The price of oil has no more basis in reality. It has become a play on the power of suggestion. Every time an analyst comes out with a new prediction, like a self fulfilling prohecy, the price spikes to meet the suggestion. Someone is at the controls. Supply is controlled by the middle east producers, the analysts who work for the big market stakeholders put their propaganda machines to work and boom, you strangle the world economies with runaway prices. The laws of economics are now in the hands of the manipulators while governments step aside and watch. Time to buy a bycicle and move closer to work. Interesting times we live in.
Fact is that China is drilling just ooutside of the U.S. Terretorial waters and American drillers can't due to American regulation. Politicians say they want an even playing field, well, where is it?
I don't know what a black skinhead is, and it's not relevant. This thread is about the price of oil and what, if anything, should be done about it.
The US prohibits offshore drilling/exploration excelpt in limited areas. That's a fact and we should pressure the govt. to change that policy.
"The problem here is that it's under granite"
- actually i read a very interesting article on the Bakken on Bloomberg a few days ago saying untried horizontal techniques are working quite well. Problem before was wells would spurt nice volume initially, then volume way way down after a few months. Now horizontal drilling has produced big sustained volume such that it is boom time there, lots of drilling, lease deals, and oil companies moving in.
"the 'future' technology. That's nice, I suppose, but it comes at a cost."
- a cost that will make USA un-competitive globally and wreck our economy with new bs costs. New energy ideal kind of like communism - sounds good untill you try to impose the ideal and lots of people get killed, tortured, and imprisoned like in USSR and Cuba.
BTW - Fox news (at least the Oriely factor) is as bad as NBC when it comes to bashing the oil companies.
If the goal is to lower the price of gas, "Let's tax the oil companies" is the dumbest idea ever. It approaches levels of stupidity that are hard to imagine. Let's tax hospitals and doctors to bring down the cost of healthcare. Let's tax universities to bring down the cost education. Let's tax anyone who is successful to make them work harder. How can any politician say it with a straight face is beyond me.
Before you talk, you should read the book.
The BIG (and I mean absolutely HUGE) reserves are in shale oil. I've seen the estimates there as between 800 Billion and 2 Trillion Barrels if we started refining that source. There is a handy link on that below.
The problem there is that the refining is completely different then what is done elsewhere
The Bakken Shale in ND has between 5B barrels minimum and I've seen crazy estimates as high as 400B. It's probably more like 40B barrels.
The problem here is that it's under granite, but it's sweet crude, easy to refine.
Then there's anwar...we are probably sitting on 50 - 100B barrels there.
Finally, there are off-shore sources that are currently restricted from drilling (or searching). Who knows whats there, but Brazil just found 50B barrels waiting for the taking.
If we wanted to, we could be off of foreign oil. But the Environmentalists want to develop the 'future' technology. That's nice, I suppose, but it comes at a cost.
The department of energy says there are 12 million barrels of oil in Anwar, and notes there is much that has not been explored there. Off our coasts there are many, many more billions of barrels. But wacko liberal enviromentalists prevent drilling it, when every other country in the world encourages drilling everywhere possible in their borders or other. Amazingly the Dems try to convince the American public that "this administration" has caused the current high oil prices, when in reality it was policy over the last 30 or 40 years of compromising with enviromentalists not to drill these areas.
So you would just put your head in the sand and ignore the reality that we need more supply, saying instead that the govt should mandate a new pie in the sky energy source and distribution system. That is the job of the free market. If money could be made in such a way many would be pursuing. Be my guest - go on out there and start making this new energy supply and systems please. But keep your hands off my already heavily taxed money in the meantime or I / it will go elsewhere.
In the meantime, what's your plan? Outlaw gasoline? Tax gas so heavily so your pie in the sky will look more attractive? Or just tax me a bunch so you can increase the size of govt and solve nothing? Do you really think govt is the answer? When has govt solved anything?
The new name for Marxist and Stalinist of previous times is environmentalist. Only its better this time, how could anyone be against the Spotted Owl no matter what private property rights are lost or how many billions are wasted.
Same type of people, they should control everything using government power.
I concede that the Republicans have some shady dealings, but the environmentalists are the underlying culprits in the current oil price fiasco. All of the policians are too chickensh*t to call them on it. Being painted as "against the environment" is a tough label to overcome.
So we should all save a spotted owl and adapt to poverty.