Oil jumps $11 in one day.
By on Jun 6th, 2008 at 4:01 pm
Oil jumps $11 in one day.
The price of oil shot up nearly $11 in just one day and settled at a record $138.54 per barrel today, “capp[ing] oil’s biggest two-day gain in the history of the New York Mercantile Exchange.” The skyrocketing prices come on the heels of a disappointing U.S. jobs report — which showed the largest monthly increase in unemployment since 1986 — and a prediction from a Morgan Stanley analyst that oil could reach $150 a barrel by July 4.
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That reminds me — I’m almost running on empty and I need to buy gas on my way home from work. Now that this news has hit the wire, I just hope I can get to the pump before the prices jump up another dime.
June 6th, 2008 at 4:04 pmUnemployment in the U.S.A. rises and price of gas goes up? I’m no financial whiz, but WTF does that have to do with it?
June 6th, 2008 at 4:06 pmWhy do I get the feeling that if the unemployment rates dropped, the oil prices would still go up?
June 6th, 2008 at 4:06 pmTHE SURGE IS WORKING!!! Look at all the record oil profits.
June 6th, 2008 at 4:07 pmThe only mantra you can hear all day on CNBC is:
I swear, hardly a 30 minute block of time would pass all day without some ‘expert’ being asked about speculation or regulation, and the answer was always the same.
So enjoy your weekend America and you can be certain there’s no oil speculation and even if there was, we don’t need no stinking government regulation. Just enjoy handing the contents of your wallet over to your nearest oil company and know that God is happy. Who needs change?
June 6th, 2008 at 4:09 pmShouldn’t Busch be ‘jawboning’ OPEC by now?
Or did he mean jawing another bone?
_AIO_
June 6th, 2008 at 4:14 pmWe are totally screwed….get ready for the Great Depression caused by a war criminal incompetent GW BUSH.
Start those Victory Gardens Folk, it’s going to be a very rough ride.
June 6th, 2008 at 4:14 pmExit Stage Left Says
June 6th, 2008 at 4:06 pm
Unemployment in the U.S.A. rises and price of gas goes up? I’m no financial whiz, but WTF does that have to do with it?
_______________________________________________
I guess the main thing they both have in common is that both of these items mean it’s getting tougher for those of us outside the top 5% to make ends meet. Other than that, they are two separate news items. Unemployment isn’t driving high gas prices.
On the other hand, high gas prices could be driving unemployment to a certain degree — particularly in the transportation and shipping industries.
June 6th, 2008 at 4:15 pmScrewBush – I was watching CNBC last night for a minute and some loser was going on and on about how the economy is sucking because of everyone being anxious about the possibility of a Democrat in the WH so they’ll pulling capital out of the market.
So, you see, it’s all OUR fault for supporting a Democrat!
June 6th, 2008 at 4:15 pmBoosh sez: “MISSION ACCOMPLISHED!!! Hehehe!”
June 6th, 2008 at 4:18 pmCALL IT THE CURSE OF THE WAR-CRIMINAL NATION! UNDER A CRIMINAL DEVIL-WORSHIPER IDIOT RULER!
June 6th, 2008 at 4:19 pm6 out of the last 7 years have seen a Republican Congress, a Republican President, a conservative Supreme Court…. and it’s the Democrat’s fault?
Remember when one of the hallmarks of the Bush Presidency was going to be a new level of accountibility?
June 6th, 2008 at 4:21 pmAlthough they are most certainly not the only factors behind skyrocketing crude oil prices, how much money do you suppose the Bubble Boy, Deadeye Dick and their cronies have invested in multinational oil companies?
And what happens to the value of those investments every time the United States lowers interest rates (further depreciating the value of the U. S. dollar) and/or as well, what happpens every time the United States and/or Israel threatens to strike Iran?
Remember, Darth Cheney still has options with Halliburton that expire at late as 2009, the value of which depends upon the price of the underlying stock at that time. For more details, go to http://www.thenation.com/blogs/thebeat?pid=1010
Salaries/benefits for the President and Vice-President pale in comparison to the profits that can be obtained through other means.
Can anyone still call this public service with a straight face?
June 6th, 2008 at 4:24 pmJohnboy, this has NOTHING to do with Alaska. There could be 1000’s of wells in the Alaskan National Wildlife Refuge and we’d still be in the same shape due to the incompetence and the treasonous, fascist, un-American policies of Bush/Cheney.
June 6th, 2008 at 4:24 pmjohnboy Says:
Just think of all the beautiful caribou we have though. Libs, got love the emotional driven policies. Its still Bushes fault.
When I read sh!t like this it makes me realize just how little some humans have evolved. There are small bugs and ferns which have a higher capacity for learning than the troll. Troll: How can higher gas prices be good for you? Some of us can make due because we make a pretty good living, but you have to feel the pinch, right? Maybe you haven’t graduated to a car yet? Maybe Mom still drives you back and forth to the skate rink? If the gas prices keep going up, your chocolate milk will also cost more money. Think about that.
June 6th, 2008 at 4:25 pmY’know, a while back, whenever a story like this would hit TP, one troll or another would dispute the claim that the Bush economy is in the sh!tter. They’d claim the stock market was booming, or unemployment was low, or that they, personally were doing great, so the economy was great.
Don’t hear that too much anymore.
June 6th, 2008 at 4:28 pmYou’ve got a serious case of crossed wires, hombre. There’s not a coherent thought anywhere in your post, unless the thought is that you would gladly trade extinction of a species for a few gallons of gasoline.
We’re heading into Mad Max world.
June 6th, 2008 at 4:29 pm“If the gas prices keep going up, your chocolate milk will also cost more money.”
Comment by StratRat
Not to mention his Cheetos.
_AIO_
June 6th, 2008 at 4:31 pmNow that they have to admit that the economy is circling the toilet and heading for the sewer, we’ve got the trolls pulling out the trusty ‘blame the treehugging democrats’
seriously, come up with something new
June 6th, 2008 at 4:31 pmDubya 2000 “with two OIL men in the White House, we’ll have open spigots of OIL”
Dubya 2003 “the WAR will pay for itself in OIL”
How’s the Bin Laden family holding up, Dubya? How about your other Saudi friends?
We’ve been screwed, and didn’t even get dinner.
June 6th, 2008 at 4:32 pm60% of oil futures trading is driven by hedge funds and large investment banks. It Is Not Regulated. There is no control, there is No accountability. This policy was developed and driven by the Bush administration, that’s reality folks. Candidate George W. Bush was appalled, appalled you know, that the price of oil was $24 per barrel. He vowed to do something about it. Well, he did and now it’s pushing $140. Mission Accomplished, Heck of a job, Georgie!
June 6th, 2008 at 4:32 pmImpeach Cheney and Bush and Save the Constitution.
Not to mention his Cheetos.
_AIO_
Damn, I forgot about the Cheetos…
June 6th, 2008 at 4:33 pmQuestion for the trolls on this site –
How much do you receive for each posting? Does the package include paid vacation, sick leave and employer-paid health insurance?
An interesting post (the next two paragraphs)can be found at the Democratic Underground site…
“So what I suspected all along is true. Thom Hartmann mentioned getting freeper-like disruptive posts on his show’s message board, trashing anything being discussed from a leftist POV. His people traced one of the posters to another RW board who bragged about getting paid 10 cents a post to spread disruptive messages with RW talking points straight out of conservative talk shows like Rush Limbaugh and Bill O’Reilly by some RW organizations. He didn’t mention who paid them.
It seems to me that a lot of the Hillary bashing and Obama bashing posts might be from these posters. There is a certain difference between stating that you have concerns about some things about the candidates than out and out calling them names and accusing them of things that aren’t even remotely true. Maybe we should be alert for these kind of posters and alert the mods when the BS gets too much.”
You can find it at http://www.democraticunderground.com/ discuss/ duboard.php?az=show_mesg&forum=389&topic_id=2847829&mesg_id=2847829
June 6th, 2008 at 4:33 pmjohnboy, the thing is, we’re going to need those reindeer to pull our sleds on
June 6th, 2008 at 4:36 pmce the republican winter sets in.
make that once…
But since I’m here, maybe johnboy thinks that the reindeer are really oil speculators and if we killed them then the price of oil would drop. Is that your point johnboy? because otherwise, you’re not making any sense…
June 6th, 2008 at 4:38 pmI really wish the drums would stop beating to bomb Iran. If these people would shut their f’ing mouths about that, it wouldn’t have gotten as high today.
They keep this crap up and we will see oil at $150/barrel by the middle of next week.
June 6th, 2008 at 4:39 pmArt Says:
Why do I get the feeling that if the unemployment rates dropped, the oil prices would still go up?
June 6th, 2008 at 4:06 pm
_____
Of course – cause demand for oil would go up due to all the newly employed people who need to commute to work.
And if unemployment goes up, well, the oil companies will need to make up for the drop in commuters somehow, like by raising prices.
Oilonomics sure is fun! :) :) :) :)
June 6th, 2008 at 4:41 pmjohnboy Says:
——————————————————————————–
Just think of all the beautiful caribou we have though. Libs, got love the emotional driven policies. Its still Bushes fault.
—
June 6th, 2008 at 4:43 pmHaving sseen large herds of caribou in the wild, I will take them over lower gas prices. Still if you are implying ANWAR it is a dumb argument as that supplied would have little impact and simply prolong the inevitable
Abu Ben Hussein Leporello Says:
60% of oil futures trading is driven by hedge funds and large investment banks. It Is Not Regulated. There is no control, there is No accountability. This policy was developed and driven by the Bush administration, that’s reality folks.
June 6th, 2008 at 4:32 pm
_______
And just what are you trying to imply here? Do you mean an unregulated free market is having a NEGATIVE effect on the economy?
SAY IT AIN’T SO!
June 6th, 2008 at 4:43 pmThe Suit-and-Tie looters are grabbing all they can before their criminal circus gets shut down.
Way to go, Righties.
June 6th, 2008 at 4:43 pmThanks, idiotic Israeli spokespersons who want to bombIranbeforeBushisOutTheFu(kofOffice.
June 6th, 2008 at 4:52 pmAnd this just came in my email as Breaking News:
Thanks, Dumbya. And McCain knows nothing about economics.
Sing it with me, boys and girls…We. Are. Screwed.
June 6th, 2008 at 4:53 pm“It’s the environmentalists fault”? Puh-leeeease.
Consider the wealth, government officials, wealth, public share-holders, wealth, a knife at the arteries of the nations power source, and wealth of the energy lobby.
Now consider the bumper stickers, $5.00 donations and complaints of the, so-called, “environmental lobby”.
Do the math and form your own conclusion about who could possibly have the power to impose energy policies which harm the nation.
June 6th, 2008 at 4:54 pmAnd that $.18 gas tax holiday floated by McCain was about $.40/gallon ago. At the expense of our crumbling highway infrastructure. Obama was right – it was all for show.
Second quarter earnings for Big Oil should, once again, be record-breaking!
PEACE
June 6th, 2008 at 4:59 pmjohnboy Says:
Just think of all the beautiful caribou we have though. Libs, got love the emotional driven policies. Its still Bushes fault.
Killing the caribou will give us about another month of oil.
Yeah that’s a freakin’ answer. johnboy is a perfect moniker.
Ass
June 6th, 2008 at 5:00 pmStocks tanked today….Halliburton, Chevon and Exxon didn’t, though. Heckuva job!
June 6th, 2008 at 5:02 pmFunny how TappingintheJohnboy thinks emotional driven policies are only of the Left.
Fear has driven just about every BushCo policy we have. Fear has caused the sheeple to support these policies.
Next point moron.
June 6th, 2008 at 5:05 pmToday’s battery upstarts like A123 (lithium phosphate) and AltairNano (lithium titanate) are already becoming superstars in the EV community with their long-life, high performance cells.
A titanate battery is has low toxicity, will last for at least 25,000 cycles, is near 100% efficient, and holds around 100Wh/kg. Lithium phosphate batteries have similar stats — they are nontoxic, but have so far only been tested to a mere 7,000 charge cycles. Did I mention that both kinds can be “fast charged” — in under ten minutes .
http://www.dailykos.com/storyonly/2008/5/19/184014/140/138/518542
New Battery technology will do to oil, what oil did to horses.
America will move to Electric cars…it’s just a matter of engineering. Venture capitalists like the google guys are already on it.
June 6th, 2008 at 5:06 pmIf gas prices become much higher will martial law become a reality?
June 6th, 2008 at 5:06 pmAnd, PRESIDENTIAL DIRECTIVE/NSPD 51 seems to be making the talk shows.
Also, many predict the internet will be shut down with martial law and PDO 51.
A plan by We the People should be in the works and agreed upon before, if and when martial law or PDO 51 becomes policy.
One plan I heard from a caller:
We need to be united now if the event our internet is closed, to have a huge national strike and bring this government to their knees.
ANWR oil will be sold to the highest bidder, not used to ease the burden on Americans.
It’s all about the money.
June 6th, 2008 at 5:07 pmcurmudgeon Says:
Can anyone still call this public service with a straight face?
Yeah! Cheney expects the public to ’service’ him…
June 6th, 2008 at 5:08 pmDr. Hussein Matt Says:
Um, doesn’t Iraq have oil? When are they going to help out we, the liberators?
Yes, and they also have a budget surplus in Iraq thanks to the rising oil prices. For some reason, the US is still borrowing money from China to rebuild Iraq, though. Are we a great country or what? So generous with our great grandchildren’s tax dollars. This business model is great for some people, mainly people like Bush and Cheney, for the rest of us, it stinks.
June 6th, 2008 at 5:08 pmI’m surprised that Bush isn’t doing anything to lower the price (as he often promised us he would). The exorbitantly high price of oil is putting Venezuelan President Hugo Chavez (an “enemy” in Bush’s delusional mind) on one of the most valuable oil reserves in the world. This can’t be making Bush happy.
June 6th, 2008 at 5:13 pmI hope oil keeps going up. We deserve it for letting this idiot bush run wild for so long. Frankly, as selfish as most of us americans are, high gas prices are the only thing that will get people riled up because its one of the only things
June 6th, 2008 at 5:17 pmthat affect people personally..
#2 The answer a non stable dollar.
It took 200+ years for America to owe 5 trillion bucks. Bush double that in less than 8 years!!!!
No really, our currency is worth less than Canada’s (blame Canada eh?)
June 6th, 2008 at 5:21 pmjohnboy Says:
Just think of all the beautiful caribou we have though. Libs, got love the emotional driven policies. Its still Bushes fault.
How Quaint!
Jonnyboy hits us with a nostalgic Rush Limbaugh-like talking point…….circa 1993, before Rush lost his hearing to that pesky hillbilly heroin addiction.
Maybe you’ve been in a coma the last few years, jonny.
June 6th, 2008 at 5:28 pmThey got this thing now called “the google” on the internets now…I think it works through some kind of “pipes”
You can “google” things like global oil production, global oil consumption,oil prices, Saudi oil, Ghawar, Canterell etc. etc.
Now with this new-fangled “google” thing, there are other sources of information besides Rush!
Welcome to 2008 jonnyboy!
AMcG773 Says:
Dr. Hussein Matt Says:
Um, doesn’t Iraq have oil? When are they going to help out we, the liberators?
Yes, and they also have a budget surplus in Iraq thanks to the rising oil prices. For some reason, the US is still borrowing money from China to rebuild Iraq,
Of course we have to borrow from China, silly.
June 6th, 2008 at 5:35 pmThe Treasury is empty.
How else would we be able to keep funneling those 100’s of billions of dollars every year to corporate contractors, cronies and war-profiteers if we didn’t borrow from China?
johnboy:
June 6th, 2008 at 5:40 pmWhy do you think the Bush administration opposed opening up offshore waters off of Florida?
johnboy:
June 6th, 2008 at 5:44 pmI hate to burst your bubble but anything which provides cover in the ocean becomes an oasis for living things. Wanna start throwing more plastic 5 gallons and old netting in there too?
Badger Says:
http://www.dailykos.com/ storyonly/ 2008/ 5/ 19/ 184014/ 140/ 138/ 518542
June 6th, 2008 at 5:06 pm
Thanx for the link Badger. Did you happen to see the article on the plug-in electric/gas turbine hybrid? I have a new computer coming in and I can’t find any of my bookmarks (which will teach me to try to shift too many files before I have the new system up!). But the gist of it was: they use a small turbine as a generator and performance booster as needed. It will run on virtually any combustible liquid thin enough to flow through the electronically controlled injectors, and, because there is no drive train waste they are projecting well over 100mpg with “flat” batteries and performance comparable with present conventional cars.
June 6th, 2008 at 5:45 pmTourism? Are you cracked? The rigs aren’t on the beach. And you have said that there would be no risk of soiled beaches and the tourists could fish around them. Did you just shoot yourself in the foot again?
June 6th, 2008 at 5:46 pmjohnboy:
Why do you think the Bush administration opposed opening up offshore waters off of Florida?
I dunno…maybe because Bush’s Brother was governor of Florida, where offshore drilling is wildly unpopular.
Oil is toast. By the time we could get at that offshore oil, we will have developed better alternatives to a petroleum based transportation system. OPEC has killed their golden goose.
June 6th, 2008 at 5:46 pmSo thankful for deregulation. Why are we allowing flunkies looking for unearned income the chance to stiff working/laid-off/disabled people, aka “speculators” ?
And why hasn’t found the handle on the toilet and flushed johnboy?
June 6th, 2008 at 5:46 pmI think I’ll brace myself. Is big Oil gonna kiss me first?
June 6th, 2008 at 5:48 pmwhy hasn’t TP*
June 6th, 2008 at 5:52 pmOne particularly interesting bill working its way through the halls of congress right now is H.R. 5351 — the Renewable Energy and Energy Conservation Tax Act of 2008, which has made it through the House and is now in the Senate.
apparently congress isn’t quite sure about all of this BEV (battery electric vehicle) stuff. In an otherwise great bill, H.R. 5351 gives a rather hefty tax credit to plug-in hybrid vehicles (PHEVs), which have a small electric range (and sometimes cannot even drive at highway speeds on pure electric power) in addition to a gasoline engine. The bill doesn’t cover pure EVs at all. That is, to say, owners of the Chevrolet Volt would get the credit, but owners of the Aptera Typ-1e or Tesla Roadster would not — even though they’re doing more for advancing the technology, promoting energy independence, and eliminating pollution.
http://www.dailykos.com/story/2008/4/10/183641/024
June 6th, 2008 at 5:53 pm>Environmental activism puts America more and more dependant >on foreign oil.
brought to you by FrontPageMag.com
http://www.sourcewatch.org/index.php?title=FrontPageMag.com
“FrontPageMag.com is a neo-conservative magazine founded by ex-Marxist (Trokskyite) turned neo-conservative activist David Horowitz. FrontPage’s output ranges from old-fashioned red-baiting and neocon punditry, to pushing pro-Likud zionist propaganda.”
Your disgusting ilks love of big, macho, unnecessary cars to compensate for your small intellect and even smaller genetalia, and your gross sense of entitlement about using gas and everything else oil or natural resource related, is why we are dependent on foreign oil. when is the last time someone on OUR side was holding hands and slipping the tounge to oil sheiks, troll?
June 6th, 2008 at 5:54 pmdbadass Says:
johnboy:
I hate to burst your bubble but anything which provides cover in the ocean becomes an oasis for living things. Wanna start throwing more plastic 5 gallons and old netting in there too?
June 6th, 2008 at 5:44 pm
In fairness, jb can’t see the ocean from Mommy’s basement so, it’s not quite “real” to him. If he had witnessed the decline of coastal environments over the last 40 years, he would have a more enlightened view. And if he were dependent on large pelagic fish for his living, he’d be begging day jobs in some dirty port because, as enlightened people know, there are hardly any large pelagic fish left. And, if he had walked a beach after a “minor” oil spill? He would realize that what we dump in the sea kills. Now, would he actually, if his life depended on it, realize that even without additional irresponsible spillage the oceans are dying and we will die with them? I don’t know. That’s a whole lot of reality for a troll to absorb.
June 6th, 2008 at 5:55 pmjohnboy:
June 6th, 2008 at 5:59 pmHow does your tire story make me wrong in anyway? Before you respond you may want to know that I hold degrees in marine science and have spent a lifetime at sea. I would be more interesting in hearing your response to me @#57
I guess with the screwing we’re getting from the price of oil we ought to at least be thankful for petroleum jelly!
June 6th, 2008 at 6:01 pmHow is the lib wrong?
June 6th, 2008 at 6:05 pmIs Dauphin Island anywhere near the Gulf of Mexico “deadzone”?
June 6th, 2008 at 6:07 pmoops
June 6th, 2008 at 6:08 pmhttp://serc.carleton.edu/images/microbelife/topics/map_of_gulf_of_.jpg
You’re a real pos, johnboy. That’s why regulation is crucial in dealing with the likes of you — regulating speculators, regulating emissions, regulating cigarette smokers, regulating private mercenaries bothering our troops in Iraq and Afghanistan — and that’s only right off the top of my head. You leeches think you have the right to pillage the earth and leave nothing for anybody. Morons like yourself replace knowledge and grace with snippiness and retaliation.
Once Barack Obama takes office and clarifies the real meaning of being an American, wimps like yourself, so occupied with wishing the worst on everyone, will feel a great desire to turn in their citizenship.
June 6th, 2008 at 6:10 pmIf true, johnnyboy, then you live in an area irrevocably changed, if not destroyed, since long before you were born. If you doubt me just ask the Caribbean Monk Seals or the independent shrimpers.
And I’m about as liberal as Barry Goldwater’s right nut. I just happen to realize that the crises the world faces, largely as a result of the criminal actions and overall greed of powerful Americans over the last 50 years or so, require rational change and shattering the neocons. The first priority is the utter condemnation of the criminals who have seized control of the GOP and affiliated “conservative” institutions.They are traitors to every ideal which made this country what it was and I sincerely wish the damage can be undone.
June 6th, 2008 at 6:11 pmpete:
June 6th, 2008 at 6:17 pmI am out of here to my night fishmonger gig. It sounds like you remember the days. It is so said. The fish I cut tonight will be a said selection relative to what I used to see. In NH a 15 # cod is now considered a nice fish. I remember working party boats when beginner tourists landed 40, 50, 60 pounders regularly and have seen them in the 70, 80, 90 range. Don’t even get me started on the tuna and swordfish situation.
how come sad keeps becoming said?
June 6th, 2008 at 6:17 pmHow’s this for an explanation?
Funnel increasing amounts of our money to the oil companies, which can redirect a portion of their profits to fund a gargantuan disinformation program to convince the U. S. electorate to vote for their sock puppet, John McCorpse.
Unfortunately, many of the proud kool-aid drinkers in this country will slavishly endorse the idea that the best way to extricate yourself from the hole in which you find yourself is to keep digging.
“What luck for the rulers that men do not think.” — Adolf Hitler
“You can fool some of the people all the time, and those are the ones you want to concentrate on.” — George W. Bush, spoken at a Washington Dinner, March 2001
June 6th, 2008 at 6:32 pmIt is sad dbadass. I spent one summer on my Uncles lobster boat out of Boston as a child. And I was there for the Bluefish run which, in those days, was pretty spectacular. Plus we would catch flounder as fast as we could reel and quite a few accidental Stripers.
But most of fishing/snorkeling/diving was out of San Diego. I went back 25 years later and It was quite the shock. About all that were left were a few “trash fish”. I was assured that there are still small seasonal runs, but the local resident populations were virtually eliminated. Three days on the water and I didn’t see a single Blue shark and virtually no “bait balls” or sea birds. Very “said” indeed.
June 6th, 2008 at 6:55 pmIn “the most explicit threat yet against Iran” from a member of Israeli Prime Minister Ehud Olmert’s government, Transport Minister Shaul Mofaz told a newspaper yesterday that Israel “will attack” Iran if it “continues with its program for developing nuclear weapons.” He added that such an attack would be “unavoidable.” Mofaz’s comments were cited as helping to drive the price of oil above $130 a barrel.
The oil speculators deserve all the criticism they get here. However, you can’t blame them for this news of the day or ignoring it. They know what would happen to oil’s price in the event of an attack on Iran. Iran has the second or third largest known oil reserves in the world. Saudi Arabia is first and Iraq is second or third. Would the US be in Iraq if they didn’t? Would Iran be a “threat?”
You do the math while you’re filling up your gas tank.
June 6th, 2008 at 6:58 pmcan someone educate me as to why drilling for new oil reserves in America is a bad idea? Why is this even partisan?
June 6th, 2008 at 7:42 pmgunclinger Says:
——————————————————————————–
can someone educate me…?
June 6th, 2008 at 7:42 pm
Lost cause…
June 6th, 2008 at 7:50 pmgunclinger Says:
can someone educate me as to why drilling for new oil reserves in America is a bad idea? Why is this even partisan?
But then how could america complain about high gas prices, and blame they’re politicians, while driving they’re hummers and suvs?, and also being to lazy or cheap for alternative fuels?.
June 6th, 2008 at 7:59 pmgunclinger Says:
can someone educate me as to why drilling for new oil reserves in America is a bad idea? Why is this even partisan?
June 6th, 2008 at 7:42 pm
It shouldn’t be, but, that’s the reality of an energy lobby that basically dictates policy. And I don’t think most people would object to increasing domestic production IF the oil industry devoted a reasonable share of their obscene profits to reasonable environmental precautions. Simple, cost effective, precautions like providing every ship and container with an inflateable spill containment system which could eliminate all but a fraction of current “wastage”.
Let’s just say there are mixed reviews on their efforts to date. And very few outside the bottom 25% of the curve who would trust our government to pass and enforce wise regulation.
Which leads to why production from existing domestic sources, including many wells “capped” up to 30 years ago, has not been increased? According to the oil industry’s own testimony, “it wouldn’t be profitable ENOUGH to justify their increased operating costs” despite their consistent record profits they can keep margins higher by using imported crude. America is nowhere near out of oil but, even with the recent radical rise in prices, the oil industry is withholding domestic production for when petroleum is strictly a luxury item.
June 6th, 2008 at 8:18 pmAlternative fuels, yes!! Totally agree, however drilling oil here in America would solve a lot of supply issues and help wean us in the iterim. Plus it would create jobs. Why can’t we do both ? ( I’m just asking..not a “lost cause” sheesh)
June 6th, 2008 at 8:21 pmCan you explain exactly who you’re referring to who says “drilling for new oil reserves in America is a bad idea”?
I don’t know of anyone who says such a thing.
Sure, there are environmentally sensitive regions that most Americans don’t want disturbed, but aside from those small areas, drilling goes on all across America every day. I pass working oil fields every day on my way to work.
There’s just not that much oil left anymore, which is why Bush couldn’t find oil in Texas when that was his business.
June 6th, 2008 at 8:40 pmsilly me, I thought the dems were against local drilling wrt envornmentalists and what not. Alaska wastelands, for example anwar.. offshore oil, and something about a new discovery in the dakotas? Let’s work on alternatve energies while we also drill locally? Does that make me some kind of extreamist? Honestly I think the US can drill more environmentally responsibly than some other countries. Can we do both? Is this so partisan?
June 6th, 2008 at 8:55 pmI don’t know how else to put it. If the oil/fuel is there, and the profit is great enough, the energy industry will find a way to allay the environmental concerns. And those concerns, while they make excellent fodder for Reichwing radio, are powerless to stop them. All they need to do is pay the price to follow fair regulation. But hey, if the oil lobby’s wet dream of $300.00 a barrel oil comes to pass? Every domestic field will be pumping under relatively clean safe conditions.
June 6th, 2008 at 8:57 pmpete, glad to here that you support drilling in local places like ANWAR. Thanks for being fair!
June 6th, 2008 at 10:06 pmThanx gunclinger but that’s not exactly what I said. I support responsible domestic production assuming safeguards are enforced. Some day that will probably mean ANWAR, but, forget about it for the current crisis.
The latest story I read about ANWAR (Scientific American if I recall) said that estimates are “cheap production” from ANWAR could supply 20% of our oil for seven months. Of course it would take ten years to extract it after a ten year build up, so, it could only supply 1-5% of our annual supply for that same ten years of “cheap production”. And that’s flat out commitment to drilling as many wells as possible as quickly as possible. And even then, the realities of the harsh climate will inevitably cause additional costly problems.
(Note: Those numbers are based on recollection. There’s some error but they’re close.
So, while I don’t think ANWAR should be arbitrarily off limits forever, the present crisis would not see much relief if they began all out drilling tomorrow. As is, it provides little more than a talking point about something of limited immediate relevance. A tactic which no politician, or “pundit”, is free of.
June 6th, 2008 at 10:35 pmPete,
That’s if they decide to keep ANWR oil in America. Why wouldn’t they sell to the highest bidder? Thus being put in the world oil market.
June 7th, 2008 at 12:03 amI would bet at least part of that ANWAR oil would end up being sold to other countries. Fu¢k that.
June 7th, 2008 at 12:06 ampete @ June 6th, 2008 at 8:18 pm
“…Which leads to why production from existing domestic sources, including many wells “capped” up to 30 years ago, has not been increased? According to the oil industry’s own testimony, “it wouldn’t be profitable ENOUGH to justify their increased operating costs” despite their consistent record profits they can keep margins higher by using imported crude. America is nowhere near out of oil but, even with the recent radical rise in prices, the oil industry is withholding domestic production for when petroleum is strictly a luxury item.”
Does anyone think that our own oil deposits are being hoarded by our government, in addition to the “Strategic Petroleum Reserve”, for a last ditch military supply when all other sources dry up? I’ve also seen recently where the Air Force wants fuel from Coal Gasification (seems logical given how much coal we are supposed to have).
June 7th, 2008 at 2:44 amjohnboy Says:
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Environmental activism puts America more and more dependant on foreign oil.
Of the roughly 3,700 offshore oil productions platforms in the Gulf of Mexico, roughly 3,200 lie off the Louisiana coast. Yet Louisiana produces one-third of America’s commercial fisheries and no major oil spill has ever soiled its coast.
Every “environmental” superstition against these structures was turned on its head. Marine life had EXPLODED around these huge artificial reefs: A study by LSU’s Sea Grant college shows that 85 percent of Louisiana fishing trips involve fishing around these platforms. The same study shows that there’s 50 times more marine life around an oil production platform than in the surrounding mud bottoms
Thanks for this great link, a source whose pundits include (M)ann Coulter, Frank Gaffney, David Horowitz, Daniel Pipes and Michael Reagan. A very well balanced and credible group. Their opinions are gospel in my book.
Get real.
June 7th, 2008 at 2:54 amChocolate Jesus Says:
I hope oil keeps going up. We deserve it for letting this idiot bush run wild for so long. Frankly, as selfish as most of us americans are, high gas prices are the only thing that will get people riled up because its one of the only things
that affect people personally..
Exactly. Bingo!
June 7th, 2008 at 10:14 amTheRight Says:
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Johnboy is one of 3 people who are well informed on this issue. Gun and I are the other two.
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June 7th, 2008 at 10:39 amThis is hilarious on so many levels
Johnboy seems real informed about the Gulf of Mexico. NOT!
June 7th, 2008 at 11:56 amSo I suppose you also believe gunclinger’s reference to the natural lands of Alaska as a “wateland” indicates being “informed”?
June 7th, 2008 at 12:10 pmadd an s
June 7th, 2008 at 12:27 pmYou have got to be kidding me. Are you suggesting that the environmental lobby has that much power? I don’t buy it. Ever been to Alaska? I have. Anyway I find it funny that you seem to think you are the decider of who is or is not informed. Since chicken shit Johnboy shot himself in the foot as to the Bush administrations lack of support for FL offshore drilling, maybe you wanna field that for you other “informed” friend. I assume you mean ANWAR. It is an acronym. Informed folks know that
June 7th, 2008 at 1:23 pmHow did that extra A get into that acronym? Sorry ANWR
June 7th, 2008 at 1:27 pm“Northern tip of the National Park”. What national park? It is a national wildlife refuge.
June 7th, 2008 at 1:38 pmLooks like some more informed comments. So why was Jeb opposed to drilling off FL? Much much do you think ANWR will provide? How long will it take to get to market and at what cost? In the big picture would it make any measurable difference? Drilling Everywhere is just a silly statement so we can skip that one all together. I’ve got a little fishing to do and am working on some trail work at a local green space so will have to check back later. Enjoy your days-
June 8th, 2008 at 9:49 am