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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

    After spending some more time looking at the data, i can see that the most developed economies are far more "price sensitive" to petro than the developing world.

    Case in point: In 2000, daily oil consumption averaged 4,795.715 barrels per day. In 2010, daily oil consumption averaged 8,371 barrels per day, an increase of 74.58%! If we are to assume that by 2020 they will consume 50% more than today (a conservative assumption given the undervalued yuan), they will take an additional 4185.5 barrels per day from global supply.

    What does this mean? Close to half of all growth in global demand for petro will come from China. Our current consumption is not sustainable without serious price increases as global supply will be incapable of keeping up with emerging market demand. Therefore, convergence is almost a guarantee!
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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

    Quote Originally Posted by Goldenboy219 View Post
    After spending some more time looking at the data, i can see that the most developed economies are far more "price sensitive" to petro than the developing world.

    Case in point: In 2000, daily oil consumption averaged 4,795.715 barrels per day. In 2010, daily oil consumption averaged 8,371 barrels per day, an increase of 74.58%! If we are to assume that by 2020 they will consume 50% more than today (a conservative assumption given the undervalued yuan), they will take an additional 4185.5 barrels per day from global supply.

    What does this mean? Close to half of all growth in global demand for petro will come from China. Our current consumption is not sustainable without serious price increases as global supply will be incapable of keeping up with emerging market demand. Therefore, convergence is almost a guarantee!
    Isn't this why China is scrambling all over to make alliances with countries to drill for more oil? I mean China can drill in the Gulf off Cuba, less than 100 miles from our waters with Obama's blessing, and we can't? Brazil/Soros get's 2 billion to devolop more oil then he says we want to be their best customer? That is just BS!

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

    Quote Originally Posted by j-mac View Post
    Isn't this why China is scrambling all over to make alliances with countries to drill for more oil? I mean China can drill in the Gulf off Cuba, less than 100 miles from our waters with Obama's blessing, and we can't? Brazil/Soros get's 2 billion to devolop more oil then he says we want to be their best customer? That is just BS!

    j-mac
    Given current projections, Chinese oil production will not converge with internal consumption until some time after 2025. This is a non-issue in regards to fuel prices because (once again!) the petro market is almost entirely demand driven.

    Take the 2009 financial crisis into consideration: demand fell by a little more than 1% while the price for petroleum fell from $147/barrel to around $40 per barrel.

    Your supply side solutions are really a waste of time.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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

    Perhaps we need a very large number of new nuclear facilities built in the US. We can use nuclear power to create vast amounts of electricity to power all the things that stay "fixed." and use the petroleum products to power things that move. Everybody wins.

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

    Quote Originally Posted by Goldenboy219 View Post
    Given current projections, Chinese oil production will not converge with internal consumption until some time after 2025. This is a non-issue in regards to fuel prices because (once again!) the petro market is almost entirely demand driven.

    Take the 2009 financial crisis into consideration: demand fell by a little more than 1% while the price for petroleum fell from $147/barrel to around $40 per barrel.

    Your supply side solutions are really a waste of time.

    More arrogance. Sad.

    The price per barrel of crude oil – which was at an all-time high the day Bush signed the moratorium that ended the ban on offshore drilling after going up and up and up to that point – continued to drop and drop. By September, it was below $109 a barrel. By October it had dropped even more. And it kept dropping.

    But now in the age of Obama, it’s going up and up and up again. We have had a 55% increase in the price of our gasoline during a terrible recession. Obama’s energy policies have hurt this nation badly at an incredibly vulnerable period, without so much as a peep from most of the media.

    Barack Obama threatened to bankrupt the coal industry – which produces 49% of our nation’s electricity – and said that:

    “Under my plan of a cap and trade system, electricity rates would necessarily skyrocket.”

    He told just enough lies and half-truths to get coal-state Democrats such as West Virginia Senator Jay Rockefeller to get them to believe he wouldn’t destroy their economies. But now that he’s elected he’s free to break those promises and pursue ruinous policies. Rockefeller is now saying of Obama that:

    “he’s beginning to not be believable to me.”

    But it’s like, “Sorry Sucker.” When you vote like a fool, you receive a fool’s fate.

    Anyway, maybe you thought, “Well, I’m not in a coal producing state,” or “I’m not in a coal-fired electric grid,” so you thought Obama’s shockingly bad energy policies didn’t matter.

    But you’re still going to have to put gas in your car, and Obama’s going to see to it that it costs you a pretty penny to do it.

    Gas Prices Have Risen 55% On Obama’s Watch And Continue To Soar Start Thinking Right

    j-mac
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

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

    Quote Originally Posted by j-mac View Post
    I don't dispute your numbers, but I do dispute your feeling that we can not produce more, while we transition to whatever source we end up moving toward.

    j-mac
    We really don't know enough about the details to push for changes. Our refineries probably have long range contracts with OPEC, other sources, and don't have the resources to take on new contracts.

    ricksfolly

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

    Quote Originally Posted by ricksfolly View Post
    We really don't know enough about the details to push for changes. Our refineries probably have long range contracts with OPEC, other sources, and don't have the resources to take on new contracts.

    ricksfolly

    Since Obama took office, contract law means little. This is a national security issue, and it is quite possible that we have a President putting policy, and people in place that specifically are harming the American people by artifically restricting the exploration, and devolopment of domestic sources of energy. That should be a crime, and if ever proven may well be.

    j-mac
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

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

    Quote Originally Posted by j-mac View Post
    More arrogance. Sad.




    j-mac
    Nothing you have stated in any way refutes my point that the price of fuel is demand driven.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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

    Quote Originally Posted by Goldenboy219 View Post
    Nothing you have stated in any way refutes my point that the price of fuel is demand driven.
    Well, to a point sure. But there is also the speculation market right? I mean if gas prices were totally demand driven like you say, then according to you with drops in demand price would go down here.

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

    Quote Originally Posted by j-mac View Post
    Well, to a point sure. But there is also the speculation market right? I mean if gas prices were totally demand driven like you say, then according to you with drops in demand price would go down here.

    j-mac
    You are correct, when demand drops so does the price. Considerably!
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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