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BP Makes ‘Giant’ Oil Discovery in Gulf of Mexico

Oh good, more oil...... let's stop that crap please. :doh
 
How is the government manipulating the market to the extent it is causing a rise in prices for Americans?
It's due to the fact that for every other product and service it's an overhead cost, and that always gets passed on to the consumer.
 
No, the market is broken because the government has far too much power in the economic sphere. If the government weren't so involved in manipulating the market, the oil companies' power in government would be meaningless.

Once again, the government is a sickness masquerading as its own cure.

Not really. The oil market is broken because of lack of competition. Between OPEC, Russia, Venezuela and a few other cooperating partners, they control the vast majority of oil sold on international exchanges. Basically, OPEC sets a base price and then the rest follow because it's in their best interest. Now, imagine if every oil producer competed on price with each other rather than colluding. Also remember that several backers of the Iraq invasion wanted to use Iraq as the tool to destroy OPEC. In that regard, I fully supported the war. It's hard to change markets when there are a few players that control a commodity that is not easily substituted who are colluding with each other on price.

Thus, adding less than 1% to total daily production won't change prices a bit. I really don't see how this helps us. Sure it's good....but in the grand scheme of things, it doesn't matter.
 
You mean like it has not done so far? Face it the market is broken because the oil companies have far too much power in the political sphere.

This is incorrect. Shell, Exxonmobile, Chevron and the like have relatively little power in price setting (if frankly any when it comes to crude). The nationalized or semi-nationalized systems in OPEC, Russia, Venezuela and a few others are really the ones with the power.
 
It will take at least 10 years to get a single drop out ... at least.

Now there is a good reason not to ever drill another oil well.

[/sarcasm]
 
Again, so what? Doing nothing isn't going to produce that pool, nor is doing nothing going to create jobs. There will be oil flowing out of that resevoir before green energy come close to maturity.

I always tell my wife... "If I don't go fishing, I’ll never catch a fish.
 
Now America will have to invade Mexico because it has conviently become a failed state and therefore a threat to national security...and then oil prices in America plummet as it has a domestic supply and less reliability on the Wahhabi oil :lol:
 
Oh good, more oil...... let's stop that crap please. :doh

You wanna replace plastic with wood? Do ya, really? I'm all for it. More jobs can be created there, too. My trucks can haul logs just as good as they can haul drill pipe.
 
Why do people act like oil exploration and alternative energy are either or propositions? We can and should be investing in both. Sure this oil won't come out of the ground for a decade, but does anything think we won't be using oil in a decade? Sure this field by itself won't make a major impact, but this field and another field and another field, can add up to make some sort of impact.

And while we're drilling we should be working to expand our use of alternative energy and nuclear energy as well to wean us off oil in the long term.

This story is a minor piece of a good news. I don't know why folks are deriding it.
 
Why do people act like oil exploration and alternative energy are either or propositions?

It somewhat is. Let's remember again that the problem America has with power (aside from a stupid grid), is not in generation, that we have a major surplus of, it's liquid fuel problem. And increasing oil exploration doesn't move us off that problem, it just keeps us on it, abet at a lower cost. If we can somehow turn alternative into a liquid fuel replacement, we've solve a great many of our problems.

We can and should be investing in both.

I agree, we should, it's just that we have to keep in mind that we are not in control when it comes to oil markets and the longer we stay, the more we fuel regimes that are often diametrically opposed to our goals. Imagine if the entire US demand for oil for consumer vehicles stopped. Oil futures would plummet, as would oil revenue. Bye Bye Chavez. Bye Bye Iranian Mullahs. Bye Bye Putin. They are instantly gone.

Sure this oil won't come out of the ground for a decade, but does anything think we won't be using oil in a decade? Sure this field by itself won't make a major impact, but this field and another field and another field, can add up to make some sort of impact.

Maybe. At this rate, we're not even finding fields fast enough to replace the fields that are declining.

And while we're drilling we should be working to expand our use of alternative energy and nuclear energy as well to wean us off oil in the long term.

Not to mention throwing billions at energy storage and electric cars. Hell, if we could efficiently store electricity and setup solar panels in space....who needs coal, gas and nuclear?
 
So, your solution, is to do nothing? How's that been working for us, so far?

How about doing less? as in less wasting of energy resources....?
 
My solution? Is to keep on drilling where it's allowed now and fund renewable energy projects. And Nuclear energy is fine by me as well.

Also tax the crap out of fossil fuels and use the revenue to offset income taxes on the middle class.

Reminder, no matter how many politicians say it..
Nuclear is not an alternative to oil....Nuclear is an alternative to coal...

I like the nuclear path for electrical energy, but lets not get the apples in with the oranges.
 
It's due to the fact that for every other product and service it's an overhead cost, and that always gets passed on to the consumer.

as it should, we have to pay for what we get, and if costs go up, price should follow....
 
How about doing less? as in less wasting of energy resources....?

Fewer products produced and shipped? Fewer goods and services consumed? Fewer people working? Somehow, I don't see that being the answer.
 
Fewer products produced and shipped? Fewer goods and services consumed? Fewer people working? Somehow, I don't see that being the answer.

We produce and ship? are we chinese?
Consumption isn't the answer to everything, and even with current levels of consumption, there is still a lot of wasted energy.

How many people do we all know who commute in a 4x4 3/4 ton truck, alone....?
How many of us over heat or cool our homes?
How many of our homes are energy hogs because they were poorly designed and built?
Turn a blind eye to reality if you wish, but a very large percentage of our energy is wasted, producing and shipping nothing that can help us make a buck...
 
I thought the treehuggers told us there was no more oil in the Gulf. Guess they were wrong, again.

I'm offering a $1000 reward and a promise to leave this forum forever if any winger can give us the name of the "treehugers" who said there was no more oil in the Gulf


Will anyone in the FAMILY VALUES PARTY step up?
 
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I agree, we should, it's just that we have to keep in mind that we are not in control when it comes to oil markets and the longer we stay, the more we fuel regimes that are often diametrically opposed to our goals. Imagine if the entire US demand for oil for consumer vehicles stopped. Oil futures would plummet, as would oil revenue. Bye Bye Chavez. Bye Bye Iranian Mullahs. Bye Bye Putin. They are instantly gone.

I agree 100%. It is obviously in our long term best interest to rid ourselves of oil dependency. Right now we're pumping millions of millions of dollars into the economies of our enemies. If oil demand and revenues plummeted, the importance and wealth of those regimes would plummet right alongside them. They would all quickly become irrelevant (except perhaps Putin given Russia's sheer size and wealth in other resources).

Maybe. At this rate, we're not even finding fields fast enough to replace the fields that are declining.

Let me put it this way, finding new sources of domestic oil certainly isn't going to hurt us. Refusing to tap into newly discovered domestic sources is only going to increase the power and revenues of those hostile regimes listed above.

Not to mention throwing billions at energy storage and electric cars. Hell, if we could efficiently store electricity and setup solar panels in space....who needs coal, gas and nuclear?

Any viable concept that can potentially replace fossil fuels should be researched and funded.
 
Refusing to tap into newly discovered domestic sources is only going to increase the power and revenues of those hostile regimes listed above.

B.S.

The amount of oil in those closed off reserves would effect the price of gas by only a few cents. Ten years down the line. That's not going to materially effect any "hostile regimes" for the better or worse.

Stop spreading right wing urban legends.


“Analysis of Oil and Gas Production in ANWR“: 2004 Congressional Report.

It is expected that the price impact of ANWR coastal plain production might reduce world oilprices by as much as 30 to 50 cents per barrel [in 2025].

Don’t spend it all in one place, American public! [There are 42 gallons in a barrel.]

EIA continues:

Assuming that world oil markets continue to work as they do today, the Organization of Petroleum Exporting Countries could countermand any potential price impact of ANWR coastal plain production by reducing its exports by an equal amount.
 
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You mean like it has not done so far? Face it the market is broken because the oil companies have far too much power in the political sphere.
The market isn't broken, the market simply hasn't created a demand for an alternative to oil sufficient to bring said alternative to a cost-effective and large scale level.
 
The market isn't broken, the market simply hasn't created a demand for an alternative to oil sufficient to bring said alternative to a cost-effective and large scale level.

maybe because there is not an infrastructure to support the alternatives as of yet. And I do think the oil based economy has been helped by government throughout the years.
 
There was no infrastructure for oil, either, until the market made it desirable.
 
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