Oil prices

wkmac

Well-Known Member
And Now: Robert Newmans, History of Oil A Historical Look at Oil from an english comedic POV.



I'll just go ahead and warn many of you not to bother watching it.
 

brazenbrown

Well-Known Member
Wow, 413 billion barrels just sitting there in Montana, huh? So why are we so worried about the paltry 4.5 billion barrels we can get from offshore drilling? Could you be missing something? Naahhh, no way! Just to be certain though, you might want to go back and re-read the reports issued by both the USGS and the state of North Dakota on the Bakken formation (where all that Montana oil is) in April of this year. Pay close attention when they talk about "recoverable oil". There's plenty that your boy Dick Shamp isn't telling you in his op-ed, which is honestly no surprise. There's a reason he's writing op-eds and not doing something where he's actually held accountable.

A billion barrels of oil is about a 2 month supply at our current rate of consumption. What does Sen Hutchinson plan to do after that?

I thought the trillions of cubic feet of gas reserves were a significant number in itself (notice how you skipped over that) since we're trying to get away from oil....pay attention to the whole picture..:sick:

Oh by the way you're the one who quoted this: " In April 2008, the United States Geological Survey (USGS) released a report giving a new resource assessment of the Bakken Formation underlying portions of Montana and North Dakota. The USGS believes that with new horizontal drilling technology there is somewhere between 3.0 and 4.5 billion barrels"

You seem to round off all your oil estimates to the tune of 4.5..hmm.. I'd have to say your sources are flawed, but maybe it's just a coincidence!!:happy-very:
 

Jones

fILE A GRIEVE!
Staff member
I thought the trillions of cubic feet of gas reserves were a significant number in itself (notice how you skipped over that) since we're trying to get away from oil....pay attention to the whole picture..:sick:

Oh by the way you're the one who quoted this: " In April 2008, the United States Geological Survey (USGS) released a report giving a new resource assessment of the Bakken Formation underlying portions of Montana and North Dakota. The USGS believes that with new horizontal drilling technology there is somewhere between 3.0 and 4.5 billion barrels"

You seem to round off all your oil estimates to the tune of 4.5..hmm.. I'd have to say your sources are flawed, but maybe it's just a coincidence!!:happy-very:

4.5 billion is the high end of the USGS's (one of my flawed sources) estimate for recoverable oil from the Bakken Formation. Estimates for recoverable oil in the Atlantic area currently covered by the drilling ban are 3.82 billion barrels according to the Energy Information Administration (yet another one of my flawed sources:wink2:). Estimates from the oil companies for that area have ranged as high as 5 billion barrels, so I used 4.5 as a high midpoint estimate. I hope that clears up the "coincidence".

I've been consistent in saying that we need to develop alternative sources of energy, including natural gas and nuclear power. The billion barrels of oil contained in Hutchinson's otherwise interesting proposal is nothing but a payoff to the oil lobby, and a testament to the influence they wield on capitol hill.
 

av8torntn

Well-Known Member
Of course since new drilling has been banned so long in some of these areas nobody really know how much oil is out there.
 

brazenbrown

Well-Known Member
4.5 billion is the high end of the USGS's (one of my flawed sources) estimate for recoverable oil from the Bakken Formation. Estimates for recoverable oil in the Atlantic area currently covered by the drilling ban are 3.82 billion barrels according to the Energy Information Administration (yet another one of my flawed sources:wink2:). Estimates from the oil companies for that area have ranged as high as 5 billion barrels, so I used 4.5 as a high midpoint estimate. I hope that clears up the "coincidence".
In the 90's the USGS said there were only 151 million barrels and that's been revised to 3.65 billion with the possibility of another revision much, much higher, only time will tell...
The Bakken oil formation and national security

I've been consistent in saying that we need to develop alternative sources of energy, including natural gas and nuclear power.
I agree that we need to wean ourselves off of oil but until viable alternatives are able to take the place of oil we should be able to use as much of our own oil as possible.:peaceful:
 

tieguy

Banned
Doing nothing does what? Nothing!

1989 thanks for simplyfying the point.

Doing nothing equals nothing. The argument that increasing the amount of drilling we do will net nothing is absurd.

If that argument is valid then doing nothing would net a negative result?
 

paidslave

Well-Known Member
1989 thanks for simplyfying the point.

Doing nothing equals nothing. The argument that increasing the amount of drilling we do will net nothing is absurd.

If that argument is valid then doing nothing would net a negative result?


Who cares how much oil we drill? We will just sell it to Japan anyway at premium price...


Do you really think that if we found more oil that will drive the price down? Not.....a chance.......there will always be business people creating controversy to drive the Market price up with fear....

This is a smoke screen....Wake up people! Big oil Big business, big goverment wants oil prices high.....


Get rid of these cronies...and for all you Republicans out there, You don't make enough money to even think you are a republican unless you own a company in the s%p 500..........or fortune 500 companies...


So quit your bs and think you are making a little more and vote republican?......this is another falacy with College Educated people.


I have a College Degree and seeing how these people think is crazy..

Unless you make over $1 million a year you should vote democratic.......for the rest you are badly mistaken to think the republicans are in your interest!...

You can't think like Cheny, Bush or McCain, and be brainwashed thinking your few dollars you make can compare to BP Moble/GAs......

Sorry to rant....................Record profits for the oil companies while the economy is in the crapper!!

One last note,,,,,the Alaskan pipe line was suppose to ease cost, sure. Then why do we sell to JAPAN our oil?

You got it, for record profits.......off shore drilling is only for more record profits........


my2cents
 

brett636

Well-Known Member
Who cares how much oil we drill? We will just sell it to Japan anyway at premium price...

Its called a world market. The oil goes where its needed. If the world market has more oil the price goes down. Simple supply and demand.


Do you really think that if we found more oil that will drive the price down? Not.....a chance.......there will always be business people creating controversy to drive the Market price up with fear....

This is a smoke screen....Wake up people! Big oil Big business, big goverment wants oil prices high.....
Did you take your medicine today? If not I highly recommend a tinfoil hat to keep Bush from reading your mind with his mind reading satellites.


Get rid of these cronies...and for all you Republicans out there, You don't make enough money to even think you are a republican unless you own a company in the s%p 500..........or fortune 500 companies...
I own stock in UPS, my 401k is invested in the S&P 500, and I'm willing to bet my pension plan has money invested in both the S&P 500 and oil company stocks. Now do I qualify as a republican?


So quit your bs and think you are making a little more and vote republican?......this is another falacy with College Educated people.


I have a College Degree and seeing how these people think is crazy..
Could have fooled me...

Unless you make over $1 million a year you should vote democratic.......for the rest you are badly mistaken to think the republicans are in your interest!...
Are you sure about the college thing? Or was that just another fantasy of yours from not taking your meds?

You can't think like Cheny, Bush or McCain, and be brainwashed thinking your few dollars you make can compare to BP Moble/GAs......

Sorry to rant....................Record profits for the oil companies while the economy is in the crapper!!

One last note,,,,,the Alaskan pipe line was suppose to ease cost, sure. Then why do we sell to JAPAN our oil?

You got it, for record profits.......off shore drilling is only for more record profits........
Yes, you are right, profits are horrible for everyone. I mean all those pension plans invested in oil company stocks. All those 401ks, 403bs, SEPS, and other retirement accounts invested in multiple stocks that all rely on steady, increasing profits are a bad thing. This free market economy sucks with all these jobs for people to do, opportunity for people to succeed. I just don't understand how the American people can handle it. :wink2:
 

paidslave

Well-Known Member
BRETT, (Its called a world market. The oil goes where its needed. If the world market has more oil the price goes down. Simple supply and demand)

I have to dissent with simple supply and demand theory. There has always been a demand for oil and there has always been a supply of oil. This market is inflated by fear in the middle east Created by the Bush Administration.

Here is a nice supply of oil.......

WASHINGTON - Iraq’s oil reserves could be nearly twice as large as previously estimated, containing more than 200 billion barrels, a new analysis of the war-torn country’s oil resources says.

Iraq is now occupied by the U.S and Iraq is sitting on the 4 largest OIL reserve in the world. In theory, We own the 4th largest OIL reserve and OIL prices have tripled since the war. This OIL was supposed to pay for the War from what the Bush Admin. has told us. This has not happened and the OIL companys have hoarded the profits to themselves.

my2cents
 

brazenbrown

Well-Known Member
This market is inflated by fear in the middle east Created by the Bush Administration.

Created by the Bush administration????

Man, Brett was right about the meds. I guess Bush is responsible for the lunatic President of Iran, Mahmoud Ahmadinejad saying he'd like to wipe Israel off the face of the earth!!:biting:

Or is Bush over there helping them build the nukes to wipe us out with??

What friggin planet are you from...Liberanous!!:sad-very:
 

tieguy

Banned
Get rid of these cronies...and for all you Republicans out there, You don't make enough money to even think you are a republican unless you own a company in the s%p 500..........or fortune 500 companies...

huh?


So quit your bs and think you are making a little more and vote republican?......this is another falacy with College Educated people.

what?


I have a College Degree and seeing how these people think is crazy..

What major. Definitely not political science or economics?

Unless you make over $1 million a year you should vote democratic.......for the rest you are badly mistaken to think the republicans are in your interest!...

If I made 900,000 the democrats would try to take 60 percent.

You can't think like Cheny, Bush or McCain, and be brainwashed thinking your few dollars you make can compare to BP Moble/GAs......

Is it bush , cheney and mccain or is it a system that allows those with money to influence policy. Do you really think a democrat will choose to live a frugal lifestyle and ignore the big money supporters knocking on his door?

Sorry to rant....................Record profits for the oil companies while the economy is in the crapper!!

yep under democratic and republican administrations.

One last note,,,,,the Alaskan pipe line was suppose to ease cost, sure. Then why do we sell to JAPAN our oil?

Why do we sell to japn what? A negative of a free market. we could also close our borders and end up paying 3 times as much for gas.

my2cents
 

1989

Well-Known Member
I bet if there was an anouncement that the US would tap into it's reserves oil would move lower another $10-$20
 

BrownShark

Banned
Its amazing how those who listen to republican hype simply repeat what they are told over and over....

Brazenbrown, moreluck, Denieguy & brett with all your republican talking points in hand....

Lets listen to the head of OPEC for a moment:

7/26/2008 5:30:00 PM


OPEC Khelil: Oil May Drop To $70 If Iran Concerns Ease, Dlr Rises

ALGIERS (AFP)--The price of oil could drop to between $70 and $80 a barrel if the dollar strengthens and concerns over Iran are reduced, OPEC chief Chakib Khelil said Saturday.

"If the dollar strengthens and if the crisis with Iran is resolved, the trend in oil prices should be to go towards $70 to $80," the head of the Organization of Petroleum Exporting Countries said on the sidelines of a conference.

Khelil is also Algeria's Energy Minister.

Oil prices ended the week at around $125 a barrel in London and New York. Crude oil prices have dropped by nearly $25 on both sides of the Atlantic in less than two weeks. 7/26/2008 5:30:00 PM


In addition, OPEC has blamed the high price of oil on the state of the economy of the US and the WEAKENED US dollar caused by wall street GREED!

Those of you fixated on drilling listen to radio and tv way to much, try reading for a change.

An unchecked energy sector allowed traders to RUN UP the price of a barrel of oil without making ANY investment whatsoever.

When you compare the price of a barrel of oil's rise in 8 years, its clear that the bush administration allowed the speculators to accelerate the cost of a barrel at a rate faster than in any time in history.

There is no shortage, there is no reason for extra drilling, theres a need to control the market, regulation should take care of wall street.

Of all the oil the republicans want to go get, only 25% is designated to the USA and the rest intended to go to world markets....

This doesnt help the american market, if all the oil was to stay at home then it would make a difference, but thats not the intention.

This presidents failure to understand economics has caused the state of our economy, his cutting taxes policy has only killed our federal deficit for 20 years.

Taxes will inevitably have to be raised to cover this RECORD deficit.

This president has spent more on his federal budget over 8 years than all the presidents before him combined going back to George Washington.

I know , I know, hes keeping us safe...what a crock!

Greed caused this country to be brought to its knees, and those of you who support this action should be ashamed of yourselves.

Look at all the industries being affected by the oil price of oil.

Look at the 700 thousand people who lost there jobs over the last 6 months.

Look at the highest price for foods in the history of this country.

Now, you are all sold on drilling, because thats the new "selling" point of the republican party.

Havent you all learned you lessons yet in 8 years?

This country is in a spiral downward, OBAMA has the right idea, tap the reserves and bring the price of oil down drastically so the country can get back on its feet.

McSame will only continue the failed policies of the Bush legacy.

OIL is the evil that is ruining this great countries infrastructure.

Peace:peaceful:



 

diesel96

Well-Known Member
I'd rather listen to 'Republican hype' than to anyone named Khelil !!

Sorry, that's just the way I feel.


0511-0801-2115-1752.jpg
Baaaaaaaaaaa!:happy-very:


I tell you what More, I invite all my armchair quarterback oil expert Republican BC friends to my property, there's plenty of grass to munch on now during the rainy season. The grass is getting to high and as a bonus, there'll get a chance to unemploy my Mexican Lawn Crew and shoo back across the border.
 

tieguy

Banned
Its amazing how those who listen to republican hype simply repeat what they are told over and over....

Brazenbrown, moreluck, Denieguy & brett with all your republican talking points in hand....

Lets listen to the head of OPEC for a moment:



In addition, OPEC has blamed the high price of oil on the state of the economy of the US and the WEAKENED US dollar caused by wall street GREED!

Those of you fixated on drilling listen to radio and tv way to much, try reading for a change.

An unchecked energy sector allowed traders to RUN UP the price of a barrel of oil without making ANY investment whatsoever.

When you compare the price of a barrel of oil's rise in 8 years, its clear that the bush administration allowed the speculators to accelerate the cost of a barrel at a rate faster than in any time in history.

There is no shortage, there is no reason for extra drilling, theres a need to control the market, regulation should take care of wall street.

Of all the oil the republicans want to go get, only 25% is designated to the USA and the rest intended to go to world markets....

This doesnt help the american market, if all the oil was to stay at home then it would make a difference, but thats not the intention.

This presidents failure to understand economics has caused the state of our economy, his cutting taxes policy has only killed our federal deficit for 20 years.

Taxes will inevitably have to be raised to cover this RECORD deficit.

This president has spent more on his federal budget over 8 years than all the presidents before him combined going back to George Washington.

I know , I know, hes keeping us safe...what a crock!

Greed caused this country to be brought to its knees, and those of you who support this action should be ashamed of yourselves.

Look at all the industries being affected by the oil price of oil.

Look at the 700 thousand people who lost there jobs over the last 6 months.

Look at the highest price for foods in the history of this country.

Now, you are all sold on drilling, because thats the new "selling" point of the republican party.

Havent you all learned you lessons yet in 8 years?

This country is in a spiral downward, OBAMA has the right idea, tap the reserves and bring the price of oil down drastically so the country can get back on its feet.

McSame will only continue the failed policies of the Bush legacy.

OIL is the evil that is ruining this great countries infrastructure.

Peace:peaceful:

Last time I checked there was a democratic led congress that has been in power during this time when the price of oil has risen dramatically. Somehow its all Bushs fault.
 

moreluck

golden ticket member
I'm not offended, D. Pelosi has quite a flock herself.......in fact I wish she would flock herself !! (did I type that??)

My feelings are not right or wrong, just feelings.

Keep your Mexican lawn crew.....just check their paperwork.
 

brazenbrown

Well-Known Member
Those of you fixated on drilling listen to radio and tv way to much, try reading for a change.

Now, you are all sold on drilling, because thats the new "selling" point of the republican party.

Havent you all learned you lessons yet in 8 years?

This country is in a spiral downward, OBAMA has the right idea, tap the reserves and bring the price of oil down drastically so the country can get back on its feet.

OIL is the evil that is ruining this great countries infrastructure.
Peace:peaceful:

Apparently you don't take your own advice, what a hypocrite!

Yes your very own peace loving, ah inspiring candidate is willing to drill now..

A republican talking point?? How about the majority of Americans that support it, why do you think your very own talking head, radical liberal Obama flip/flopped??? Yes, that's right...the majority rules!!:peaceful: Back at Ya!!

We are the ones we've been waiting for!!LOL:happy-very:
 

brett636

Well-Known Member
Last time I checked there was a democratic led congress that has been in power during this time when the price of oil has risen dramatically. Somehow its all Bushs fault.


Exactly, oil was $58/barrel the day the democrats took control of congress. Now that the price has doubled they go on vacation and refuse to do anything about the situation.
 
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