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LOL! Sinkholes are appearing all over the USA. Literally.This oil stuff is creating a vacuum. Actually, it sucked before that.
(Pun Intended)
http://www.nymex.com/lsco_fut_condet.aspx?product=CL&month=July&cmonth=N&year=8&currPrev=C
No....no drilling in off limits areas. Take that money and develop AFFORDABLE alternative energy. Chevron and a few other majors are doing it, but on a small scale and because it's federally mandated in the Energy Act if they want to keep their royalty relief. It's time for USA to take the technological lead again...this is the 21st century. Let the rest of the world exhaust their fossil fuels while we move on to cleaner, renewable, more economical energy. Then they will have to come to US...for oil, which we will have reserves of and aren't dependent on, and for our alternative energy technology.I agree we sill probably see $150 a barrel in the summer, but should drop in the fall. Next year is another thing.
LET THEM DRILL View attachment 3917
CL(10Min)C=LastDo I see a turn around?
ANWR is not a proven field. It's never been drilled, reserves are estimated. There are hundreds of fields where reserves are estimated in the millions of barrels, only to come up dry once drilled. Big oil has drilled and capped more reserves than the public knows. They're sitting on them until they get the price where they want it and permission to drill in the off-limits areas, then and only then will they produce those capped reserves. There's plenty of oil available...supply is not driving the price. Big oil is running the country and Congress is too wimpy to take a stand and tell them to PRODUCE!
Plenty of oil shale here in the U.S. to work with, it's just difficult - especially since new plants have to comply with the later standards and old plants don't. Unfortunately easier to complain, hoping that they can drill where they want and get a "break" on the pollution standards. :suspicious:ANWR is not a proven field. It's never been drilled, reserves are estimated. There are hundreds of fields where reserves are estimated in the millions of barrels, only to come up dry once drilled. Big oil has drilled and capped more reserves than the public knows. They're sitting on them until they get the price where they want it and permission to drill in the off-limits areas, then and only then will they produce those capped reserves. There's plenty of oil available...supply is not driving the price. Big oil is running the country and Congress is too wimpy to take a stand and tell them to PRODUCE!
Yeah I watched that as the CEO calmly said he made 1.1 milliom dollars a month incomeThey really talked around this one and solved NOTHING, AGAIN!!
Don't blame us for prices - oil execs
A Senate Judiciary Committee seeks answers from Big Oil execs for rising oil prices on day that crude crossed $130 a barrel.
By Steve Hargreaves, CNNMoney.com staff writer
Last Updated: May 21, 2008: 3:47 PM EDT
NEW YORK (CNNMoney.com) -- Amid increasing public outcry over record-shattering oil and gas prices, senators on Wednesday hauled industry executives in to testify about the recent runup.
The Senate Judiciary Committee called the hearing to explore the skyrocketing price of oil, which jumped over $4 a barrel to a new record of over $133. The committee grilled executives from Exxon Mobil (XOM, Fortune 500), ConocoPhillips Co. (COP, Fortune 500), Shell Oil Co. (RDSA), Chevron (CVX, Fortune 500) and BP (BP) as to how their companies can in good conscience make so much money, while American drivers pay so much at the pump.
"You have to sense what you're doing to us - we're on the precipice here, about to fall into recession," said Sen. Richard Durbin, D-Ill. "Does it trouble any one of you - the costs you're imposing on families, on small businesses, on truckers?"
The executives said it did, and that they are doing all they can to bring new oil supplies to market, but that the fundamental reasons for the surge in oil prices are largely out of their control.[more]
http://money.cnn.com/2008/05/21/news/economy/oil_hearing/index.htm?postversion=2008052115
..Then asked what he does with these record breaking quarterly profits..he said we reinvest them...IN WHAT!?!?, their personal incomes???!!??..How about building a few more refineries.:nuts:
Yeah I watched that as the CEO calmly said he made 1.1 milliom dollars a month income
Which is exactly what BA was doing until Congress put a stop to it - buying oil at inflated price and stockpiling it - putting money in their friends pockets. Only difference is our oil is not nationalized, so we pay the price now but don't get the profit later. It's big oil and their friends in Congress and financials who are buying beaucoup shares and will reap the profits...now and later.
They reinvest them in speculation in the market, that's what's driving the price now...Yeah I watched that as the CEO calmly said he made 1.1 milliom dollars a month income
they can do that...but our government can't build safe levees and bridges or restore wetlands. POLITICS!..and if you are wondering where the real money is going from oil cash....
