Your Tax Dollars at Work to Keep Gas Prices High

[sappstuf]

Shell Oil Company has announced it must scrap efforts to drill for oil this summer in the Arctic Ocean off the northern coast of Alaska. The decision comes following a ruling by the EPA’s Environmental Appeals Board to withhold critical air permits. The move has angered some in Congress and triggered a flurry of legislation aimed at stripping the EPA of its oil drilling oversight.

Shell has spent five years and nearly $4 billion dollars on plans to explore for oil in the Beaufort and Chukchi Seas. The leases alone cost $2.2 billion. Shell Vice President Pete Slaiby says obtaining similar air permits for a drilling operation in the Gulf of Mexico would take about 45 days. He’s especially frustrated over the appeal board’s suggestion that the Arctic drill would somehow be hazardous for the people who live in the area. “We think the issues were really not major,” Slaiby said, “and clearly not impactful for the communities we work in.”

The closest village to where Shell proposed to drill is Kaktovik, Alaska. It is one of the most remote places in the United States. According to the latest census, the population is 245 and nearly all of the residents are Alaska natives. The village, which is 1 square mile, sits right along the shores of the Beaufort Sea, 70 miles away from the proposed off-shore drill site.

The EPA’s appeals board ruled that Shell had not taken into consideration emissions from an ice-breaking vessel when calculating overall greenhouse gas emissions from the project. Environmental groups were thrilled by the ruling.

“What the modeling showed was in communities like Kaktovik, Shell’s drilling would increase air pollution levels close to air quality standards,” said Eric Grafe, Earthjustice’s lead attorney on the case. Earthjustice was joined by Center for Biological Diversity and the Alaska Wilderness League in challenging the air permits.

At stake is an estimated 27 billion barrels of oil. That’s how much the U. S. Geological Survey believes is in the U.S. portion of the Arctic Ocean. For perspective, that represents two and a half times more oil than has flowed down the Trans Alaska pipeline throughout its 30-year history. That pipeline is getting dangerously low on oil. At 660,000 barrels a day, it’s carrying only one-third its capacity.

Production on the North Slope of Alaska is declining at a rate of about 7 percent a year. If the volume gets much lower, pipeline officials say they will have to shut it down. Alaska officials are blasting the Environmental Protection Agency.

“It’s driving investment and production overseas,” said Alaska’s DNR Commissioner Dan Sullivan. “That doesn’t help the United States in any way, shape or form.”

The EPA did not return repeated calls and e-mails. The Environmental Appeals Board has four members: Edward Reich, Charles Sheehan, Kathie Stein and Anna Wolgast. All are registered Democrats and Kathie Stein was an activist attorney for the Environmental Defense Fund. Members are appointed by the EPA administrator. Alaska’s Republican senator thinks it’s time to make some changes.

“EPA has demonstrated that they’re not competent to handle the process,” said Sen. Lisa Murkowski. “So if they’re not competent to handle it, they need to get out of the way.”

Murkowski supported budget amendments that would have stripped the EPA of its oversight role in Arctic offshore drilling. The Interior Department issues air permits to oil companies working in the Gulf of Mexico.

.

[The]

Supply of oil is not the issue.

There is PLENTY of oil.

"Investors" betting on the future of oil is driving up prices.

You'd think Oklahomans would be a little better educated about the industry that runs our economy.

[Chuck Bao]

You know that it would help the rest of us believe in the credibility of a cut-and-paste job, if you would give the source and a link to the original article. At least the author could be given credit.

I pasted the first paragraph into google and came up with several links that themselves linked back to a Foxnews.com article written by Dan Springer.

http://www.foxnews.com/us/2011/04/25/energy-america-oil-drilling-denial/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+foxnews%2Fnational+%28Interna l+-+US+Latest+-+Text%29

You're welcome.

[pphilfran]

Supply of oil is not the issue.

There is PLENTY of oil.

"Investors" betting on the future of oil is driving up prices.

You'd think Oklahomans would be a little better educated about the industry that runs our economy.

THE...when the growth rate of usage is greater than the growth rate of production then prices will be impacted...

When world occurrences create unstable governments in oil producing states then oil prices will be negatively impacted...

Also, the declining dollar ( crude is traded in dollars) greatly impacts our crude prices...and since the dollar is in decline all imports, including oil, will become more expensive...

You would think someone as "elite" as yourself would know these things...

[Aldebaran]

We should strip the Environmental Protection Agency of it's ability to protect the environment.

[tator]

I agree with "The". My vote has been cast.

[OU_Sooners75]

THE...when the growth rate of usage is greater than the growth rate of production then prices will be impacted...

When world occurrences create unstable governments in oil producing states then oil prices will be negatively impacted...

Also, the declining dollar ( crude is traded in dollars) greatly impacts our crude prices...and since the dollar is in decline all imports, including oil, will become more expensive...

You would think someone as "elite" as yourself would know these things...

:pop:

[C&CDean]

We should strip the Environmental Protection Agency of it's ability to protect the environment.

Maybe the smartest thing you've ever posted. EVAR.

[delhalew]

Supply of oil is not the issue.

There is PLENTY of oil.

"Investors" betting on the future of oil is driving up prices.

You'd think Oklahomans would be a little better educated about the industry that runs our economy.

We have plenty in the ground and a fair amount in reserves. Unless you are speaking of one of those two, you are wrong.

BTW, natural gas keeps our state afloat, not oil.

[delhalew]

We should strip the Environmental Protection Agency of it's ability to protect the environment.

If you're going to do something, do it right. Strip them of their ability to be an agency.

[CrimsonCream]

We should strip the Environmental Protection Agency of it's ability to protect the environment.

Yes.

Obama is just giving the American people the finger.

You can't drill offshore because you can't get the necessary drilling permits from the EPA. The big rigs moved from the Gulf Coast to Brazil where we are going to subsidized their offshore drilling. Make sense?

Gasoline has doubled since Obama has taken office but yet there is no National Energy Policy (the fault of all Presidents). Yet, we can't drill offshore, in Alaska, the Beaufort and Chukcki Seas, Arctic Ocean, the Bakken Oil Shale, etc.

Obama wants to clean up the Coal Industry. Smart move, @sshole. You'd bankrupt West Virginia and make the prices of all things skyrocket. (The USA has more coal than Saudi Arabia has oil).

We should attack Energy dependence on all fronts. Oil, nuclear, solar, wind, etc. No more ***** footing around.

Obama. A President to be Proud Of!

[pphilfran]

Yes.

Obama is just giving the American people the finger.

You can't drill offshore because you can't get the necessary drilling permits from the EPA. The big rigs moved from the Gulf Coast to Brazil where we are going to subsidized their offshore drilling. Make sense?

Gasoline has doubled since Obama has taken office but yet there is no National Energy Policy (the fault of all Presidents). Yet, we can't drill offshore, in Alaska, the Beaufort and Chukcki Seas, Arctic Ocean, the Bakken Oil Shale, etc.

Obama wants to clean up the Coal Industry. Smart move, @sshole. You'd bankrupt West Virginia and make the prices of all things skyrocket. (The USA has more coal than Saudi Arabia has oil).

We should attack Energy dependence on all fronts. Oil, nuclear, solar, wind, etc. No more ***** footing around.

Obama. A President to be Proud Of!

Oil, nukes, and wind have absolutely nothing to do with energy independence...less than 1% of our electricity comes from crude...

Whenever you hear a politician talk about energy independence and green energy in the same breath you are listening to a politician that is confusing (or trying to confuse) oil independence and global warming (CO2)...

[okie52]

There's always ethanol.

[pphilfran]

There's always ethanol.

I agree....all gas should be at least E50....

[The]

THE...when the growth rate of usage is greater than the growth rate of production then prices will be impacted...

When world occurrences create unstable governments in oil producing states then oil prices will be negatively impacted...

Also, the declining dollar ( crude is traded in dollars) greatly impacts our crude prices...and since the dollar is in decline all imports, including oil, will become more expensive...

You would think someone as "elite" as yourself would know these things...

All market speculation that has nothing to do with the supply of oil.

This LETS DRILL NOW! whargarbyl is really bizarre. We are drilling. All over the place. Constantly. Just because we can't drill some places because of the environmental damage outweighs the short term benefit is no reason to get our panties in a bunch. There is a ****ton of oil being taken out of the US.

[The]

There's always ethanol.


I agree....all gas should be at least E50....

You people are Rick Moranis.

[delhalew]

I agree....all gas should be at least E50....

You are put of your f'n mind.

[delhalew]

There's always ethanol.

You too.

[pphilfran]

All market speculation that has nothing to do with the supply of oil.

This LETS DRILL NOW! whargarbyl is really bizarre. We are drilling. All over the place. Constantly. Just because we can't drill some places because of the environmental damage outweighs the short term benefit is no reason to get our panties in a bunch. There is a ****ton of oil being taken out of the US.

You must look at what drives the speculators...they will move the market in one direction or another...it is simple...demand outstrips supply and prices will be driven up...supply is greater than demand and prices will be driven down...

There is nothing we can do about the speculators since crude is traded worldwide...Brent crude is trading at higher levels, not just West Texas...

If you want to kick the price down you must either lower demand or increase output...and the US has no policy that will accomplish either..

I haven't looked at corn and wheat prices but I imagine they are at much higher levels today than they were last year...and we have "plenty" of corn and wheat...

The weakening dollar has as much to do with higher gas prices than speculation...

[delhalew]

All market speculation that has nothing to do with the supply of oil.

This LETS DRILL NOW! whargarbyl is really bizarre. We are drilling. All over the place. Constantly. Just because we can't drill some places because of the environmental damage outweighs the short term benefit is no reason to get our panties in a bunch. There is a ****ton of oil being taken out of the US.

Historically the mere act of approving future drilling drops the price of oil, due to the speculators you mentioned.

[pphilfran]

You too.

We jest...

[pphilfran]

Historically the mere act of approving future drilling drops the price of oil, due to the speculators you mentioned.

That is correct...also, the new production won't see a gas tank for up to 10 years...so policy today will impact prices in the future...

[The]

You must look at what drives the speculators...they will move the market in one direction or another...it is simple...demand outstrips supply and prices will be driven up...supply is greater than demand and prices will be driven down...

There is nothing we can do about the speculators since crude is traded worldwide...Brent crude is trading at higher levels, not just West Texas...

If you want to kick the price down you must either lower demand or increase output...and the US has no policy that will accomplish either..

I haven't looked at corn and wheat prices but I imagine they are at much higher levels today than they were last year...and we have "plenty" of corn and wheat...

The weakening dollar has as much to do with higher gas prices than speculation...

To think that supply and demand is what moves the market is simplistic and naive. There hasn't been any rationality in the markets for many years now. They are run by hedge funds and large players in order to create wealth from short term investments. Smart investors don't watch the real world, they watch and try to forecast what the big timers are going to do in order to catch the scraps.

And yes, the weakening dollar is tremendous, and only further strengthens my point that supply of oil has nothing to do with the actual cost of gas, debunking the screaming monkey "article" that started this thread.

[The]

Historically the mere act of approving future drilling drops the price of oil, due to the speculators you mentioned.


What, drilling on Federal Land? BLM does auctions all the time.

[pphilfran]

To think that supply and demand is what moves the market is simplistic and naive. There hasn't been any rationality in the markets for many years now. They are run by hedge funds and large players in order to create wealth from short term investments. Smart investors don't watch the real world, they watch and try to forecast what the big timers are going to do in order to catch the scraps.

And yes, the weakening dollar is tremendous, and only further strengthens my point that supply of oil has nothing to do with the actual cost of gas, debunking the screaming monkey "article" that started this thread.

It is simplistic to think there is only one driver of gas prices...

If we were floating in oil...or the perception was that we would be floating in oil in a year or five years...then there is no way prices would be driven up...

We currently have...

1. Turmoil in the middle east
2. Demand growing at a higher pace than crude production..
3. The Saudi fields are nearing the end of their lifespan
4. A weakening dollar
5. Non existent US energy policy

All of those listed above give the speculators a footing...remove those items, or limit their impact, (an unreasonable expectation in the short term) and prices will go down...

[The]

It is simplistic to think there is only one driver of gas prices...

If we were floating in oil...or the perception was that we would be floating in oil in a year or five years...then there is no way prices would be driven up...

We currently have...

1. Turmoil in the middle east
2. Demand growing at a higher pace than crude production..
3. The Saudi fields are nearing the end of their lifespan
4. A weakening dollar
5. Non existent US energy policy

All of those listed above give the speculators a footing...remove those items, or limit their impact, (an unreasonable expectation in the short term) and prices will go down...


We are in agreement to a point. Our difference is that I think that the markets are worse than online casinos and in our current state of an under regulated financial sector, that is unlikely to change.

And that the article and mindset that we aren't drilling enough is bull****.

[pphilfran]

We are in agreement to a point. Our difference is that I think that the markets are worse than online casinos and in our current state of an under regulated financial sector, that is unlikely to change.

And that the article and mindset that we aren't drilling enough is bull****.

It is a worldwide market...how do you suggest we reign in the speculators?

[pphilfran]

Decisions on drilling that are made today will have little impact on prices today...but will have great impact on prices in 10 years...

[okie52]

We are in agreement to a point. Our difference is that I think that the markets are worse than online casinos and in our current state of an under regulated financial sector, that is unlikely to change.

And that the article and mindset that we aren't drilling enough is bull****.

We aren't drilling enough. And it isn't about driving the price down (although it may affect it slightly) but energy independence and greatly reducing our trade deficit.

No offshore drilling on either coast in the last 30 years.

The BLM has slow played leasing ever since Obama got in office. He11 they even reneged on leases that were auctioned off before they got in office.

[okie52]

It is a worldwide market...how do you suggest we reign in the speculators?

Its those dam gold speculators that are the problem.

[The]

It is a worldwide market...how do you suggest we reign in the speculators?

Feed them to dragons.

[okie52]

You people are Rick Moranis.

Loved him in Ghostbusters.

[The]

We aren't drilling enough. And it isn't about driving the price down (although it may affect it slightly) but energy independence and greatly reducing our trade deficit.

No offshore drilling on either coast in the last 30 years.

The BLM has slowed played leasing ever since Obama got in office. He11 they even reneged on leases that were auctioned off before they got in office.

You are moving the goal posts from the OP.

Energy independence sounds great, and I'm all for that. Looking long term, however, I'd much rather use up all that desert oil first. You know, just in case.

[okie52]

You are moving the goal posts from the OP.

Energy independence sounds great, and I'm all for that. Looking long term, however, I'd much rather use up all that desert oil first. You know, just in case.

If the plan is to be off oil in the next 50 years why would I want our oil to become worhless in that time or pay exorbitant amounts to the ME for theirs.
That money could be staying home and, that alone, would almost eliminate our trade deficit.

I would prefer to have our foreign policy not be dictated by the Saudi's and other ME countries. He11, we might even sit out a few wars.

[Aldebaran]

I agree. Why don't we slash the defense budget and drill at home?





And throw in a few monorails?

[The]

If the plan is to be off oil in the next 50 years why would I want our oil to become worhless in that time or pay exorbitant amounts to the ME for theirs.
That money could be staying home and, that alone, would almost eliminate our trade deficit.

I would prefer to have our foreign policy not be dictated by the Saudi's and other ME countries. He11, we might even sit out a few wars.

It's sort of like cocaine. The plan is to be off of it by Sunday, but in case that doesn't work out and you're going to need a boost on Monday, it's much better to hit your friend's supply first.

I'd like our foreign policy not to be written by the Israelis too, but that just seems to be a part of life.

[okie52]

I agree. Why don't we slash the defense budget and drill at home?

I'm for cutting the defense budget. 2-3% a year for the next 20 years would get us where we need to be.

[okie52]

It's sort of like cocaine. The plan is to be off of it by Sunday, but in case that doesn't work out and you're going to need a boost on Monday, it's much better to hit your friend's supply first.

I'd like our foreign policy not to be written by the Israelis too, but that just seems to be a part of life.

We've been hitting our friends (?) supply for about 50 years. And now the Chinese and Indians want to play.

I'm all for making the Israelis give back the West Bank, etc....but there is no more powerful lobby in the US than what the Israelis put out.

[oudavid1]

Im just a kid......so how are you grown ups gonna fix this?

And couldnt gas also be inflation?

[Aldebaran]

We have things in common. Who knew?

[okie52]

I get dirty on both sides of the aisle;)

[The]

We have things in common. Who knew?

Boys have a penis. Girls have a vagina.

[Position Limit]

It is a worldwide market...how do you suggest we reign in the speculators?

increase margin requirements. decrease position limits. that would take care of it. the world is awash in oil. over supplied. i always get a kick out the drill baby drill crowd. if this country is sitting on so much oil, why in the hell would you want to drill it now?

[okie52]

I always get a kick out the crowd that thinks importing oil is the smart thing to do.

[Bourbon St Sooner]

Supply of oil is not the issue.

There is PLENTY of oil.

"Investors" betting on the future of oil is driving up prices.

You'd think Oklahomans would be a little better educated about the industry that runs our economy.

The amount of spare oil capacity in the world is lower than it's ever been. That's what's driving the price up along with Ben Bernanke deflating the dollar. You would think that you would know something about the industry since you live in OK.

To say that an ice breaking vessel is going to turn bumfark alaska into LA North is ridiculous. If Obama doesn't want any drilling up there than give Shell its money back and discontinue this charade. They are acting like the Russians or Chavez, changing the rules as they go along.

[Position Limit]

I always get a kick out the crowd that thinks importing oil is the smart thing to do.

so if we drill everywhere including the yard behind your mobile home, we would no longer import oil? you're a fu*king scholar...

[Bourbon St Sooner]

Im just a kid......so how are you grown ups gonna fix this?

And couldnt gas also be inflation?


We're going to do what the last 3 generations have done before us: pillage, plunder and steal and leave the debt to you.

[okie52]

so if we drill everywhere including the yard behind your mobile home, we would no longer import oil? you're a fu*king scholar...

Easy now limit. Such hostility.

I can see you have really thought this out and are knowledgeable on oil and gas and how it is used in this country.

Oil is going for about $113 a barrel. We import about 60% of our oil. And for every barrel we produce here saves that money from being spent out of the country. The trade deficit could be virtually eliminated by domestic production. Now that doesn't all have to be crude production...it can also be NG production.

Most oil production is used for transportation. Now if the country actually moved more transportation to NG and electrics it would reduce crude consumption. It's not really a hard concept yet it seems difficult for some to grasp.

Then there are the jobs, royalties and tax revenues that would benefit this country. Again, import oil we get nothing but a trade deficit and a foreign policy that is dictated by our needs for foreign oil.

[pphilfran]

increase margin requirements. decrease position limits. that would take care of it. the world is awash in oil. over supplied. i always get a kick out the drill baby drill crowd. if this country is sitting on so much oil, why in the hell would you want to drill it now?

Does that stop speculation in other countries? It is a worldwide market....

Some of the drill baby drill crowd realizes that exploration today translates into oil in 10 years...some of the drill baby drill crowd realizes that electric cars and higher CAFE standards will do little to slow our consumption over the next decade...some of the drill baby drill crowd realize that solar and wind power will do next to nothing about oil usage and prices...

[pphilfran]

so if we drill everywhere including the yard behind your mobile home, we would no longer import oil? you're a fu*king scholar...

What stage is it when one results to name calling and personal degradation...

[pphilfran]

The fed makes more money on oil than BP, Shell, or Exxon/Mobil...

[The]

The amount of spare oil capacity in the world is lower than it's ever been. That's what's driving the price up along with Ben Bernanke deflating the dollar. You would think that you would know something about the industry since you live in OK.




This is completely untrue. A falsehood. Not even a half truth.

I drill for a living. Oil prices have **** all to do with supply and demand. Oh, they SHOULD, but they don't. Not even close.

Now go drink another Hand Grenade from the Tropical Isle, and leave grown up talk to grown ups.

[Position Limit]

Does that stop speculation in other countries? It is a worldwide market....

Some of the drill baby drill crowd realizes that exploration today translates into oil in 10 years...some of the drill baby drill crowd realizes that electric cars and higher CAFE standards will do little to slow our consumption over the next decade...some of the drill baby drill crowd realize that solar and wind power will do next to nothing about oil usage and prices...

it doesnt stop speculation. futures markets need speculators. but it would limit the amout and account could be long or short that particular commodity. in this case NYMEX light sweet crude with the cushing delivery. this rest of your reply was the typical nonsensical talking points of the drill baby drill crowd. with so much oil on the market, why would you want to drill our own supply?

[SoonerNate]

Remember when everyone was concerned about rigs going down and the resulting price increases during Katrina? Interesting isn't it? But now that Obama is in office cutting off supply has no affect on prices it's all the speculators.

It's always someone else's fault with this guy.

Some leader.

[pphilfran]

it doesnt stop speculation. futures markets need speculators. but it would limit the amout and account could be long or short that particular commodity. in this case NYMEX light sweet crude with the cushing delivery. this rest of your reply was the typical nonsensical talking points of the drill baby drill crowd. with so much oil on the market, why would you want to drill our own supply?

Well...for every dollar of oil we drill here is one less dollar going out of the country...for every dollar we do not send overseas we will use it to create new jobs in the high paying oil/gas industry....

Again, how do you slow down trading in foreign countries? Crude is traded outside of the US...

[pphilfran]

Let's see...

We have a "glut" in worldwide crude so oil prices should not increase and it is only speculators that are driving the cost significantly higher...

We have a "glut" in worldwide ng so ng prices should not increase and it is only the speculators that are driving the cost significantly higher....oh, wait...

What is the difference between these two markets?

[The]

Well...for every dollar of oil we drill here is one less dollar going out of the country...for every dollar we do not send overseas we will use it to create new jobs in the high paying oil/gas industry....

Again, how do you slow down trading in foreign countries? Crude is traded outside of the US...

Don't we get most of our oil imports from Canada?

And don't we have a pretty substantial trade surplus with them, eh?

(sure of point#1. Honestly guessing on point #2)

[The]

What is the difference between these two markets?


That we have so much ng that we burn it off just to get to the good stuff?

[pphilfran]

That we have so much ng that we burn it off just to get to the good stuff?

That is correct...we have production increasing at a faster rate than demand...thus the traders have no footing to drive prices up...instead they have drove them down and continue to keep ng prices low....

[pphilfran]

Don't we get most of our oil imports from Canada?

And don't we have a pretty substantial trade surplus with them, eh?

(sure of point#1. Honestly guessing on point #2)

We produce about a 1/3...import a 1/3 from the ME...import about 1/3 from Canada/Mexico and others...

[Position Limit]

Well...for every dollar of oil we drill here is one less dollar going out of the country...for every dollar we do not send overseas we will use it to create new jobs in the high paying oil/gas industry....

Again, how do you slow down trading in foreign countries? Crude is traded outside of the US...

you dont slow down trading. you want deep liquid markets with speculators. NYMEX light sweet crude is traded in new york. the exchange has the authority to lower position limits and increase margins on accounts traded in these contracts. it doesnt matter who is on the other side or what country they're in. same with brent crude traded in london. same with fungible contracts traded on ICE in atlanta. again,the rest of you post is nonsense.

[Bourbon St Sooner]

This is completely untrue. A falsehood. Not even a half truth.

I drill for a living. Oil prices have **** all to do with supply and demand. Oh, they SHOULD, but they don't. Not even close.

Now go drink another Hand Grenade from the Tropical Isle, and leave grown up talk to grown ups.

I'll stick to sazeracs because I'm an elitist.

[The]

That is correct...we have production increasing at a faster rate than demand...thus the traders have no footing to drive prices up...instead they have drove them down and continue to keep ng prices low....

Valid.
However, I wouldn't say it's production that is increasing. The number of wells just in OK that are shut in waiting for prices to rise is amazingly high. I'd say actual delivery is down from 5 years ago, and down in a big way.

Hell, they aren't even drilling in NY anymore.

[Position Limit]

Let's see...

We have a "glut" in worldwide crude so oil prices should not increase and it is only speculators that are driving the cost significantly higher...

We have a "glut" in worldwide ng so ng prices should not increase and it is only the speculators that are driving the cost significantly higher....oh, wait...

What is the difference between these two markets?

nat gas contract if fuggin huge and lost most of its luster when amaranth advisors blew out. once a rotation occurs gas spreads will be all the rage again.

[The]

I'll stick to sazeracs because I'm an elitist.

Good man.

[OutlandTrophy]

Devon has moved out of the Haynesville play too.

[okie52]

it doesnt stop speculation. futures markets need speculators. but it would limit the amout and account could be long or short that particular commodity. in this case NYMEX light sweet crude with the cushing delivery. this rest of your reply was the typical nonsensical talking points of the drill baby drill crowd. with so much oil on the market, why would you want to drill our own supply?

$113 a barrel.

Why wouldn't you want to drill your own supply at those prices?

[SoonerNate]

$113 a barrel.

Why wouldn't you want to drill your own supply at those prices?

Exactly.

[The]

$113 a barrel.

Why wouldn't you want to drill your own supply at those prices?


We are.

[pphilfran]

Okie...I have spoke my peace....I am crawling over to the corner and ready to tag ya into the fray....

[Bourbon St Sooner]

you dont slow down trading. you want deep liquid markets with speculators. NYMEX light sweet crude is traded in new york. the exchange has the authority to lower position limits and increase margins on accounts traded in these contracts. it doesnt matter who is on the other side or what country they're in. same with brent crude traded in london. same with fungible contracts traded on ICE in atlanta. again,the rest of you post is nonsense.


Can't those same speculators drive prices down by shorting the market? Are you shorting the market? If it's so overbought, why aren't there more shorts?

[okie52]

Okie...I have spoke my peace....I am crawling over to the corner and ready to tag ya into the fray....

Ha ha. I can't stick around too long either.

I've got to expoit mother nature for the oilies.

[The]

Can't those same speculators drive prices down by shorting the market? Are you shorting the market? If it's so overbought, why aren't there more shorts?

There are and will be again. If you shorted in 2007, you did pretty good.

[The]

Ha ha. I can't stick around too long either.

I've got to expoit mother nature for the oilies.

I need a pipeline built.

[okie52]

We are.

Drilling off the Atlantic and Pacific coasts...I guess I've missed Obama's personal drilling ban on those coasts being removed.

[The]

Drilling off the Atlantic and Pacific coasts...I guess I've missed Obama's personal drilling ban on those coasts being removed.

Don't need to.

YET:texan:

[okie52]

I need a pipeline built.

You do that after you find oil or gas.

[okie52]

Don't need to.

YET:texan:

Because we only import 60% of our oil? And you're a driller?

[SoonerNate]

From my understanding we are heavy users of Sweet Crude which is abundant in the Gulf. Now I've heard arguments here that the price today is not necessarily due to levels today and I get that. What I don't get is the rationale for the outright ban on drilling in the Gulf. The only thing I can think of is that the administration WANTS to drive up prices in the future.

If I am wrong please educate me as to what positive purpose the ban in the Gulf is serving the nation. Other nations are continuing to drill there as we speak.

[Position Limit]

Can't those same speculators drive prices down by shorting the market? Are you shorting the market? If it's so overbought, why aren't there more shorts?

sure speculators can short the market. just ask tom kivisto of sem group fame. i'd like to see a nice squeeze again. but most of the paper is going to be on the buy side. plenty of cash out there with the fed handing money out and a weak greenback. you can only lend it back to the treasury for so long before you start looking for higher returns and right now crude is in play. so light, so sweet.

[okie52]

From my understanding we are heavy users of Sweet Crude which is abundant in the Gulf. Now I've heard arguments here that the price today is not necessarily due to levels today and I get that. What I don't get is the rationale for the outright ban on drilling in the Gulf. The only thing I can think of is that the administration WANTS to drive up prices in the future.

If I am wrong please educate me as to what positive purpose the ban in the Gulf is serving the nation. Other nations are continuing to drill there as we speak.

After a couple of court orders mandating he do so, Obama finally lifted the ban. They are now, however, deliberately slow playing it on granting drilling permits.

[The]

You do that after you find oil or gas.

We have. Pipeline companies are being *******s.

[okie52]

We have. Pipeline companies are being *******s.

Where is your well?

[SoonerNate]

After a couple of court orders mandating he do so, Obama finally lifted the ban. They are now, however, deliberately slow playing it on granting drilling permits.

But what is their motive? I know he and Immelt are hellbent on everyone purchasing the Volt. Is that their aim?

His ties to GE need to be investigated btw. (Another debate for another time)

[The]

Where is your well?

Wells. BFE.

[okie52]

But what is their motive? I know he and Immelt are hellbent on everyone purchasing the Volt. Is that their aim?

His ties to GE need to be investigated btw. (Another debate for another time)

Obama was never a fan of Offshore drilling...even said so in his campaign until he was forced to move to the right on it when oil prices were hitting $140 a barrel.

The BP disaster gave him the cover for what was supposed to be 6 months ban on wells in over 500' of water but he really doesn't want to see offshore drilling resume.

Only recently has he picked up the Natural Gas banner. His original cap and trade bill in the house was going to punish NG while rewarding ethanol. Then, as oil prices climbed and his political capital waned, he started moving towards NG and nukes for energy sources. A move I applaud but I know ideologically he wouldn't want to use them if possible.

[okie52]

Wells. BFE.

Gas wells I assume?

It can be a beech.

[CrimsonCream]

His ties to GE need to be investigated btw. (Another debate for another time)

Yes, and also to Ayers, Wright, Resko, etc.

[The]

Gas wells I assume?

It can be a beech.

Yeah, it's a bitch. Sidetracking holes, molemen... it's a bitch.

[SoonerNate]

cry me a river

[The]

cry me a river

Are you internet stalking me now, choda boy?

[OutlandTrophy]

MWD failures, heaving shale, kicks, the cost of a turbine...

[The]

MWD failures, heaving shale, kicks, the cost of a turbine...


:texan:

Turbines. My god.

[SoonerNate]

Oh you oil men and your oil talk

[Mississippi Sooner]

I always got excited when I'd see kelly go down.

[AlboSooner]

Just a side note: there is a finite amount of oil in this planet. It may last 200 years, 2000 years, but there is X amount of oil, which is decreasing each day.

[Tulsa_Fireman]

DOOOOOOOOOOOOM

[TheHumanAlphabet]

I would have thought it was all my travel to Asia and Europe...

112,000 Elite miles on Continental this year through April 12.

[pphilfran]

I would have thought it was all my travel to Asia and Europe...

112,000 Elite miles on Continental this year through April 12.

Is your butt sore? I had a 100k on Conti one year and that was way too much...

[TheHumanAlphabet]

Is your butt sore? I had a 100k on Conti one year and that was way too much...

My butt, my body, I am going through some sort of withdrawal now, aches and fevers from either lack of rest or circadian rhythm effed up to hell...

Off to Hong Kong, KL and Yokohama next weekend...

I think my Presidential Platinum/Global Services will not be in doubt this year...

[soonercruiser]

Supply of oil is not the issue.

There is PLENTY of oil.

"Investors" betting on the future of oil is driving up prices.

You'd think Oklahomans would be a little better educated about the industry that runs our economy.

Not sure where you are from "The"; but, I would hope that you are not so uninformed to just blame the speculators.

"Plenty of oil"....???
But, it's got to be removed from the ground, moved, refined, and moved again.
EPA and Obama have done all they could to shut down any new exploration & general oil production.

Obama is even so brazen as to tout record production levels - like HE, somehow is responsible.
A total A**!

[soonercruiser]

I agree....all gas should be at least E50....

You guys can have your Pot!
Me, I'm needing some cheap corn on the cob!
(And, I don't want to pay an arm & a leg for food!)

[soonercruiser]

We aren't drilling enough. And it isn't about driving the price down (although it may affect it slightly) but energy independence and greatly reducing our trade deficit.

No offshore drilling on either coast in the last 30 years.

The BLM has slow played leasing ever since Obama got in office. He11 they even reneged on leases that were auctioned off before they got in office.

<This!>

[soonercruiser]

Remember when everyone was concerned about rigs going down and the resulting price increases during Katrina? Interesting isn't it? But now that Obama is in office cutting off supply has no affect on prices it's all the speculators.

It's always someone else's fault with this guy.

Some leader.

BINGO!
This IS the big lesson to be learned from what is going on with oil proces.
Obama is beginning to sound like a little kid compalining, and saying "not meeeeee"!

[soonercruiser]

My last fairy tale post on who is responsible....(what Michael Ramirez thinks..)

http://members.cox.net/franklipsinic/Energy/fairy%20tales%20blame.gif

[soonercruiser]

Did someone say "build me a pipeline"?
(Decreasing the bottle-neck at Cushing)



Texas companies plan to build pipeline from Cushing to Gulf
Two Texas energy companies are planning a joint venture to build a new pipeline linking the Cushing oil storage hub with refineries near the Gulf of Mexico.
BY JAY F. MARKS [email protected] Oklahoman 1 Published: April 27, 2011

A new outlet for the crude oil piling up at the Cushing storage hub could be in place by the end of 2012, thanks to a pipeline project announced Tuesday by two Texas-based energy companies.

Enterprise Products Partners LP of Houston and Energy Transfer Partners LP of Dallas have agreed to a joint venture to design and build a pipeline from Cushing to the refining complex near the Gulf of Mexico.

The 584-mile pipeline would provide an outlet for more than 400,000 barrels of crude oil each day, reducing the glut of oil stranded at the Cushing hub.

The pipeline also would give Gulf Coast refiners improved access to domestic crude oil and a cheaper alternative to oil imports that make up most of their supply.

http://www.newsok.com/article/3562286

[OutlandTrophy]

Not sure where you are from "The"; but, I would hope that you are not so uninformed to just blame the speculators.


what caused the bust of 2008?

I will take the answer off the air.

TIA