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Started By
Message
re: Heard on the news $4 a gallon gas again
Posted on 1/16/11 at 2:41 pm to Weaver
Posted on 1/16/11 at 2:41 pm to Weaver
OPEC - which includes the Esteemed Mr. Chavez and Saudi 911 Supporters - are sucking cash out of this country at a record clip.
Let the domestic drilling begin - tap new reserves and put people to work in the process and lower unemployment.
Can anybody give me a reasonable explanation of how gas/crude prices are almost double in a few months?
Let the domestic drilling begin - tap new reserves and put people to work in the process and lower unemployment.
Can anybody give me a reasonable explanation of how gas/crude prices are almost double in a few months?
1
Posted on 1/16/11 at 3:20 pm to barry
quote:
There isn't enough oil in the US to begin to cover our consumption.
Fail. Nice assumption though, but do some research. The Bakken in the Dakotas/Minnesota has enough oil, not to mention the up and coming Delaware Basin in West Texas.
LINK
quote:
EOG Resources out of Houston, Texas reported that a single well it had drilled into an oil-rich layer of shale below Parshall, North Dakota was anticipated to produce 700,000 barrels (111,000 m3) of oil.[13] This, combined with other factors, including an oil-drilling tax break enacted by the state of North Dakota in 2007,[14] shifted attention in the Bakken from Montana to the North Dakota side.[citation needed] The number of wells drilled in the North Dakota Bakken jumped from 300 in 2006[15] to 457 in 2007.[16] Those same sources show oil production in the North Dakota Bakken increasing 229%, from 2.2 million barrels (350,000 m3) in 2006 to 7.4 million barrels (1,180,000 m3) in 2007
And, with the increasing move to further utilize Natural Gas, the Haynesville, Bossier, Eagle Ford, and Marcellus Shales have more than enough natural gas to cover our consumption.
This post was edited on 1/16/11 at 3:22 pm
Posted on 1/16/11 at 6:19 pm to Weaver
quote:
We should be drilling everywhere in the US so we don't have to rely on outside countries for oil, most of whom don't like us and can raise the price on a whim.
Sorry, but there's a lot of fail here.
First off, we get along just fine with the countries we import oil from. The top nations are, in order, Canada, Mexico, Saudi Arabia, Venezuela and Nigeria. Note that we import about the same amount from the bottom four, and we get about twice as much from the number one source, Canada.
We get along great with Canada, Mexico, Saudi Arabia (the government, not the people), and Nigeria (same caveat). The only exception is Venezuela but Papa Chavez really needs to keep the oil spigot flowing if he wants to remain in power, he's there by virtue of oil revenues.
Bottom line, most of them like us just fine.
Secondly, they can't just "raise prices on a whim" and expect to make it permanent. We can get oil from elsewhere, nobody has a monopoly on the stuff.
Posted on 1/16/11 at 9:03 pm to TH03
quote:
Fail. Nice assumption though, but do some research. The Bakken in the Dakotas/Minnesota has enough oil, not to mention the up and coming Delaware Basin in West Texas.
Fail. While the oil shales are significant and fantastic discoveries - they will not produce enough oil to cover US consumption. Do you realize just how tremendous US oil consumption really is? And just so you understand, I would like to drill everywhere and anywhere, however, I have no illusions that the US will ever be energy independent.
It's interesting that you would forget to mention the Eagle Ford, Niobrara and Utica shales - all oil, all very significant. The Eagle Ford has been called the 6th largest domestic oil "discovery" - it was there but the tech wasn't.
Posted on 1/16/11 at 9:37 pm to cwill
Hopefully it goes to $4 and oil goes to $150. I would give me the opportunity to short the crap out of some funds/stocks when people go into mass hysteria like they did 2-3 years ago.
Posted on 1/17/11 at 8:42 am to cwill
quote:
It's interesting that you would forget to mention the Eagle Ford, Niobrara and Utica shales - all oil, all very significant.
Yea, I've worked the Eagle Ford and Niobrara. Most companies in the Haynesville Shale (Chesapeake and Petrohawk to name a couple) are shifting most of their efforts towards the Eagle Ford and the Delaware Basin, with Petrohawk planning to be pretty much out of the Haynesville by 2012.
quote:
The Eagle Ford has been called the 6th largest domestic oil "discovery" - it was there but the tech wasn't.
Same with any shale, Haynesville, Marcellus, the technology, as well as the ridiculous cost to drill the vertical and then bring in the horizontal wasn't available until the past 5 or so years. Not to mention all the water needed for the fracs, which only brings the cost up higher. But until we utilize the abundance of natural gas in the NW LA area, drilling will continue to go down, as most companies already have plans to pull out of the Haynesville.
quote:
I have no illusions that the US will ever be energy independent.
It is possible, but not independent on Oil alone. The only thing I agree with Obama on is utilizing the domestic natural gas reservoirs thus preserving the new oil discoveries.
Posted on 1/21/11 at 1:14 pm to LSUtoOmaha
Thought I would bump the thread with this.
Posted on 1/21/11 at 1:26 pm to NELAtigers
Also gasoline doesn't have the same elasticity of demand like many other goods. No matter the price, there will be a large built in demand.
Posted on 1/21/11 at 2:53 pm to TigerDeBaiter
So we're getting jipped according to that graph. Up and down oil = stead rising gas = ugh.
It is what it is and I can bitch but it won't help.
It is what it is and I can bitch but it won't help.
Posted on 1/21/11 at 2:53 pm to tigerpawl
quote:
Can anybody give me a reasonable explanation of how gas/crude prices are almost double in a few months?
I'd like to know/understand also.
Posted on 1/21/11 at 4:53 pm to tiger91
quote:
So we're getting jipped according to that graph. Up and down oil = stead rising gas = ugh.
Yeah, pretty much..
Posted on 1/21/11 at 4:59 pm to TigerDeBaiter
quote:The price of crude is ONE of the factors that determines the price at the pump, albeit it is the largest contributor to price. Still, other factors must be considered, which is why the two lines do not move consistently.
So we're getting jipped according to that graph. Up and down oil = stead rising gas = ugh.
Oil companies make bank because they have the most desired resource in the world that most cannot live without. Until this relatively inelastic demand changes, expect continued profits.
Posted on 1/21/11 at 10:28 pm to foshizzle
So if we can drill for our own oil why don't we?
Posted on 1/21/11 at 11:50 pm to Weaver
It is still cheaper to import crude than to drill in the U.S.
Posted on 1/22/11 at 8:21 am to TigerDeBaiter
This graph is pretty misleading in my opinion. If you take the difference between the high point (1/3) 91.98 and the low point (1/21) 88.50 it's only a difference of about $.08 per gallon of oil. Hardly enough movement to show large decreases in gas prices.
Posted on 1/22/11 at 8:39 am to tiger91
quote:
I'd like to know/understand also
every year this happens. the prices get higher when it starts to get really cold, bc people are using it to heat their homes. they make a shitload of money, then give us a break for a few months. as soon as summer starts, prices go back up bc people are using it to fill their cars and go on vacation. stays high for a few months, they make a ton of money, then we get a little break again. gets cold, prices go up.
eta, i'm no money expert...just my litte opinion
This post was edited on 1/22/11 at 8:41 am
Posted on 1/22/11 at 3:27 pm to Weaver
quote:
So if we can drill for our own oil why don't we?
What makes you think we aren't?
Posted on 1/22/11 at 3:45 pm to Weaver
Gas prices will go up as long as Obama is President. He sees it as a means of forcing us into alts. It's what leftists do.
Posted on 1/22/11 at 3:59 pm to Zach
quote:
Gas prices will go up as long as Obama is President. He sees it as a means of forcing us into alts. It's what leftists do.
You're a retard. Keep your crappy, irrelevant comments on the Politard Board.
One of the reasons crude and gas prices do not move in tandem is because not all crude is processed into gas immediately. You have to factor in refineries, which undergo maintenance or have problems, reducing gas production and increasing prices. That's not to say companies have some incentive to reduce supply and increase prices at opportune times.
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