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I would like to point out that the study highlighted in the OP has yet to be disputed. More drilling has NOT led to lower gas prices. Funny that...
It might impact the world supply by a percentage point.
The US is producing more oil now than it did when Obama took office. Try a different mindless rant.
ARE YOU that stupid to think oh.. Obama came into office 2009.. turned OIL spigots on and production is more then when he took office?
No, only you would make such a fucking stupid statement.
Who credited Obama? I simply stated a fact.SO how in the "f..k" can you be so stupid to credit Obama????
FACTS.. 10 years from discovery to Production!!!
The assumption that ANWR oil production would begin 10 years after legislation approves the Federal oil and natural gas leasing in the 1002 Area is based on the following 8-to-12 year timeline:
So you're admitting that drilling ANWR won't affect current prices? Good, thx. So again.. how fucking naive and stupid of you
The following table provided by the Bank of Kuwait gathers current reported break-even prices of major oil producing nations:
Oil Break-Even Prices
Nation US$/Barrel
Bahrain 40
Kuwait 17
Saudi Arabia 30
U.A.E. 25
Oman 40
Qatar 30
Canadas oil sands 33
Price of Oil: Economic Breakeven vs. Political Breakeven Prices *|* Peak Oil News and Message Boards
Barrel price is WAY above that needed to bring marginal producers online to affect consumer prices.
Wait a second - you're claiming that the marginal cost of extraction in Canadian Shield sands is $33? With an EROI 3.3?
Why aren't all of these other places with marginal costs well below current prices increasing production?
They are part of a cartel and engage in price controls. Leftists enjoy enabling them by doing everything possible to keep free market oil off the market.
But we sell a considerable amount of the blue bar to others.
We don't get that oil.
You said we only produce 2% of the world's oil.
Is that correct, or not?
BECAUSE if the IDIOT President hadn't shut down the gulf, shut down pipelines, shut down coal plants, EPA'd the St. Croix 350,000 barrels /day refinery requiring $700 million in pollution controls that captured the remaining 2%!!!
Wait a second - you're claiming that the marginal cost of extraction in Canadian Shield sands is $33? With an EROI 3.3?
Why aren't all of these other places with marginal costs well below current prices increasing production?
They are part of a cartel and engage in price controls. Leftists enjoy enabling them by doing everything possible to keep free market oil off the market.
Oh, I see - so the worlds largest producers collude? amiright?
So tell me Sniperfire - how would a profit-maximizing cartel respond to an outside agency increasing the supply of its product?
ARE YOU that stupid to think oh.. Obama came into office 2009.. turned OIL spigots on and production is more then when he took office?
No, only you would make such a fucking stupid statement.
Who credited Obama? I simply stated a fact.
FACTS.. 10 years from discovery to Production!!!
The assumption that ANWR oil production would begin 10 years after legislation approves the Federal oil and natural gas leasing in the 1002 Area is based on the following 8-to-12 year timeline:
So you're admitting that drilling ANWR won't affect current prices? Good, thx. So again.. how fucking naive and stupid of you
THEN when should we have started you idiot?
If it takes 10 years why has Obama stopped it?
If it takes 10 years answer me how can he take credit from current production?
OBAMA has Stopped federal land leases so WHEN will they be release after he's gone?
OF course Bush opened up more drilling and if it takes 10 years.. we are seeing the results of Bush's 2003,2004 efforts today!
They are part of a cartel and engage in price controls. Leftists enjoy enabling them by doing everything possible to keep free market oil off the market.
Oh, I see - so the worlds largest producers collude? amiright?
So tell me Sniperfire - how would a profit-maximizing cartel respond to an outside agency increasing the supply of its product?
By dropping prices.
Thanks for proving my point.
By dropping prices.
Thanks for proving my point.
Hey hey hey?
You guys tell me. We are your number one supplier. You tell me.
Why are the gas shortages happening? This is weird. No reason. Canada is your number one supplier. You have no reason for your gas prices going up like this?
Oh, I see - so the worlds largest producers collude? amiright?
So tell me Sniperfire - how would a profit-maximizing cartel respond to an outside agency increasing the supply of its product?
By dropping prices.
Thanks for proving my point.
eh, no - Oil is a rather inelastic good. They would maximize profits by decreasing supply. That's why they're a cartel.
hint: the oil in the ground isn't going anywhere.
By dropping prices.
Thanks for proving my point.
You might want to inform OPEC, so that they'll stop mistakenly reducing production whenever they want to bump prices back up.
By dropping prices.
Thanks for proving my point.
eh, no - Oil is a rather inelastic good. They would maximize profits by decreasing supply. That's why they're a cartel.
hint: the oil in the ground isn't going anywhere.
Wrong again. With new marginal suppliers entering the market, The politics are such that the cartel nations will not relinquish marketshare for any length of time:
Need proof?
You said we only produce 2% of the world's oil.
Is that correct, or not?
No...I think it is that we only hold 2% of the worlds oil reserves. We are the third highest producer of oil at 9,688,000 barrels a day. We use twice that.
YOU are vomiting like OBAMA the OLD out of date statistics of 2%!
AGAIN please refute these real numbers from real oil people that know a hell of lot more then you and DEFINTELY OBAMA!!!
FACT: 4.7 TRILLION BARRELS in USA that Obama could open up!
100 feet or less of Gulf 2.8 billion barrels
Virginia 0.3
Anwr Alaska 10.0
Bakken formation 3,600
CO,UT,WY 1,100
total 4,713 billion barrels or at above consumption rate 686 YEARS!!
U.S. oil resources: President Obama’s ‘non sequitur facts’ - The Washington Post
That is 4.713 TRILLION BARRELS!
The known world was in 2009 based on 2007,2008 figures.. 1.34 trillion!
And those number of 1.34 trillion known world reserves was based on old technology!
Again.. Obama and you are throwing up such old antique data and I don't understand why??? I mean he's suppose to be the smartest president and I don't know about you but why are you refusing the FACTS?
Even if the figure is half recoverable.. 2.3 trillion barrels in domestic USA!
that 300 years of domestic oil for the USA using every barrel at 6.8 billion barrels/year!
HOw come that simple math is so hard to understand???
oh gawd.By dropping prices.
Thanks for proving my point.
You might want to inform OPEC, so that they'll stop mistakenly reducing production whenever they want to bump prices back up.
OPEC has nothing to do with your supply.
eh, no - Oil is a rather inelastic good. They would maximize profits by decreasing supply. That's why they're a cartel.
hint: the oil in the ground isn't going anywhere.
Wrong again. With new marginal suppliers entering the market, The politics are such that the cartel nations will not relinquish marketshare for any length of time:
Need proof?
Thank you for a link demonstrating that the Saudis have been relinquishing market share with fair regularity for decades.
Hey hey hey?
You guys tell me. We are your number one supplier. You tell me.
Why are the gas shortages happening? This is weird. No reason. Canada is your number one supplier. You have no reason for your gas prices going up like this?