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Thread: Oil rises above $90 amid US crude supply drop

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Jetboogieman View Post
    That's about almost 200 days worth of oil at current US consumption.
    Ahh, well in that case we should shut down drilling in the gulf forever right ???

    I wonder what Florida will do when one of Cuba's new drill rigs leaks oil that floats up on their beaches??? Sue Castro maybe ?? The USGS estimates that Cuba has over 9 billion barrels of oil although Cuba is claiming 20 billion. And Venezuela has discovered 513 billion barrels according to the USGS. Guess you'd rather buy oil from Castro and Chavez than drill our own.

    • "The America Republic will endure until the day Congress discovers that it can bribe the public with the public's money." -- Alexis de Tocqueville





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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Gill View Post
    Ahh, well in that case we should shut down drilling in the gulf forever right ???

    I wonder what Florida will do when one of Cuba's new drill rigs leaks oil that floats up on their beaches??? Sue Castro maybe ?? The USGS estimates that Cuba has over 9 billion barrels of oil although Cuba is claiming 20 billion. And Venezuela has discovered 513 billion barrels according to the USGS. Guess you'd rather buy oil from Castro and Chavez than drill our own.

    That's not what im saying lol.

    Drill away!

    Wont effect the price by **** all.

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Jetboogieman View Post
    That's not what im saying lol.

    Drill away!

    Wont effect the price by **** all.
    Yeah, who was that fool that said supply and demand drove pricing.

    • "The America Republic will endure until the day Congress discovers that it can bribe the public with the public's money." -- Alexis de Tocqueville





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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Gill View Post
    Yeah, who was that fool that said supply and demand drove pricing.
    Thats not enough supply to effect pricing by very little.

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Jetboogieman View Post
    Thats not enough supply to effect pricing by very little.
    Well, I guess we can discount the news reports that claim oil prices went up because Libyan oil supplies were affected by the war. Include Nigeria in that class too.

    Hmmm, wonder why oil prices spike every time a hurricane gets within a thousand miles of the Gulf??? Someone sure thinks our Gulf oil production has an affect on world oil prices.

    • "The America Republic will endure until the day Congress discovers that it can bribe the public with the public's money." -- Alexis de Tocqueville





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    Re: Oil rises above $90 amid US crude supply drop

    why would secretary chu actually WANT eight dollar gas?

    that's what most americans want to know

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by zimmer View Post
    Cat... my arguments hold water upstairs, and that is why I Libs get all excited downstairs.
    I haven't seen evidence of that but I'll keep looking out for it.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Jetboogieman View Post
    Yes because during the 2008 spike, when Saudi Arabia said they would boost production in effected it tremendously...

    You know what actually brought down the price of oil that year?

    It was the fact that americans were losing their purchasing power by a massive extent, and therefore wouldn't be able go consume as much oil.
    From the AP:

    The 574 million acres of federal coastal water that are off-limits are believed to hold nearly 18 billion barrels of undiscovered, recoverable oil and 77 trillion cubic feet of natural gas, according to the Interior Department.


    How does that make sense?


    j-mac
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    Re: Oil rises above $90 amid US crude supply drop

    People on here, for the most part, have no idea what drives the price of oil and gas.

    Although it is "supply and demand" driven to a point, its one of the only things out there whose price is based on PERCEIVED levels of the above. Look, they're saying gas might come down 50 cents a gallon due to demand decrease. Well, we'll see if that ever happens but the speculators drove it up, they can drive it down.

    If we have rigs off our coasts punching holes in the earth, there will be a perceived increase in supply in the future. That means the value of a barrel of oil now is less, because in the future there will be more out there. Same goes when there is a perceived shortage in the future, makes the prices go up now.

    Oil is future driven pricing. So what we do today effects prices 5 to 10 years down the road. But to say that based on raw numbers that drilling here in the USA wont bring down the cost of fuel is ridiculous. Of course it will.

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by j-mac View Post
    It's not going to effect us business wise. We will tack it on to your groceries, goods, and services. Pass it along.

    j-mac
    Another Obama tax on the middle class

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