Oil Prices drop at mere suggestion we will drill offshore

[Constitutionally Speaking]

Do either of you have any concept of the energy that's required to extract that oil from the ground?

According to Shell, the inventor of the technique, it is profitable at $30.00 per barrel.

[Constitutionally Speaking]

I don’t think you realise those "break-throughs" needed to happen a decade or so ago to be on line and producing today. Like opening up all of Alaska to unlimited oil exploration, drilling and production: Where do you think the oil companies that do the work are going to sell their hard-won crude? Just in the United States - or on the world market? If you owned the company - would you sell to the highest bidder, or wrap yourself in the flag and give it away domestically. BTW, all of the prospective oil in Alaska will only make a minor blip - for a time - on the world market.

That minor blip argument is a false one. It is not any one oilfield that matters, it is the entire amount available. The liberals like to take each individual field and say it is only X% of the world market and therefore it would not affect anything significantly. That is like saying water is harmless by looking at a single drop. It is not the one drop that does the harm it is that drop combined with thousands of others.

The same is true for oil, it is not one well, or even one oilfield that will make a significant impact, it is all of them combined.

Even then no one is saying that drilling alone is the complete solution - but it is a VERY important one.

[Constitutionally Speaking]

Reference the following thread for my position on Asian consumption:

Why are we paying so much for gas???

Then maybe you'll be able to buy a clue. None of your crowing will become important until this winter.;)

The price is a supply and demand issue - almost entirely.

[LogansPapa]

The price is a supply and demand issue - almost entirely.

Yep, another one for the N/S Column.;)

[Constitutionally Speaking]

Yep, another one for the N/S Column.;)

And yet oil is down $14.00 since the President lifted the ban. This is exactly how the Speculative increases will be turned into speculative DEcreases.

Give the speculators reason to believe that supply will meet demand in the future, and they will STOP bidding up the price.

It is, once again SUPPLY AND DEMAND.

It always is and always will be.

[LogansPapa]

Yes, and this time next year we’ll look back on these days with great fondness, chuckling at our naïve thoughts - as the Asians suck up every available drop that our Canadian neighbors produce - paying exactly what the new Chinese and Indian consumers can bear.

All this domestic posturing is too little - too late. And you’d think a former Texas oil man would know better. But if you can’t keep your own company (sponsored by Bush41) afloat, maybe not.

[Molon Labe]

The President announced that he was lifting the executive ban on offshore drilling and even though the congress still must do the same, it STILL was enough to send oil prices down dramatically. I can see nothing else that happened that would have dropped it.

Think about what would happen if the congress also lifted the offshore ban and if they reversed their recent vote to disallow the drilling for the 2 TRILLION (a couple of HUNDRED YEARS worth) barrels in the rockies.

I believe it has far more to do with oil speculators seeing that the economy is tanking. Their investments aren't giving them much of a return when people decide to cut back on expenses and driving

[Molon Labe]

Yes, and this time next year we’ll look back on these days with great fondness, chuckling at our naïve thoughts - as the Asians suck up every available drop that our Canadian neighbors produce - paying exactly what the new Chinese and Indian consumers can bear.

All this domestic posturing is too little - too late. And you’d think a former Texas oil man would know better. But if you can’t keep your own company (sponsored by Bush41) afloat, maybe not.

He's a domestic oil man in the way Paris Hilton is a domestic Hotel heiress.
Bushy should stick to baseball statistics.

Your absolutely right on

[hampshirebrit]

Yes, and this time next year we’ll look back on these days with great fondness, chuckling at our naïve thoughts - as the Asians suck up every available drop that our Canadian neighbors produce - paying exactly what the new Chinese and Indian consumers can bear.

All this domestic posturing is too little - too late. And you’d think a former Texas oil man would know better. But if you can’t keep your own company (sponsored by Bush41) afloat, maybe not.

You're both right, to a point.

It's as much to do with speculation, as much as to the supply/demand fundamentals right now.

The President makes a statement (which should have been done long ago) and the market dips. Someone blows a pipeline up in Nigeria, or there's some high windage in the Gulf, and it rises. Time was, neither event would have made any impact to the market, not in terms visible to the pump price.

A lot of LP's doom-and-gloom peak oil posts are just that ... gleefull doom and gloom, for the sake of it. One can only speculate as to why he should want this to happen. Look at the psychology forum of peakoil.org to get an insight as to why...around 50pc of the posters actually want peak oil to happen, as soon as possible.

Anyone with a brain should not, should not, want this to happen.

I don't want it to happen. I like the oil age, I really do. I like, hell, I fuckin' love squandering as much energy as I can. I drive a 911, as fast as I can legally get away with. I take a lot of short range domestic and international business class airline trips each year, just so I can do my job. I like eating good food. I like my house to be cool in summer, warm in winter.

And I like buying shit. I particularly like being able to buy shit from exotic foreign places. I like visiting exotic foreign places and buying their shit.

We should all like the oil age, and we should all, all of us, fear its passing. Because if we let it pass without a fight, then we will all experience something that will not be very nice. At all.

It's a real bummer having something, taking it for granted, and then losing it.

I work in the energy industry. I have a vested interest in seeing it continue to succeed.

We all, should all, have the same interest.

Don't we? Shouldn't we?

[Zafod]

I don’t think you realise those "break-throughs" needed to happen a decade or so ago to be on line and producing today. Like opening up all of Alaska to unlimited oil exploration, drilling and production: Where do you think the oil companies that do the work are going to sell their hard-won crude? Just in the United States - or on the world market? If you owned the company - would you sell to the highest bidder, or wrap yourself in the flag and give it away domestically. BTW, all of the prospective oil in Alaska will only make a minor blip - for a time - on the world market.

We sent a man to the moon, we can get oil out of shale.....