Oil Slick Stuff

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Silverbird said:
The president is pushing to lift the ban on drilling off the coasts. That won't be a quick fix for oil prices.

By Barney Gimbel, writer
Last Updated: July 21, 2008: 3:37 PM EDT


NEW YORK (Fortune) -- President Bush intensified pressure on Congressional Democrats this weekend to end a 26-year-old offshore drilling moratorium, saying lawmakers have closed off "vast" oil reserves that could be tapped to lower record gasoline prices.
There are just two problems with that critique:
First, it'll be at least five years - and more like 10 - before any significant amount of new oil starts flowing.
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Well, No Kidding???:rolleyes: DUH!!..I think the 10 year bit, is BS though..I laugh everytime I hear that lame excuse.

So waiting any longer is not gonna make it happen any sooner either...

Time is now to DRILL!!!!
 
I think we as a Nation we should and are forced to pursue every possible means of solving this energy problem. We will have no choice but to use the existing technology until the newer possibilities have been developed that can handle the load. That means that NOW we need to let the world know that we are serious and are determined to become energy self sufficient. Yes DRILL, DRILL, DRILL and Yes develop automobiles and electrical Power plants that don't depend on Coal, Fuel Oil etc. Yes build many many Nuclear Power Plants. We are already on the way with hybrid, electrical, hydrogen, used cooking Oil :D and what ever to GREEN UP our energy consumption. In the mean time if we don't solve this Oil Shortage or whatever is forcing the price of energy upward and upward, we will swim around in the hell of super inflation and pay THE GREAT PRICE.:cool:
 
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Buster said:
Well, No Kidding???:rolleyes: DUH!!..I think the 10 year bit, is BS though..I laugh everytime I hear that lame excuse.

So waiting any longer is not gonna make it happen any sooner either...

Time is now to DRILL!!!!
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We don't know if it's really there, Buster. All of these estimates are pretty much finger in the air deals. Except along the California coastline around Santa Barbara - and it was a big spill around Santa Barbara that started the regulations. Good luck getting the locals to go along with it (you'll need their approval too)

Natural gas, I understand why we need to go after it, we have lots of known, and potential reserves.

Oil, there are some known reserves, some potential reserves, but it isn't enough to feed our demand.

So I split the bill, personally. Natural gas, yes. Oil, big risk for insufficient gain.
 
Silverbird said:
We don't know if it's really there, Buster. All of these estimates are pretty much finger in the air deals.
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I'm sorry to have to disagree..But there is plenty out there, all within our continental limits..ANWR, Prudhoe Bay is the largest oil field in North America, and the eighteenth largest oil field discovered in the world., Pacific coast, Atlantic Coast, Gulf, between Cuba and Florida and that is just Pure untapped crude ready for refining..Not to mention the Wyoming area shale oil, West Texas, Canadian Tar Sands, and the stuff locked in the stuff under the Ice ( I forget what that is called) So There is enough alone in Alaska to fuel our (USA) oil thirst for 200 years.
 
Look people, a capitalistic economy is based on supply and demand. Oil is a finite commodity and I agree, speculation has driven up the cost. Barring investment stragtegies - Money was transferred from one sector of the market to oil. Finite supply means that all the oil companies will be tripping over themselves in a thousand years to sell off the last barrel. Why? Stupidity and Greed. Greed is Good - Gecko, Wall Street, but stupid is as stupid does, Forrest Gump, Forrest Gump.

Now, because we're a capitalistic economy, as best can be labeled one, we look at the reason we use fossil fuels. They can be taxed for the import, taxed for the refinement, taxed for shipping to the gas stations, and taxed at the pump. Money begetting Money. Why switch from this system....great revenue.

Now, let's look at a fuel that is free. Light, you can only tax it (ulitmately)once: When you buy the equipment to use solar. Once you make things solar, the only time you can tax it is when there are upgrades\replacements. You can never tax the light.

Oh, you could have a coal burning plant on stand-by for those really cloudy days and operate them say oh once in a month tops. Lifestyles would have to change and maybe there would be a market for batteries.

Oh, and you want to lose a few pounds? Hook up a electric-generating stationary bike in your house to watch TV or listen to the radio. Healthy, self-powered no pollution or speculation wheter or not you pedal. Donate your marathon session overflows to the needy and physically disabled. wooho you're a philanthropist now.

But, that takes lifestyle changes. I make those decisions everyday. I've made mine a personal choice to generate my own power for the minor things in life. TV, computer, radio are self-charged. I go to the store with a plan for the week so I buy just the right amount of groceries. Not multiple trips for what I "feel" like.

I ride a motorcycle that gets 50 miles to the gallon. I get wet from time to time but, I pay 1/3 rd of what everyone else pays for gas a week.

I petitioned the county I live in to upgrade their public transportation. They are currently in the works to add a rail line to the city I live in. I know, not just me......but I helped!

My oil speculation is, I will need less. When I can get to work and play the way I want to for the price that I can afford, then I will be catered to by the companies that provide me this life.

I am an American, I change when the world won't. If I convert another then so be it. But I will be the catalyst to remove my dependency on a finite consumable and move toward the infinite. When the world figures it out, I will be referred to as "cutting edge" or dead, but either way, I'll be there.

Sailing anyone?
 
Buster said:
I'm sorry to have to disagree..But there is plenty out there, all within our continental limits..ANWR, Prudhoe Bay is the largest oil field in North America, and the eighteenth largest oil field discovered in the world., Pacific coast, Atlantic Coast, Gulf, between Cuba and Florida and that is just Pure untapped crude ready for refining..Not to mention the Wyoming area shale oil, West Texas, Canadian Tar Sands, and the stuff locked in the stuff under the Ice ( I forget what that is called) So There is enough alone in Alaska to fuel our (USA) oil thirst for 200 years.
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Buster, those offshore and Arctic areas are GUESSTIMATES. Nothing PROVEN and there hasn't been any seismic done in most of those areas. They need to PRODUCE what they have drilled and CAPPED and DRILL what they have PROVEN under lease FIRST. Do a little research. We've been over all this time and time again. ANWR is NOT PRUDHOE BAY.

Frixx, speculators got the supply/demand principle out of balance. The price is getting it back in balance by causing lowered demand for the end product - gasoline. And today's lower oil price is due to the financials dumping their spec contracts to get the money to cover their butts. $140 oil has not hit the pumps yet, wait for it. You'll see today's "cheaper" oil at the pump in December/January. And if you don't, report the gas station owner for gouging. There's a lot of info out there about the process. A lower oil price today does not = a lower gas price tomorrow.
 
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You can't believe the GOV..what the heck you talking about....???

Alright..I'm sorry, I was corrected as to the process of from the ground to the pump and it may take up to 10 years (there you happy?) with obstacles like tree huggers..


:D:D:D
 
Oil slides below $127 as supply worries ease

Tropical storm fizzles as supply report expected to show falling demand for fuels.

Subscribe to Markets

July 23, 2008: 6:34 AM EDT

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SINGAPORE (AP) -- Oil prices slipped further Wednesday after tumbling more than $3 a barrel in the previous session as a hurricane looked likely to spare key oil installations in the U.S. Gulf of Mexico.
Traders in Asia awaited the release of U.S. oil supply data later in the day that was expected to show a rise in gasoline stocks amid weakening demand in the world's largest energy consumer.
Light, sweet crude for September delivery fell $1.57 to $126.85 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract fell $3.40 to settle at $128.42 in the previous session.
The August contract fell $3.09 to settle at $127.95 a barrel as it expired at the end of floor trade.
The overnight selloff dragged oil prices to their lowest level since early June and was crude's fifth decline in the last six sessions.
Dolly: [more]

http://money.cnn.com/2008/07/23/markets/oil.ap/index.htm?postversion=2008072306
 
Tracking Dolly - Update on Probability of Disruption
Posted By:Ariel Nelson
Companies:As Dolly intensifies and moves into the Gulf of Mexico, here is Weather Insight's latest forecast for possible oil and gas disruptions. Red dots are aggregates of production areas. Blue dots are buoys / ships. Yellow dots are Deep Water platforms (not included in the red dots). Since yesterday afternoon, the storm's trajectory has shifted south and west, reducing the probability of disruption.

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Weather Insight projects that 35% of Oil production and 45% of Natural Gas production may experience short term shut-ins as a worst case scenario. There is a less than 10% probability for long term disruption.
Oil is down on the reduced risks and the equity markets are up in response. Leading the S&P 500 to the upside right now are UnitedHealth (UNH), Wachovia (WB), Coventry Health (CVH), Waters Corp (WAT) and Stanley Works (SWK).
http://www.cnbc.com/id/25797952
 
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Investing in oil is a good news, bad news affair:
Good News: The price keeps rising!
Bad News: Haven't we heard that one before? :cheesy:
 
Getting conflicting reports!!!!!:confused: Looks like this is good!! Down PLEASE!!

Oil sinks on stronger-than-expected supply

Inventory report shows above-estimate stockpiles of crude oil and gasoline.

By David Goldman, CNNMoney.com staff writer
Last Updated: July 23, 2008: 10:42 AM EDT

NEW YORK (CNNMoney.com) -- Oil prices extended their decline Wednesday after a government report said supplies of crude fell less than expected, and gasoline and distillate supplies rose more than forecast.
U.S. light crude for September delivery fell $2.53 to $125.89 a barrel. Oil had traded down $1.95 to $126.47 just prior to the report's release.
In its weekly inventory report, the U.S. Energy Information Administration, a government agency that measures oil and gas supplies, said crude stocks fell by 1.6 million barrels last week. Analysts were looking for a drop of 1.9 million barrels, according to a consensus estimate of oil analysts compiled by Platts.
Distillates, used to make heating oil and diesel fuel, rose by 2.4 million barrels while gasoline supplies rose by 2.9 million barrels. Analysts were looking for a 2.2 million barrel rise in distillates supplies and a 500,000 barrel rise in gasoline stockpiles.
http://money.cnn.com/2008/07/23/news/economy/oil/index.htm?postversion=2008072310
 
It's not conflicting. Crude is down but not what they estimated, gasoline is up but not what they estimated. Same old same old, just different spin. The gasoline supply really caught them off guard though, it just shows that people in USA are conserving more and faster than expected.
 
Yet another reason for the drop in the price of oil - until the Olympics are over, China cuts consumption of fossil fuels. The reason is to cut air pollution but a side effect is conservation!
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Car restrictions begin in Beijing

Beijing's authorities have introduced drastic traffic rules in a bid to remove more than one million cars from the streets ahead of the Olympic Games.
The move, part of the fight against the Chinese capital's infamous pollution and congestion, restricts residents to using their cars on alternate days.
Officials hope about half of the city's estimated 3,300,000 cars will be forced from the road over the next two months.
A slew of measures to boost air quality has been implemented for the Games.
Construction workers have been ordered to down tools and high-polluting industries are cutting production.
The authorities have ordered firms, shops and other organisations to stagger work times to cut traffic volumes.
They are also encouraging as many people as possible to work from home.
The city's public transport system has been improved to cater for millions of Beijingers forced to ditch their cars.

Surveillance system
The new car restriction, brought in from Sunday, is enforced using the driver's registration number.
Odd-numbered registrations are allowed to use their cars one day, even-numbered the next.
More than 10,000 detection devices including cameras and "ultrasonic and microwave" scanners have been installed to catch anyone breaking the rules.
Drivers caught by the surveillance network will be fined 100 yuan ($15; £7.50).
The move reflects the importance officials are placing on combating air pollution - which remains a pressing problem just weeks before the start of the Games on 8 August.
The International Olympic Committee has said it could postpone endurance events of more than one hour on days when the pollution is too bad.

Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/2/hi/asia-pacific/7515907.stm

Published: 2008/07/20 05:22:53 GMT

© BBC MMVIII
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The real reason? Get off the junk America!!:nuts:

America's need for oil like an 'addiction,' expert says

  • Expert sees parallels in America's dependence on oil and addiction
    American society has "rewired" itself to cheap, plentiful oil, he says
    Changing behavior may be painful, like an addict weaning himself off drugs
  • Additional drilling similar to a nicotine patch for a smoker, expert says
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By Elaine Quijano
CNN White House Correspondent

WASHINGTON (CNN) -- You've no doubt heard the language by now -- that Americans are plagued by an oil addiction.
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More oil drilling could act like a nicotine patch for smokers, an addiction expert says.

In his 2006 State of the Union address, President Bush used the analogy while pushing for more research into alternative energy sources, saying, "Here we have a serious problem. America is addicted to oil."
But is U.S. dependence on oil a true "addiction"?
Jack Henningfield, an adjunct professor at Johns Hopkins University who has extensively studied addictions, said there are parallels.
"Oil addiction is not an addiction in the medical sense, like a drug addiction or a tobacco addiction," Henningfield said. "But it is an addiction in the sense that powerful behaviors are involved. They're difficult to change, [and] it can be agonizing for people to change."
Henningfield said when it comes to substance addiction, the brain rewires itself to depend on the chemical.
Similarly, in the case of oil, Henningfield noted, "Our nation has been rewired. Our national infrastructure has been wired by cheap plentiful oil."
So, how does Bush's proposal for more oil drilling offshore and in the Arctic National Wildlife Refuge fit in to the science of addiction?
Henningfield said the idea is similar to a smoker using a nicotine patch and said based on addiction studies, the notion has merit. "We have to give people ... some kind of aid to just function and just get along," Henningfield said.
At the same time, he warned those aids run the risk of making people "forget that we need long-term solutions."
Democrats argue Bush's proposal would only enable America's oil addiction.
House Speaker Nancy Pelosi, D-California, said recently, "Foreign oil, the president said we were addicted to it. And what does he want to do? He wants to reinforce the addiction."
Pelosi has said she will not schedule votes in the House of Representatives to lift the bans on offshore drilling and oil exploration in ANWR.
Henningfield said that's why any strategy to break an addiction must have a long-term goal. Ultimately, he said, kicking any habit can boil down to economics, as smoking studies have shown.
"Money talks for addictions. Money gets people's attention. And the most important single driver to get people to quit smoking is the rising cost of cigarettes," Henningfield said. "So, with addictions -- whether it's cocaine, nicotine or oil -- money talks."
http://www.cnn.com/2008/US/07/23/america.oil.addiction/index.html
 
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