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Thread: US to surpass Saudi as top oil producer by 2016: IEA

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    Re: US to surpass Saudi as top oil producer by 2016: IEA

    Quote Originally Posted by apdst View Post
    Here we go with the, "more oil production isn't going to lower gas prices", talking point.
    Well.....I'm not against, just going and take what the Saud has. Solves the problem all the way round with them.

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    Re: US to surpass Saudi as top oil producer by 2016: IEA

    Quote Originally Posted by cpwill View Post
    Boo-Yah. 'Mericuh.




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    Saudi Arabia's numbers are known only by the government there, but there is evidence that Saudi's oil peaked a couple years ago, and very soon will be in decline.
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    Re: US to surpass Saudi as top oil producer by 2016: IEA

    Quote Originally Posted by danarhea View Post
    Saudi Arabia's numbers are known only by the government there, but there is evidence that Saudi's oil peaked a couple years ago, and very soon will be in decline.
    Cigar.....my friend?


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    Re: US to surpass Saudi as top oil producer by 2016: IEA

    Quote Originally Posted by jonny5 View Post
    Gas prices are directly related to oil supply.
    They are, but there's more than enough gas if they don't send it overseas. It's not so related that a dollar drop in the price of a barrel of oil results in a price change at the pump right away. There's the price of oil and the price of gasoline, which are different. The price you pay at the pump reflects how much the gas station owner has to pay the oil company for the gas.

    Flooding the market with cheap oil would be great for the price we pay, put not for the profitability of the oil company. If you have a business that makes wicker baskets but the prices are so low because there's too many on the market, you cut back on how many you make until the price goes back up. You don't think that oil companies work on that same principle (to an extent)?


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    Re: US to surpass Saudi as top oil producer by 2016: IEA

    Quote Originally Posted by jonny5 View Post
    That only happens when there is a surplus of oil. Right now we have a shortage. Thus they can make profit on every barrel they produce.
    Yes, they make a profit. They're not going to flood the market with cheap oil until they're not anymore.


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    Re: US to surpass Saudi as top oil producer by 2016: IEA

    Quote Originally Posted by rocket88 View Post
    Yes, they make a profit. They're not going to flood the market with cheap oil until they're not anymore.
    It wont be cheap oil until there is a surplus, and we're far from that. More domestic drilling doesnt reduce Chinas exponential increase in demand. But less drilling cant do anything but drive the price up. Hence why Obama blocking Keystone, fracking, offshore drilling cant be doing anything but hurting energy prices. Its artifical manipulation. Non federal drilling is simply offsetting the damage.

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    Re: US to surpass Saudi as top oil producer by 2016: IEA

    Quote Originally Posted by jonny5 View Post
    It wont be cheap oil until there is a surplus, and we're far from that. More domestic drilling doesnt reduce Chinas exponential increase in demand. But less drilling cant do anything but drive the price up. Hence why Obama blocking Keystone, fracking, offshore drilling cant be doing anything but hurting energy prices. Its artifical manipulation. Non federal drilling is simply offsetting the damage.
    None of those things are going to make the price go down without the oil companies. They're not going to build offshore rigs if the profit isn't there. Keystone only would make it easier to ship the oil overseas, it wouldn't put more oil on the market.

    It's not cheap until there's a surplus, but the oil companies aren't going to let that happen. It's not in their financial interest.


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    Re: US to surpass Saudi as top oil producer by 2016: IEA

    Quote Originally Posted by rocket88 View Post
    None of those things are going to make the price go down without the oil companies. They're not going to build offshore rigs if the profit isn't there. Keystone only would make it easier to ship the oil overseas, it wouldn't put more oil on the market.

    It's not cheap until there's a surplus, but the oil companies aren't going to let that happen. It's not in their financial interest.
    The profit IS there. So the more barrels they sell the more profit. Domestic oil companies are producing at maximum ability, and theres still demand for more.

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    Re: US to surpass Saudi as top oil producer by 2016: IEA

    Quote Originally Posted by jonny5 View Post
    The profit IS there. So the more barrels they sell the more profit. Domestic oil companies are producing at maximum ability, and theres still demand for more.
    The profit is there now. They're not going to let there be so much oil that it isn't. They want it at current prices.


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    Re: US to surpass Saudi as top oil producer by 2016: IEA

    Quote Originally Posted by Slyfox696 View Post
    That damn Obama and his oppressive energy/oil policies. Conservatives told us for years Obama was doing everything he could to kill the oil business, and now we see just how right they were...
    He is, and they are....This news is in no way attributed to anything progressive libs have done. This is in spite of their attempts to kill it.
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