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Thread: With Gas Prices Soaring, Obama Looks to Ramp Up U.S. Oil Production

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    Re: With Gas Prices Soaring, Obama Looks to Ramp Up U.S. Oil Production

    Quote Originally Posted by lpast View Post
    There is absolutely no incentive for big oil to lower gas prices. When they drill domestically and get cheaper crude they just make even more money.
    Huh? What do you mean by this?
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    Re: With Gas Prices Soaring, Obama Looks to Ramp Up U.S. Oil Production

    Quote Originally Posted by Middleground View Post
    Right. So American huge reserves of shale oil will not be any different I would say. Like the tar sands, it will be be easy to extract and refine.
    Depends on what you mean by shale oil


    The stuff in the Dakohta areas is high quality oil that is hard and expensive to extract. The proccess of which requires a massive amount of water to aid in the fracking process. The stuff in Utah and Colorado, is of a worse quality then the tar sands of Alberta. It is also harder to extract.

    Where the US beats us is in having lower gas taxes and a more efficient distribution network (higher population density helps in that regard
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    Re: With Gas Prices Soaring, Obama Looks to Ramp Up U.S. Oil Production

    Quote Originally Posted by croniccynic View Post
    Not with China forecast to exceed US vehicle ownership by 2015 or 2017 (dependent on one's flavor of sources). I'll never understand why so many Americans can't get it through their heads that oil is a global commodity priced by demand. $10/gal gasoline will eventually present an interesting US economic scenario. Please, no dreamer statements of the US having enough oil reserves to service its own consumption without imports. Unless US oil is nationalized and production subsidized, an impossible scenario, it pays the going rate of global demand and no amount of drilling, shale conversion or tar sands refining is going to change that fact.



    To assess the impact of oil and gas drilling for future pricing impacts

    A person should not assume that it will lower prices from todays levels as demand is going to increase in developing countries. But one should state that prices would be lower then what they would be without that extra supply in the future.
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    Re: With Gas Prices Soaring, Obama Looks to Ramp Up U.S. Oil Production

    Quote Originally Posted by Lord Tammerlain View Post
    Depends on what you mean by shale oil


    The stuff in the Dakohta areas is high quality oil that is hard and expensive to extract. The proccess of which requires a massive amount of water to aid in the fracking process. The stuff in Utah and Colorado, is of a worse quality then the tar sands of Alberta. It is also harder to extract.

    Where the US beats us is in having lower gas taxes and a more efficient distribution network (higher population density helps in that regard
    The shale oil are the deposits in the mid west (i.e. Dakotas). Like the tars sands, the price of oil has to be high enough to make it worthwhile to extract because of the added costs of extraction and fracking (as you note). It seems to me many here think these shale deposits are similar to to gushing wells of Saudi Arabia.
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    Re: With Gas Prices Soaring, Obama Looks to Ramp Up U.S. Oil Production

    Quote Originally Posted by Middleground View Post
    The shale oil are the deposits in the mid west (i.e. Dakotas). Like the tars sands, the price of oil has to be high enough to make it worthwhile to extract because of the added costs of extraction and fracking (as you note). It seems to me many here think these shale deposits are similar to to gushing wells of Saudi Arabia.
    The shale oil will definately never be cheap, not like what we saw with the extraction of oil in Texas or Alberta's conventional oil, and definately not like what Saudi Arabia has been able to produce. The shale oil I doubt would be profitable at less then $50 a barrel, and I doubt the environmental costs are being considered currently ( contaminated ground water/drinking water). I know the tar sands was profitable at $50/barrel a few years ago, but I am not sure if costs have increased since then
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    Re: With Gas Prices Soaring, Obama Looks to Ramp Up U.S. Oil Production

    Quote Originally Posted by croniccynic View Post
    Unless US oil is nationalized and production subsidized, an impossible scenario, it pays the going rate of global demand and no amount of drilling, shale conversion or tar sands refining is going to change that fact.
    Sadly, you're probably right; at least for the near term. No matter how high the price of gasoline, Americans never will understand the economics of the oil market well enough to protect their own interests. Instead, they will allow the oil industry to set the terms of the debate and to dictate American energy policy.

    Obama has to be commended for playing the "drill here, drill now" crowd. With global supply adequate, the oil companies probably won't increase drilling significantly but Obama will get the political benefit of saying they can.
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    Re: With Gas Prices Soaring, Obama Looks to Ramp Up U.S. Oil Production

    Quote Originally Posted by Lord Tammerlain View Post
    To assess the impact of oil and gas drilling for future pricing impacts

    A person should not assume that it will lower prices from todays levels as demand is going to increase in developing countries. But one should state that prices would be lower then what they would be without that extra supply in the future.
    I notice few posters consider USD decline (11% 2011 to date) in their complaints about gasoline prices (oil trade being settled in USD). I view steady decline in USD exchange value as negating any increase in supply for the USA.

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    Re: With Gas Prices Soaring, Obama Looks to Ramp Up U.S. Oil Production

    Quote Originally Posted by Joe Steel View Post
    Sadly, you're probably right; at least for the near term. No matter how high the price of gasoline, Americans never will understand the economics of the oil market well enough to protect their own interests. Instead, they will allow the oil industry to set the terms of the debate and to dictate American energy policy.
    Not just the oil industry, the severely bloated US military is the largest single consumer of oil byproducts in the world.

    Obama has to be commended for playing the "drill here, drill now" crowd. With global supply adequate, the oil companies probably won't increase drilling significantly but Obama will get the political benefit of saying they can.
    Natural gas is now the energy industry darling and sucking up the majority of new production/distribution investment. US domestic oil production is based on cost of production with most of the easy stuff (cost of production within global oil futures range) already taken. New directional drilling technology is allowing faster exploitation of that existing production (easy stuff) and will remain the primary thrust of domestic oil production increases for some time. At least until consumption by developing nations such as China and India push futures prices to a point where higher production costs for the 'hard to get stuff' can be justified.

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    Re: With Gas Prices Soaring, Obama Looks to Ramp Up U.S. Oil Production

    Quote Originally Posted by lpast View Post
    When gas prices are high they tell us theres not enough supply, when theres plenty of supply they tell us theres not enough refining capacity or they have to shut them down for maintenance. The oil companies will never accept less than the huge profits they always have no matter how much drilling is allowed...There will always be an excuse when gas prices go skyhigh.



    .....akin to blaming high health care costs on the Health Insurace Companies.......for their "huge" profits.........4%.

    I do however still support domestic drilling, at least that keeps some of our money out of arab hands
    ......to support domestic drilling, is to oppose the Democrat agenda.
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    Re: With Gas Prices Soaring, Obama Looks to Ramp Up U.S. Oil Production

    Can we say looming election.
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