What's with the low oil prices?

[RoshawnMarkwees]

last time I checked OPEC is the empirical data .. but whatever you say. Maybe a magic wand will appear and grant the rest of the world enough oil capable of being harvested to catch OPEC...

You need to do some research. We have more potential reserves than OPEC.
Then consider Bush's post-drilling-moratorium plans from late 2008/early2009, plans immediately scrapped by the current fascist-in-chief as the moratorium was reimposed.

Simply not true. In fact they were going to open more federal waters for leasing in the Atlantic. The new plans were reviewed sometime after April of 2010. Need a reminder why?

All plans for offshore extraction expansion were scrapped by obama immediately upon taking office.

that's twice ... keep up Todd or drop out.

I'm not todd. Keep up.
Offshore expansion was prohibited by this admin shortly after it was granted by the previous admin. The resulting impact was first a drastic drop in price due to the promise of expansion followed by a sustained spike in price due to prohibition of that expansion by this admin. Currently the increase in supply that is not controlled by this admin's agendas, N Dakota and OPEC, have caused prices to drop again. If this hack would lift his reimposed prohibition the expansion would generate enough supply to drop the price back to where it was and where he prevented it from being the past six years.

 

[Siete]

That is awesome!!!
What policy did Obama change to increase our production?

every policy the RW's are bitching about him changing ..

in 1981 there were over 4000 working rigs, and Reagan still suffered through all the oil BS ... so working rigs have little meaning on Presidents .. but don't tell Roshmarkie Ok?

What are you talking about?

keep reading and quit asking stupid questions

 

[RoshawnMarkwees]

That is awesome!!!
What policy did Obama change to increase our production?

every policy the RW's are bitching about him changing ..

in 1981 there were over 4000 working rigs, and Reagan still suffered through all the oil BS ... so working rigs have little meaning on Presidents .. but don't tell Roshmarkie Ok?

You're disingenuously comparing two completely different eras in terms of demand.

 

[RoshawnMarkwees]

That is awesome!!!
What policy did Obama change to increase our production?

every policy the RW's are bitching about him changing ..

in 1981 there were over 4000 working rigs, and Reagan still suffered through all the oil BS ... so working rigs have little meaning on Presidents .. but don't tell Roshmarkie Ok?

What are you talking about?

keep reading and quit asking stupid questions

Stop making false claims.

 

[RoshawnMarkwees]

That is awesome!!!
What policy did Obama change to increase our production?

every policy the RW's are bitching about him changing ..

in 1981 there were over 4000 working rigs, and Reagan still suffered through all the oil BS ... so working rigs have little meaning on Presidents .. but don't tell Roshmarkie Ok?

What are you talking about?

what do YOU care - it doesn't have anything to do with wages on consumer prices so you don't give a shit, right?

What?

 

[frigidweirdo]

Consumption will change and not just oil. Reduced energy costs across the board free up money that is spent throughout the economy. It's the green agenda that has prevented any recovery ever since the hack took office.

Yes, reduced oil costs will mean money can be spent everywhere else.

It doesn't seem to have much to do with the green agenda though, oil prices are not effected much by the US president. Like I said before, he can have an impact over a short term with policies, but long term OPEC is the player.

OPEC's policy appears to be this. Lower oil prices to the point where US and possibly Russian companies can no longer afford to extract oil, then raise prices.

Oil shale economics - Wikipedia the free encyclopedia

"The economic feasibility of oil shale is highly dependent on the price of conventional oil, and the assumption that the price will remain at a certain level for some time to come. As a developing fuel source the production and processing costs for oil shale are high due to the small nature of the projects and the specialist technology involved. A full-scale project to develop oil shale would require heavy investment and could potentially leave businesses vulnerable should the oil price drop and the cost of producing the oil would exceed the price they could obtain for the oil."

"The production cost of a barrel of shale oil ranges from as high as US$95 per barrel to as low US$25 per barrel, although there is no recent confirmation of the latter figure.[4] The industry is proceeding cautiously, due to the losses incurred during the last major investment into oil shale in the early 1980s, when a subsequent collapse in the oil price left the projects uneconomical.[5]"

"The United States Department of Energy estimates that the ex-situ processing would be economic at sustained average world oil prices above US$$54 per barrel and in-situ processing would be economic at prices above $35 per barrel."

So, $54 per barrel

How much does it cost to produce crude oil and natural gas - FAQ - U.S. Energy Information Administration EIA

You're looking at about $30 to $50 dollars. Then you need the profit on top of this. Oil hasn't be so low for a while. However many oil companies will start to get nervous because oil prices are dropping and putting their profits in danger. How low are OPEC willing to go?

Their average costs are $16 dollars compared to at least $30 in the US, you tell me.

 

[frigidweirdo]

last time I checked OPEC is the empirical data .. but whatever you say. Maybe a magic wand will appear and grant the rest of the world enough oil capable of being harvested to catch OPEC...

You need to do some research. We have more potential reserves than OPEC.
Then consider Bush's post-drilling-moratorium plans from late 2008/early2009, plans immediately scrapped by the current fascist-in-chief as the moratorium was reimposed.

Simply not true. In fact they were going to open more federal waters for leasing in the Atlantic. The new plans were reviewed sometime after April of 2010. Need a reminder why?

All plans for offshore extraction expansion were scrapped by obama immediately upon taking office.

It costs more than $50 to extract from the sea per barrel, oil prices are going to be at that, ie, it's not viable if OPEC decide it isn't. Maybe Obama just save a load of people a load of money.

 

[frigidweirdo]

They've been run by dictatorial madmen who employed and employ terrorist and other similar tactics aimed at the the US and similar interests. Duh.

I'm lost, what is your point?

 

[RoshawnMarkwees]

last time I checked OPEC is the empirical data .. but whatever you say. Maybe a magic wand will appear and grant the rest of the world enough oil capable of being harvested to catch OPEC...

You need to do some research. We have more potential reserves than OPEC.
Then consider Bush's post-drilling-moratorium plans from late 2008/early2009, plans immediately scrapped by the current fascist-in-chief as the moratorium was reimposed.

Simply not true. In fact they were going to open more federal waters for leasing in the Atlantic. The new plans were reviewed sometime after April of 2010. Need a reminder why?

All plans for offshore extraction expansion were scrapped by obama immediately upon taking office.

It costs more than $50 to extract from the sea per barrel, oil prices are going to be at that, ie, it's not viable if OPEC decide it isn't. Maybe Obama just save a load of people a load of money.

No. The potential for supply enhancement in and of itself impacts prices immediately.
The potential for supply restriction does the same in the reverse direction. The costs of extraction, getting product to market, etc., is just weeds.

 

[RoshawnMarkwees]

They've been run by dictatorial madmen who employed and employ terrorist and other similar tactics aimed at the the US and similar interests. Duh.

I'm lost, what is your point?

The madmen referred to were opposed by the US not because of their leverage in the oil market, as was suggested, but more because they posed and pose a very real threat to national security.

 

[Siete]

last time I checked OPEC is the empirical data .. but whatever you say. Maybe a magic wand will appear and grant the rest of the world enough oil capable of being harvested to catch OPEC...

You need to do some research. We have more potential reserves than OPEC.
Then consider Bush's post-drilling-moratorium plans from late 2008/early2009, plans immediately scrapped by the current fascist-in-chief as the moratorium was reimposed.

Simply not true. In fact they were going to open more federal waters for leasing in the Atlantic. The new plans were reviewed sometime after April of 2010. Need a reminder why?

All plans for offshore extraction expansion were scrapped by obama immediately upon taking office.

that's twice ... keep up Todd or drop out.

I'm not todd. Keep up.
Offshore expansion was prohibited by this admin shortly after it was granted by the previous admin. The resulting impact was first a drastic drop in price due to the promise of expansion followed by a sustained spike in price due to prohibition of that expansion by this admin. Currently the increase in supply that is not controlled by this admin's agendas, N Dakota and OPEC, have caused prices to drop again. If this hack would lift his reimposed prohibition the expansion would generate enough supply to drop the price back to where it was and where he prevented it from being the past six years.

offshore expansion huh ?

well, like I said in 1981 there were 4500+ WORKING OIL RIGS... Remember the gas lines when Reagan was POTUS ... today there are 2000 ...

ergo working rigs are irrelevant ... just like you are.

 

[boilermaker55]

That is the lamest statement.
No proof that it was caused by President Obama.
Simple mind , simple statement.

Slowed the recovery, How?
Can you elaborate and do you have some proof?
Or is this pure conjecture on your part?

Yes, it reflects supply and demand when 80% of the supply is held by one group who can raise and lower prices at will. They're trying to put US oil production out of business by making it unprofitable.

That's a bullshit excuse. When something drops in price demand increases and so the profit remains. Especially a commodity as essential as oil.

Don't know if that is really true. Looking at it on the micro level, I do not expect my consumption to change all that much due to the lower price, I will be very happy to spend my money on something else.

Consumption will change and not just oil. Reduced energy costs across the board free up money that is spent throughout the economy. It's the green agenda that has prevented any recovery ever since the hack took office.

Wages are down or stagnant and consumer goods prices are up. That's all you need to know about an economy.

 

[RoshawnMarkwees]

That is the lamest statement.
No proof that it was caused by President Obama.
Simple mind , simple statement.

Slowed the recovery, How?
Can you elaborate and do you have some proof?
Or is this pure conjecture on your part?

That's a bullshit excuse. When something drops in price demand increases and so the profit remains. Especially a commodity as essential as oil.

Don't know if that is really true. Looking at it on the micro level, I do not expect my consumption to change all that much due to the lower price, I will be very happy to spend my money on something else.

Consumption will change and not just oil. Reduced energy costs across the board free up money that is spent throughout the economy. It's the green agenda that has prevented any recovery ever since the hack took office.

Wages are down or stagnant and consumer goods prices are up. That's all you need to know about an economy.

Yet you couldn't respond with any points. Just disparagement. That's just like a lefty.

 

[BlindBoo]

last time I checked OPEC is the empirical data .. but whatever you say. Maybe a magic wand will appear and grant the rest of the world enough oil capable of being harvested to catch OPEC...

You need to do some research. We have more potential reserves than OPEC.
Then consider Bush's post-drilling-moratorium plans from late 2008/early2009, plans immediately scrapped by the current fascist-in-chief as the moratorium was reimposed.

Simply not true. In fact they were going to open more federal waters for leasing in the Atlantic. The new plans were reviewed sometime after April of 2010. Need a reminder why?

All plans for offshore extraction expansion were scrapped by obama immediately upon taking office.

BS, they were full speed ahead until the BP Blowout.


As part of President Obama’s all-of-the-above energy strategy to continue to expand safe and responsible domestic energy production, Bureau of Ocean Energy Management (BOEM) Acting Director Walter Cruickshank today announced that the bureau will offer more than 21 million acres offshore Texas for oil and gas exploration and development in a lease sale that will include all available unleased areas in the Western Gulf of Mexico Planning Area.

BOEM to Offer 21 Million Acres in the Gulf of Mexico for Oil and Gas Development BOEM

 

[Toddsterpatriot]

That is awesome!!!
What policy did Obama change to increase our production?

every policy the RW's are bitching about him changing ..

in 1981 there were over 4000 working rigs, and Reagan still suffered through all the oil BS ... so working rigs have little meaning on Presidents .. but don't tell Roshmarkie Ok?

every policy the RW's are bitching about him changing ..

Which policy did he change that increased our production? Be specific.

the comment was offshore rigs .. I proved that comment was BS, and provided a chart to prove it .. you be specific.

the comment was offshore rigs

What policy about offshore rigs did he change to increase our production?

 

[RKMBrown]

That is awesome!!!
What policy did Obama change to increase our production?

Morons think you push a button and oil comes out.

 

[OnePercenter]

It costs more than $50 to extract from the sea per barrel, oil prices are going to be at that, ie, it's not viable if OPEC decide it isn't. Maybe Obama just save a load of people a load of money.

Profits vs costs don't support your $50.00+/bbl cost.

For every penny gasoline costs drop equates $1 BILLION into the US economy!

Russia is getting KILLED economically!

 

[Siete]

That is awesome!!!
What policy did Obama change to increase our production?

every policy the RW's are bitching about him changing ..

in 1981 there were over 4000 working rigs, and Reagan still suffered through all the oil BS ... so working rigs have little meaning on Presidents .. but don't tell Roshmarkie Ok?

every policy the RW's are bitching about him changing ..

Which policy did he change that increased our production? Be specific.

the comment was offshore rigs .. I proved that comment was BS, and provided a chart to prove it .. you be specific.

the comment was offshore rigs

What policy about offshore rigs did he change to increase our production?

none you idiot, that's the point, but you don't have the depth it takes to read the thread and understand that ...

now drop out with your broken record bs ...

 

[kaz]

Oh yes, by all means let's artificially prop up the price of oil for U.S. oil companies who have been raping the American people for almost a decade while continually whining for MORE and MORE government subsidies.

I spent years in the energy sector at GE Nuclear and GE Energy, and I'm not aware of these "government subsidies." I keep asking liberals what they mean by this and none of them know. You seem knowledgeable and enlightened, maybe you can help me. What subsidies do they get?

Fossil Fuel Subsidies Overview - Oil Change InternationalOil Change International

So all you have is 50K feet hand waiving? Wow, I'm convinced...

 

[Toddsterpatriot]

That is awesome!!!
What policy did Obama change to increase our production?

Morons think you push a button and oil comes out.

If that were true, Obama would never push the button.
Now the morons want to give him credit for something he opposed.