to flood the world market with cheap oil and call for all dealings using the Euro, thus collapsing the U.S. dollar and our economy. Lindsey Williams espouses on this in his Oct 2007 speech about the non-energy crisis. Check out the video...worth watching.
Iran's oil production is declining and Iran will be a net-importer of oil by 2015 unless it develops nuclear energy to power its desalinization and electric power plants.
So that blows the "flooding the market with cheap oil theory."
To add insult to injury, Iran has mostly heavy sour crude oil remaining, and the world is currently flooded with heavy sour oil (the same kind the US produces at Prudhoe Bay), which is why you can buy heavy oil anywhere right now this minute from $41/barrel up to $104/barrel (for Canadian oil sands).
Indonesia left OPEC in May to prepare for its oil bourse in basket currencies, and OPEC associate members Angola, Algeria, Nigeria and Venezuela, along with non-OPEC members Singapore and Malaysia all want to switch to basket currencies.
Each country can cause the US$ to depreciate 2 points, and with China getting ready to switch from the US$ to Yuan to buy oil from Iran, you should expect $1.00 = 0.42 to 0.48 Euros within the next 18-24 months.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
