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Thread: Exxon finds 700 million barrels in the GOM

  1. #111
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    Re: Exxon finds 700 million barrels in the GOM

    Quote Originally Posted by obvious Child View Post
    Indeed. It also appears to by why US oil exports are expanding for once.

    U.S. relies less on oil imports to meet fuel demand: government | Reuters

    US net imports are falling while US surplus is up.

    It will be interesting to see how a predicted default in Greece will affect currency hedging investments like oil. I suspect because no one knows when Greece will default, investment managers have been slow to hedge into oil. But I predict that when Greece gets closer to default oil prices should increase.
    So, more supply and less demand is the reason for lower gas prices?

  2. #112
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    Re: Exxon finds 700 million barrels in the GOM

    Quote Originally Posted by apdst View Post
    So, more supply and less demand is the reason for lower gas prices?
    More actual supply, not more potential supply in the future that may or may not meet future potential demand.

    As you've been told numerous times already, these oil fields have nothing to do with the drops in prices. That makes your claim false.

    If you had a nut in your satchel, you'd simply admit that you were wrong and move on. Not many of us expect that to happen, though.

  3. #113
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    Re: Exxon finds 700 million barrels in the GOM

    Quote Originally Posted by rocket88 View Post
    On the other hand, in a few years the Saudis will run dry.

    What happens if rather than drill now, we wait? Then when everybody else is running dry, the world has to come to us. Just mulling that in my head.
    If congress passed a law today that all US oil reserves must be developed it would take many years for that to happen so if your theory that Saudi will soon run out of oil is right our timing would be perfect. In the meantime though cost of oil would plummet which would immediately help the economy and tens of thousands would go to work in an oil drilling boom. USA would be back on its feet overnight.

  4. #114
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    Re: Exxon finds 700 million barrels in the GOM

    Quote Originally Posted by sawyerloggingon View Post
    If congress passed a law today that all US oil reserves must be developed it would take many years for that to happen so if your theory that Saudi will soon run out of oil is right our timing would be perfect. In the meantime though cost of oil would plummet which would immediately help the economy and tens of thousands would go to work in an oil drilling boom. USA would be back on its feet overnight.
    Wait there would be massive growth in an industry in which the price of the product plummets??? I'm no economist but that doesn't sound right to me.

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    Re: Exxon finds 700 million barrels in the GOM

    Prices can come way down from 100 bucks a barrel and be profitable for domestic oil production. $70.00 I believe is what oil comps say they need, that's $3.00 a gallon gas or less, an acceptable price.

  6. #116
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    Re: Exxon finds 700 million barrels in the GOM

    Quote Originally Posted by apdst View Post
    So, more supply and less demand is the reason for lower gas prices?
    Partially, but you left out a key word Tucker added. I really didn't expect you to understand the drop in demand for oil futures as a dollar hedge. I really can't dock you in particular for not grasping how that plays a role as that as it's a fairly complex subject. But yes, more actual, available, immediately usable supply and less short term demand results in lower gas prices. The same reason why Walmart cuts prices on things it has a huge amount of while facing declining demand.

    It's kind of waste of time talking to you about oil as you either do not wish to educate yourself about how oil is priced or you are just so much of a hack you refuse to admit you're wrong. You either choose to ignore that no one except you was focusing on total supply and tried to dishonestly cast the argument as dealing in total aggregate time indeterminable, unknown economical available oil. You either cannot understand English, or you are exceedingly dishonest.
    Last edited by obvious Child; 06-21-11 at 03:33 AM.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  7. #117
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    Re: Exxon finds 700 million barrels in the GOM

    Quote Originally Posted by Tucker Case View Post
    More actual supply, not more potential supply in the future that may or may not meet future potential demand.
    Key word!

    If you had a nut in your satchel, you'd simply admit that you were wrong and move on. Not many of us expect that to happen, though.
    Adpst admitting he's wrong? That will be a hot day in the last circle of Dante's Hell.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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