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

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

    With Gas Prices Soaring, Obama Looks to Ramp Up U.S. Oil Production - FoxNews.com

    WASHINGTON -- Seeking to address mounting criticism over high gas prices, President Obama is directing his administration to ramp up U.S. oil production by extending existing leases in the Gulf of Mexico and off Alaska's coast and holding more frequent lease sales in a federal petroleum reserve in Alaska.

    snip


    His announcement followed passage in the Republican-controlled House of three bills -- including two this week -- that would expand and speed up offshore oil and gas drilling. Republicans say the bills are aimed at easing gasoline costs, but they also acknowledge that won't be immediate

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

    he's claimed this before. When we see action, I'll believe it and support it. Until then, I'm betting it's the exact same thing as last time - a political announcement, not a policy one.

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

    Hooray! In five years gas prices will go down by ten cents!
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    Re: With Gas Prices Soaring, Obama Looks to Ramp Up U.S. Oil Production

    Well, that's what I was wondering. Why didn't he do so many moons ago? And what does that mean for the corporations that are currently keeping gas prices high?

    Yes, I'm ignorant on this point. Anybody willing to fill in the blanks would get five warm fuzzies and a gold star. Or my undying gratitude. Maybe all of the above.

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

    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. I do however still support domestic drilling, at least that keeps some of our money out of arab hands

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

    Quote Originally Posted by Deuce View Post
    Hooray! In five years gas prices will go down by ten cents!
    Exactly. I have no idea why this is so hard to grasp. Canada's tar sands are the largest oil deposit on earth and yet our gas prices are much higher than in the US.
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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
    Exactly. I have no idea why this is so hard to grasp. Canada's tar sands are the largest oil deposit on earth and yet our gas prices are much higher than in the US.
    Higher taxes and higher distribution costs for the refined gasoline
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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
    Exactly. I have no idea why this is so hard to grasp. Canada's tar sands are the largest oil deposit on earth and yet our gas prices are much higher than in the US.
    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.
    We are all hostages to oil...we must buy gas no matter how high the prices go...we must have heating oil and oil for industry. When prices go sky high and usage drops a bit...their profits still soar...No matter what there will always be a manipulation of oil and gas prices
    They have no competition, there is no place else for us to go and buy, there are no alternatives....big oil doesnt have to worry about losing customers, yet.
    Last edited by lpast; 05-15-11 at 12:17 PM.

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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
    Higher taxes and higher distribution costs for the refined gasoline
    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.
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    Re: With Gas Prices Soaring, Obama Looks to Ramp Up U.S. Oil Production

    Quote Originally Posted by Deuce View Post
    Hooray! In five years gas prices will go down by ten cents!
    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.

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