You might wanna gas up... a few days ago

[tommieharris91]

http://www.reuters.com/article/environmentNews/idUSN0342130620080803?feedType=RSS&feedName=environmentNews&rpc=22&sp=true

[soonerhubs]

http://www.bloomberg.com/markets/commodities/energyprices.html

This link as of 8:31 CST says oil is down .72. Sounds like the media is trying to invent some hype to me.

[swardboy]

Oil is really falling this morning..down $1.50 less than 10 minutes into U.S. trading.

I'm paying $3.45 for gas in Joplin, MO. How 'bout y'all?

[soonerhubs]

3.53 in Stillwater.

[Boomer.....]

$3.47 in south Tulsa.

[soonerbrat]

saw it for $3.33 somewhere over the weekend, but paid $3.43 this morning

[soonersn20xx]

I like $1.69, oh but that was before Bush became President.
:rolleyes: 2 + 2 = 4

[SoonerJack]

no, it's the democratic Congress led by Nancy Pelosi that is going to get control of oil prices.

[badger]

$3.54 in downtown Tulsa

[StoopTroup]

no, it's the democratic Congress led by Nancy Pelosi that is going to get control of oil prices.

She is more powerful than the President...everyone knows this. :D

[Curly Bill]

She is more powerful than the President...everyone knows this. :D

She's more manly at any rate. :D

[soonersn20xx]

She's more manly at any rate. :D

Now come on guys, you seen the cans on Nancy Pelosi..........I'm sure she was quite a dish back in the 70's.:cool:

[Widescreen]

$3.69 here in Dallas. They're practically giving it away.

[tommieharris91]

Oil is trading down more than $4 this morning. :confused: :O

[r5TPsooner]

She is dumber than the President...everyone knows this. :D

FIXED

[soonersn20xx]

Obama this morning is pushing an idea that won't take 7 years to help like this strawman of an excuse to give big oil drilling rights.

Releasing oil from the strategic oil reserve to flood the market to reduce oil prices. Same logic as the republican idea of offshore drilling is it not? But watch how the republican congress will resist this idea b/c it doesn't fill the confers of big oil.

[tommieharris91]

McCain suggested that a month ago.

[r5TPsooner]

Obama this morning is pushing an idea that won't take 7 years to help like this strawman of an excuse to give big oil drilling rights.

Releasing oil from the strategic oil reserve to flood the market to reduce oil prices. Same logic as the republican idea of offshore drilling is it not? But watch how the republican congress will resist this idea b/c it doesn't fill the confers of big oil.


Down with the capitalist pigs! :rolleyes:

[Boomer.....]

Oil is trading down more than $4 this morning. :confused: :O

Way to make everyone worry.


;)

[soonersn20xx]

McCain suggested that a month ago.

Link it

[tommieharris91]

Link it

http://www.npr.org/blogs/news/2008/04/mccains_says_stop_adding_to_st_1.html

Also, 70M bbls of oil isn't even a days worth of oil consumed in the US.

[soonersn20xx]

http://www.npr.org/blogs/news/2008/04/mccains_says_stop_adding_to_st_1.html

Also, 70M bbls of oil isn't even a days worth of oil consumed in the US.Hmmm, well that is to stop filling the SPOR.......and that had unamious support. We are talking about releasing some of those reserves on the market..............even if it's a drop in the bucket, doesn't this help us psychologically like the other republican ideas at least?

[CORNholio]

Hmmm, well that is to stop filling the SPOR.......and that had unamious support. We are talking about releasing some of those reserves on the market..............even if it's a drop in the bucket, doesn't this help us psychologically like the other republican ideas at least?

Won't make a significant difference. It just continues to prove how clueless BHO is when it comes to all of these trademarked changes he throws around. They sound good in theory but the reality of the matter is not the same.

[Frozen Sooner]

Obama this morning is pushing an idea that won't take 7 years to help like this strawman of an excuse to give big oil drilling rights.

Releasing oil from the strategic oil reserve to flood the market to reduce oil prices. Same logic as the republican idea of offshore drilling is it not? But watch how the republican congress will resist this idea b/c it doesn't fill the confers of big oil.

I still think this is a bad idea. It's a band-aid over a sucking chest wound.

[tommieharris91]

Won't make a significant difference. It just continues to prove how clueless BHO is when it comes to all of these trademarked changes he throws around. They sound good in theory but the reality of the matter is not the same.

The plan also failed to get through the House a week ago.

[soonersn20xx]

I still think this is a bad idea. It's a band-aid over a sucking chest wound.
I agree, this is not much different than the summer suspension of the gas tax. Concrete and logical solutions are needed and neither side is really supplying any......unfortunately these band-aid ideas do have political traction. See how the republicans have hijacked the high price gas issue to pressure a vote to open up offshore drilling to big oil.

[Curly Bill]

The plan also failed to get through the House a week ago.

They must not have known Brack was in favor of it. ;) :D

[Bourbon St Sooner]

Obama this morning is pushing an idea that won't take 7 years to help like this strawman of an excuse to give big oil drilling rights.

Releasing oil from the strategic oil reserve to flood the market to reduce oil prices. Same logic as the republican idea of offshore drilling is it not? But watch how the republican congress will resist this idea b/c it doesn't fill the confers of big oil.

Another stupid idea that apparently will sell to some of you. And if McCain proposed it, it's just as dumb and pandering. We have enough oil to fill our refineries right now. The reason that prices are so high now is that there is not near as big a cushion between available production and demand as there used to be. Releasing barrels from the SPR is not going to help there. Only decreasing demand or increasing available production is going to help.

The SPR is meant to be a reserve to help with temporary supply shocks. It should be there to keep our refineries filled when something happens, such as a hurricane in the GOM that knocks a significant amount of production offline. In fact, I would argue that draining the SPR would likely increase prices, because that safety net would no longer be there in case of a supply disruption.

There is no short term fix and any politician that says there is is a liar (I know, by definition) or an idiot.

[soonersn20xx]

I agree bourbon, it's the political silly season and common sense doesn't live here anymore.

[mdklatt]

See how the republicans have hijacked the high price gas issue to pressure a vote to open up offshore drilling to big oil.

I keep hearing that there are millions of acres permitted for drilling that the oil companies haven't even touched yet. Is there any truth to that? It's been brought up here before, but I don't know what the final verdict was. If that's true, offshore drilling is nothing more than a last-minute land grab before Bush leaves office.

[Bourbon St Sooner]

I keep hearing that there are millions of acres permitted for drilling that the oil companies haven't even touched yet. Is there any truth to that? It's been brought up here before, but I don't know what the final verdict was. If that's true, offshore drilling is nothing more than a last-minute land grab before Bush leaves office.

Klatt, That's another red herring. The Democrats are saying that there's something like 60 mln acres that have been leased that are not currently producing. I'm sure that's true, but of course the implication is that nothing's being done on those leases. Which certainly isn't true.

The way it works, is when a oil companies purchases a lease, it has 10 years to spud a well or the lease reverts back to the gov't. In that time companies are shooting and interpreting seismic, prioritizing the best prospects and lining up rigs to drill those prospects. It may take 10 years to actually drill on that lease because oil companies have limited resources in terms of people and rigs, partcularly deepwater rigs are very tight these days. Opening up more acreage does not mean those resource contraints are going to go away, so it's no short term fix. But, if more acreage was open, the oil companies could spend their limited resources going after say 700 mln barrels fields offshore North Carolina rather than 100 mln barrel fields in the GOM.

[Frozen Sooner]

It is a misrepresentation to state that Obama is against all offshore drilling, by the way.

This weekend he has expressed support for the Gang of Ten energy plan:

http://www.chron.com/disp/story.mpl/front/5920512.html

[Ike]

I keep hearing that there are millions of acres permitted for drilling that the oil companies haven't even touched yet. Is there any truth to that? It's been brought up here before, but I don't know what the final verdict was. If that's true, offshore drilling is nothing more than a last-minute land grab before Bush leaves office.

I think this is true, however, I also think that the reason they aren't touched is that they know there is no oil there. Or very little. Seismic techniques have gotten a lot better now, and you don't have to dig a hole to determine that the likelihood of finding oil is low.

[Animal Mother]

$3.69 here in Dallas. They're practically giving it away.

Yep. That's what I paid over here in Hillbilly Holler (Fort Worth).

[Animal Mother]

Klatt, That's another red herring. The Democrats are saying that there's something like 60 mln acres that have been leased that are not currently producing. I'm sure that's true, but of course the implication is that nothing's being done on those leases. Which certainly isn't true.

The way it works, is when a oil companies purchases a lease, it has 10 years to spud a well or the lease reverts back to the gov't. In that time companies are shooting and interpreting seismic, prioritizing the best prospects and lining up rigs to drill those prospects. It may take 10 years to actually drill on that lease because oil companies have limited resources in terms of people and rigs, partcularly deepwater rigs are very tight these days. Opening up more acreage does not mean those resource contraints are going to go away, so it's no short term fix. But, if more acreage was open, the oil companies could spend their limited resources going after say 700 mln barrels fields offshore North Carolina rather than 100 mln barrel fields in the GOM.



Nice post. I have to deal with new owners in the Barnett Shale
and other areas. I wish they would understand that a lease today doesn’t equal royalty check tomorrow.
Plus I swear RLIMC posted a link two weeks ago about Newt Gingrich saying the same thing about releasing the reserve. My buddy’s ’68 Ferrari leaks more oil than that in a week. He says if it isn’t leaking oil it doesn’t have any oil!!!

[Bourbon St Sooner]

I think this is true, however, I also think that the reason they aren't touched is that they know there is no oil there. Or very little. Seismic techniques have gotten a lot better now, and you don't have to dig a hole to determine that the likelihood of finding oil is low.

Actually, if a company believes there's no oil on a lease they'll just surrender it back to the gov't. The reason is that you have to pay annual rental fees on any non-producing lease that you hold.

[GottaHavePride]

Sadly, you know what actually WILL help? I hate saying this.

T Boone Pickens is right.

We need more people to jump on the alternative energy bandwagon, even if it's just to say "**** you, middle east!"

Also, I just read today that some geeks at MIT figured out a way to make it much easier to store energy generated by solar cells for later use.

[Harry Beanbag]

I think this is true, however, I also think that the reason they aren't touched is that they know there is no oil there. Or very little. Seismic techniques have gotten a lot better now, and you don't have to dig a hole to determine that the likelihood of finding oil is low.


This is what I've heard as well. Of course, I'm not in the oil industry so it may be bull**** just like everything else regarding this topic.

[soonersn20xx]

If everyone in America properly inflated their tires and tuned their cars, we could save 292 million barrels of oil a year. It's a shame that Republicans are trivializing this to attack Obama.

Maybe they should attack their own as well over this.............Charlie Crist (FL gov), Arnold Schwarzenegger, NASCAR, department of energy all have endorsed and tried to promote this idea. Yet the McCain campaign seizes upon it to make Obama look bad, when this is just the tip of his energy plan.

[mdklatt]

If everyone in America properly inflated their tires and tuned their cars, we could save 292 million barrels of oil a year. It's a shame that Republicans are trivializing this to attack Obama.


This is why I support $4/gallon gas. A hit to the pocketbook is the only thing that people respond too, and it's going to get a lot worse the longer we wait to fix it.

[mdklatt]

I think this is true, however, I also think that the reason they aren't touched is that they know there is no oil there. Or very little. Seismic techniques have gotten a lot better now, and you don't have to dig a hole to determine that the likelihood of finding oil is low.

Why are companies holding on to land that they have no plans to drill on? Are they waiting for new technology to make the oil recoverable? Or for oil to hit $10/gallon so it's worth the money to recover it?