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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 j-mac View Post
    Meanwhile, we are NOT going to tap any of our untapped, proven reserves in ND, SD, AK, off the shores of the Gulf, Atlantic, or Pacific Oceans, because it just isn't fair that our own gas prices are lower than our Euro friends. And we are going to strangle our economy like this purposely while trying to come out of what could be seen as the worst recession since those Carter days, or before.
    We haven't produced enough oil since 1970 to affect world prices. The experts have said that drill baby drill will not lower world oil prices in any significant way. Our dependence on an energy source with an ever increasing cost for the last half century is what is hurting our economy. See the US Military's warning last year.
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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Catawba View Post
    We haven't produced enough oil since 1970 to affect world prices. The experts have said that drill baby drill will not lower world oil prices in any significant way. Our dependence on an energy source with an ever increasing cost for the last half century is what is hurting our economy. See the US Military's warning last year.

    Maybe not but it will cut how much we have to buy from other countries.Another words we will be less dependent on Middle East oil.

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

    Quote Originally Posted by ptif219 View Post
    Maybe not but it will cut how much we have to buy from other countries.Another words we will be less dependent on Middle East oil.
    Well yes, stop exporting our oil, uncap viable wells & pump oil, and that will lower dependence. Get extra oil from S.America not controlled by OPEC, and that will lower costs. Ohh, begin National oil and that will lower costs by 75% at the pumps.
    Last edited by shintao; 05-18-11 at 12:18 AM.
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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by ptif219 View Post
    Maybe not but it will cut how much we have to buy from other countries.Another words we will be less dependent on Middle East oil.
    If we Nationalized our oil and if we had not passed peak production in this country in 1971, that would be true. Are you proposing we Nationalize our oil after just going to war in Iraq to de-Nationalize their oil?
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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Catawba View Post
    We haven't produced enough oil since 1970 to affect world prices. The experts have said that drill baby drill will not lower world oil prices in any significant way. Our dependence on an energy source with an ever increasing cost for the last half century is what is hurting our economy. See the US Military's warning last year.
    Then explain why the price of oil and gas goes up every time a hurricane enters the Gulf of Mexico. Or why the price of gas jumped 40 cents last week because of fears that refineries would be shut down due to flooding although the price of oil is dropping.

    hint: Speculators fear that our Gulf oil production will shut down and production will drop. A corresponding increase in our production does the opposite, i.e., lowers the price of oil.

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

    Quote Originally Posted by Gill View Post
    I hope you are kidding. It is common knowledge and happens every year.

    Our gas just skyrocketed 40 cents a gallon because speculators were afraid the Mississippi River flood would damage or shut down refineries.
    are you saying we had no hurricanes prior to about 1978?
    you answered your own question, it is speculation that drives prices up more than the weather....
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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by UtahBill View Post
    are you saying we had no hurricanes prior to about 1978?
    you answered your own question, it is speculation that drives prices up more than the weather....
    What does 1978 have to do with anything ????

    Yes, its speculation that the hurricanes will affect oil production. Can't believe you actually are contesting this. It's in the news every summer when hurricanes get near the GOM.

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

    Quote Originally Posted by Gill View Post
    What does 1978 have to do with anything ????

    Yes, its speculation that the hurricanes will affect oil production. Can't believe you actually are contesting this. It's in the news every summer when hurricanes get near the GOM.
    Look at a long range chart of oil prices, before 78, or close to that, oil prices were very stable for decades....
    Cause and effect, if hurricanes REALLY had anything to do with it, oil prices would have fluctuated wildly back then, but they did not.
    After all, hurricanes only affect the gulf coast oil for the most part, not the entire planet....
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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by UtahBill View Post
    Look at a long range chart of oil prices, before 78, or close to that, oil prices were very stable for decades....
    Cause and effect, if hurricanes REALLY had anything to do with it, oil prices would have fluctuated wildly back then, but they did not.
    After all, hurricanes only affect the gulf coast oil for the most part, not the entire planet....
    Gulf oil was not a major source of our oil before 1978 and demand was no where near as high as now.

    Here's a few examples of many:


    Oil Prices Rise As Hurricane Ike Threatens Coastal Oil Facilities
    Oil prices rose to above US $109 as Hurricane Ike enters the Gulf of Mexico, threating off-shore oil rigs and coastal refineries. Nearly 80 percent of U.S. oil production and 70 percent of natural gas production in the region remains on hold.

    Much of the U.S. off-shore oil infrastructure has been closed down since the threat of Hurricane Gustav last week. JBC energy analysts said, "It's too early to celebrate the passing of Gustav" with the threat of Hurricane Ike.

    Royal Dutch Shell will keep staffing at a minimum at its offshore installations in the Gulf. Meanwhile, Iran's oil minister says there may be too much supply to meet global oil demand and says OPEC is considering cutting oil production.
    Oil Prices Rise As Hurricane Ike Threatens Coastal Oil Facilities

    Oil production
    Sign showing gas prices in front of Sheetz in Mount Jackson, Virginia, on August 31, 2005, just as Hurricane Katrina began to make its mark on the price of gasoline. Prices had risen thirty cents since the previous day, and would rise an additional twenty cents before the day was over.See also: Oil price increases since 2003
    The storm interrupted oil production, importation, and refining in the Gulf eden, thus having a major effect on fuel prices. Before the storm, one-tenth of all the crude oil consumed in the United States and almost half of the gasoline produced in the country came from refineries in the states along the Gulf's shores. An additional 24% of the natural gas supply is extracted or imported in the region. Furthermore, the nation's Strategic Petroleum Reserve is also stored in this region.
    Economic effects of Hurricane Katrina - Wikipedia, the free encyclopedia

    Almost 30% of our oil production and 50% of our refineries are vulnerable to hurricanes. If we have to import more oil and gas due to hurricane damage (real or potential), THAT affects world prices.

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

    Quote Originally Posted by ptif219 View Post
    Maybe not but it will cut how much we have to buy from other countries.Another words we will be less dependent on Middle East oil.
    Not really. It would go on the world market with all of the other oil, and you can't really separate it out.

    Unless you nationalize the oil industry and don't let businesses sell it on the open market, but I don't think that's what you're talking about.

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