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crapolatimeFeb 11, 2011
Horizontal drilling? Maybe, But first we need to publicize the exact chemical makeup of all that secret Fracking chemicals.
But it is fun to watch well water catch fire after fracking is done......
JackieChan001Feb 11, 2011
Is this what we called end of the world?
torrangeFeb 11, 2011
Good to know that we can keep using dirty energy for decades to come. Just a couple more shots, I promise I'll kick tomorrow.
noelpickettFeb 11, 2011
yea right...got plenty of oil just off Florida Gulf Coast...maybe next time we will just nuke the place and get it over with...
noelpickettFeb 11, 2011
yea right...got plenty of oil just off Florida Gulf Coast...maybe next time we will just nuke the place and get it over with...
laborerFeb 11, 2011
If the resources are there and safe to remove, we should do it. Let the people of those nations decide their own fates, as Egyptians have begun to define theirs. Then Americans will have a next gen tech industry, and cheap gas.
If this oil is safe to remove but we choose not to do it because of the worry the market will drop green tech(due to the cheapness of gas again), it will be the fault of the market, not the government. The government should start a public oil company for the good of all american people and business, AND push next gen tech.
And no matter the fate here in the US, all humans have the same rights and the price of a commodity has nothing to do with liberty, freedom or democracy.
kwanijmlFeb 11, 2011
agreed. . . as long as the extraction of new (supposedly cheap) sources of oil is done, not by government mandate to do so (at the expense of, or in disregard to the environment and adjacent property). . .as long as it is purchased or rented fair and square from the owners of the land, and that this estimate of it being "cheap" to extract includes a full accounting of the costs of limiting negative externalities, and negative impacts to adjacent property owners. Whether it's being done by a traditional oil company or a government created corporation, as long as they are not using force, coercion and government privilege to obtain the oil, but only doing so because it is profitable after taking into account having to compete in the market place and fully compensate all damages, etc. Then we may well have a beneficial and sustainable source of oil. I see no reason why the true "costs" of oil (at some point in the chain of production) would not also take into account added technologies or refining methods which would render the end emissions and waste products to be cleaner and/or to be cleaned up, as part of the cost of being an oil producer. After all this is taken into account. . . if this oil is still profitable, then by all means.
torrangeFeb 11, 2011
it will be because oil is a global commodity and sells at market prices. As soon as the US ramps up production, OPEC will scale back to keep prices in check - am I missing something?
kwanijmlFeb 11, 2011
I agree partially, and my comment wasn't trying to even take that side of the equation into consideration. OPEC may scale back production to keep supply low and prices artificially high. . . for a time. But two things eventually happen, as I see it, the increased prices (globally) only make it more attractive for local producers to export our new-found oil, and two, OPEC can only operate at a lower output for so long before they can't afford to finance their much larger operation, at which point they would be forced to lower prices to re-gain a larger market share. . . things eventually reach something closer to an equilibrium. . . but with a greater supply and essentially the same demand, price of oil goes down, even if just a little.
user500Feb 12, 2011
Your missing everything. We currently don't get our oil from OPEC we get it from Canida and Mexico. Also oil is bought under long term contracts rather than "spot" prices. Basically you have no clue what is going on.
laborerFeb 11, 2011
Bravo. May I borrow from this?
kwanijmlFeb 11, 2011
of course. The way I see it. . . it's really hard to tell if any oil venture is truly sustainable, because the whole thing is just a twisted mess of corporate privilege, upheld and prices kept artificially low (or sometimes high) because of mercantilism and manipulations of the marketplace. In this regard, I see the government as one of the number one polluters, because when they decide to promote oil development, it generally assumes the right and power to do so, without regard for having to compensate fairly, those who own the land initially, and those who will be effected by the externalities of the drilling operation. Let's face it. . .our oil right now, even though it is mostly imported, is still probably cheaper than it would be in a free market, because of the advantage that the U.S. foreign policy and military have given to those who import oil from the middle east and mexico.
laborerFeb 11, 2011
I agree. We do keep it artificially low, considering how much wealth the corporate structure sponges up. This wealth does not go back into the business or the populace (which should be the same thing) and does nothing essentially.
A government by our people for all people can make deals that are fair if we have oversight. People who see the reality in Egypt are hard pressed to say its ok to subjugate them for our benefit. And those who do often just need a few doses of non-west media in my opinion.
At any rate, I hate to keep talking and find out that I ruin something good because of a detail we might disagree on. Thanks.
isenborgFeb 12, 2011
<head slap> Maxine Waters called it.
evnrgmanFeb 11, 2011
problems in river city!!
apps12327725769317910000124362Feb 11, 2011
http://www.b.pofme.com/hosni-mubarak-has-stepped-down-as-president-of-egypt-after-weeks-of-protest-in-cairo-and-other-cities/
laborerFeb 11, 2011
http://english.aljazeera.net/watch_now/
number23Feb 11, 2011
It hardly matters how much oil is available in the US, the left has cordoned off
America's mineral wealth.
torrangeFeb 11, 2011
how so?
bdbrFeb 11, 2011
"At $90 per barrel, that would save $175 billion dollars a year and cut our trade deficit by about one third."
Save *who* $175 billion dollars a year? It won't save anyone anything unless the price comes down, at which point it becomes less cost-attractive.
If American companies are forced to use more expensive domestic sources, gas prices will go up in the US, and foreign oil prices to drop due to reduced demand...which will further increase the price of American exports and decrease the price of imports...which will then increase our trade deficit.
publikjohn9Feb 11, 2011
Drill baby, Drill!!!!!
jhw539Feb 11, 2011
"Snopes was more conservative in their barrel estimates"
WTF? Did they just cite *Snopes*, the Urbans Legends debunking site? Or is there another Snopes out there?
Our "Huge Oil Reserves" are crap. They are better than the "Huge Gold and Uranium Reserves" dissolved in seawater, but only barely easier to extract. And horizontal drilling has been around for ages; getting shale oil out is still incredibly energy intensive. Hell, the best of the Bakken range is ALREADY BEING USED. This idiot actually linked to Snopes but didn't seem to bother reading it...
isenborgFeb 12, 2011
It is criminal that America has not taken the responsibility to cover it's own energy needs in it's own country. Bravo EPA, eco-extremists and lawyers. Apparently it is preferable to defecate in someone else's back yard.
gkiltzFeb 12, 2011
We also don't have any refineries that can actually handle most of the oil in Canada!
Bunker Sea crude is like North Slope crude. It is so thick and tar-like that you have to distill it FIRST before you can crack it. Most of the refineries that can do that are in Japan and South Korea. None are in the US.
Refineries were just not being built that way in 1977, the year our last new refinery was built.
donkeyhautFeb 12, 2011
Such a fantasy. All this oil probably explains why the commodity price has dropped through the floor. Except it hasn't. I've said before and it bears repeating that everyone upstream from your fuel supply has a reason to lie about how much is available.