Strategic Oil Reserves

[EL PRESIDENTE]

What's your take on tapping the strategic oil reserves?

I don't think they should unless there is a real crisis in America with oil (natural disaster, war, terrorism, etc). Paying $5 a gallon because of unrest in the middle east is not a crisis.

I am for offshore drilling and ANWAR though.

 

[Paxil]

Agreed. We need to save it for worse things than a few extra dollars per gallon.

 

[julius]

What's your take on tapping the strategic oil reserves?

I don't think they should unless there is a real crisis in America with oil (natural disaster, war, terrorism, etc). Paying $5 a gallon because of unrest in the middle east is not a crisis.

I am for offshore drilling and ANWAR though.

How about they make sure the oil companies aren't hiking gas prices artificially first? Anwar won't help us for a couple years, at best.

 

[EL PRESIDENTE]

Yeah, too bad they didn't start a few years ago.

 

[Denny Crane]

The oil companies seem to be dollar cost averaging oil futures and current prices. So when libyan oil production is in doubt, the futures skyrocket.

It don't bother me that they raise gas prices in these situations, but it does seem to take longer for the price to come back down after.

 

[Paxil]

Yeah... like lots of markets they seem very quick to react to any possible bad news... and very slow to react to anything positive.

 

[PapaG]

What's your take on tapping the strategic oil reserves?

I don't think they should unless there is a real crisis in America with oil (natural disaster, war, terrorism, etc). Paying $5 a gallon because of unrest in the middle east is not a crisis.
I am for offshore drilling and ANWAR though.

It's a political crisis, though, for Obama and the Dems.

Here is what I find funny about rising energy costs and gas prices, though, as they relate to Obama. Other than his brilliant energy plan of having us inflate our tires and get tune-ups, of course!


[video=youtube;k4yFsaxw6L8]


[video=youtube;BqHL404zhcU]

 

[Eastoff]

It's a political crisis, though, for Obama and the Dems.

Here is what I find funny about rising energy costs and gas prices, though, as they relate to Obama. Other than his brilliant energy plan of having us inflate our tires and get tune-ups, of course!

Production of oil in the US is as high as it has been since 2003. In 2010, the us produced half of it's own oil needs.

 

[Devils]

I'm against tapping the strategic's, like the OP said, we could actually NEED those.

I do, however, think offshore drilling should be allowed... soon...

 

[PapaG]

Production of oil in the US is as high as it has been since 2003. In 2010, the us produced half of it's own oil needs.

That's not near enough. There is no reason we shouldn't be close to 100% in terms of producing our own oil, and it's a travesty that we're not drilling offshore while other countries are doing it.

Any Democrat who complains about energy prices deserves no sympathy, IMO.

 

[BLAZER PROPHET]

I'm against tapping the strategic's, like the OP said, we could actually NEED those.

I do, however, think offshore drilling should be allowed... soon...

I agree with this.

I also think we should start manufacturing more of our own gas.

 

[maxiep]

It's strategic for a reason. It shouldn't get touched unless there's an embargo or a major disruption in supplies.

If you want to immediately drop oil prices, start signing approvals for drilling domestically. Oil prices aren't based on present circumstances, but perceived future supply.

 

[Eastoff]

That's not near enough. There is no reason we shouldn't be close to 100% in terms of producing our own oil, and it's a travesty that we're not drilling offshore while other countries are doing it.

Any Democrat who complains about energy prices deserves no sympathy, IMO.

We are drilling off shore. That moratorium was lifted, it was only a temporary thing. http://thecaucus.blogs.nytimes.com/2010/10/12/white-house-to-lift-ban-on-deep-water-drilling/ That is from October, 5 months ago.

 

[PapaG]

We are drilling off shore. That moratorium was lifted, it was only a temporary thing. http://thecaucus.blogs.nytimes.com/2010/10/12/white-house-to-lift-ban-on-deep-water-drilling/ That is from October, 5 months ago.

That's not the offshore drilling I was talking about. Plus, the Obama administration ignored the ruling that you reference, and there is still no drilling nor any new permits in the Gulf of Mexico.

http://online.wsj.com/article/SB10001424052748704900004576152521093786528.html?mod=googlenews_wsj

FEBRUARY 24, 2011

An Illegal Drilling Ban

Federal Judge Martin Feldman ordered the Interior Department’s Bureau of Ocean Energy Management to act on five pending deep water permit applications within 30 days. The case was brought by Ensco, an offshore driller whose permits have been under review for as long as nine months.

Since finally lifting its blanket ban in October, the Administration has failed to issue a single permit, blaming strained resources and new regulations. Ensco believes, as Judge Feldman wrote, that the “government’s continuous delays are intentional,” part of an effort to use last year’s BP oil spill as an excuse to limit fossil fuel extraction.

Judge Feldman struck down the Obama Administration’s first drilling moratorium and earlier this month ruled Interior Secretary Ken Salazar in contempt for imposing a second moratorium that showed a “flagrant” disregard for the first ruling.

.

Whoops. The facts yet again get in the way of Obama's constant stream of bullshit and propaganda. I'm not blaming you, btw. One would think that the administration would comply with a federal court injunction, wouldn't they? Instead, they ignore the ruling, issue another moratorium, and now Salazar is in contempt of violating a federal ruling.

I wouldn't expect the NYT or MSNBC to report this, though. May as well let the sheeple believe that Obama is all about low gas prices.

 

[PapaG]

Well lookie here.

The first permit was finally issued last week! Amazing how rising gas prices will get the administration off of their ass, isn't it?

http://www.thenewsstar.com/article/20110301/NEWS01/103010303/Drilling-resumes-Gulf

 

[DaLincolnJones]

The thing that pisses me off is that even the president claims that we only have two percent of the oil, that is flat out wrong, we just do not developer our oilfields because of the left wing, save an owl kill off an industry politics that have taken hold. We have more natural gas than anywhere, we have well known oil fields in Alaska, new finds in the Dakotas, Wyoming as well as the other well known TX, OK NM etc. Big oil will develop when the price is more profitable, that has always been the plan.

 

[Denny Crane]

The thing that pisses me off is that even the president claims that we only have two percent of the oil, that is flat out wrong, we just do not developer our oilfields because of the left wing, save an owl kill off an industry politics that have taken hold. We have more natural gas than anywhere, we have well known oil fields in Alaska, new finds in the Dakotas, Wyoming as well as the other well known TX, OK NM etc. Big oil will develop when the price is more profitable, that has always been the plan.

DaLincolnJones meet Barfo. Barfo meet DaLincolnJones.

 

[Shapecity]

Oil prices are determined by NYMEX. This is a good article about the people deciding oil prices.

 

[PapaG]

At least Clinton gets it. I don't expect westnob to re-enter this thread, but I found this interesting. It makes one question why Obama is holding up these permits, doesn't it?

http://www.politico.com/news/stories/0311/51150.html

Bill Clinton: Drilling delays 'ridiculous'
Bill Clinton: Drilling delays 'ridiculous' By: Darren Goode March 11, 2011 04:55 PM EST

Former President Bill Clinton said Friday that delays in offshore oil and gas drilling permits are “ridiculous” at a time when the economy is still rebuilding, according to attendees at the IHS CERAWeek conference.

Clinton spoke on a panel with former President George W. Bush that was closed to the media. Video of their moderated talk with IHS CERA Chairman Daniel Yergin was also prohibited.

But according to multiple people in the room, Clinton, surprisingly, agreed with Bush on many oil and gas issues, including criticism of delays in permitting offshore since last year’s Gulf of Mexico spill.

“Bush said all the things you’d expect him to say” on oil and gas issues, said Jim Noe, senior vice president at Hercules Offshore and executive director of the pro-drilling Shallow Water Energy Security Coalition. But Clinton added, “You’d be surprised to know that I agree with all that,” according to Noe and others in the room.

Clinton said there are “ridiculous delays in permitting when our economy doesn’t need it,” according to Noe and others.

“That was the most surprising thing they said,” Noe said.

The two former presidents both generally agreed on the need to get offshore drilling workers back on the job.

...continued at link....

 

[barfo]

DaLincolnJones meet Barfo. Barfo meet DaLincolnJones.

There is actually something to be said for not drilling immediately, even if we intend to extract every last drop of oil from the entire country.
To the extent oil is a strategic resource, it makes sense to hoard it for later on, when oil is scarce and more expensive, rather than drill-baby-drill so that we can use it up now.
Better to buy and use oil from other countries now, while it is relatively cheap, and then pump our own later, when prices are higher.
Think Road Warrior.

Of course, that assumes "we" own the oil under our land instead of MobilExxonChevronTexacoBPAmoco owning it.

barfo

 

[MARIS61]

When our gas prices truly reflect a fair price to Americans relating to the current price of oil, which would be around 2.25 gal, then maybe we could discuss the future of drilling or raiding the reserves.

All we have going on right now, and since Bush bought the Supreme Court, is profit-gouging of government-sponsored Americans by American oil companies.

The day they aren't recording record profits maybe this is an issue. Until then the issue remains how to wrest our "Government of the People, by the People and for the People" back from corporate control.