Would more oil drilling bring an instant drop in oil prices? - Page 2

DarkWizard12 · 07-18-08, 04:05 PM

Quote:

Originally Posted by obvious Child

I suspect your argument is ignorant to other factors.

What else would tribute to a record drop? Not jsut a normal drop, but RECORD drop? coincedince it owuld happen moments after the lift? I think not.

winston53660 · 07-18-08, 04:09 PM

Quote:

Originally Posted by DarkWizard12

What else would tribute to a record drop? Not jsut a normal drop, but RECORD drop? coincedince it owuld happen moments after the lift? I think not.

Let's see how long it lasts???????

DarkWizard12 · 07-18-08, 04:12 PM

Quote:

Originally Posted by winston53660

Let's see how long it lasts???????

Yes, let us see. It has lasted a few days already....

winston53660 · 07-18-08, 04:14 PM

Quote:

Originally Posted by DarkWizard12

Yes, let us see. It has lasted a few days already....

I haven't seen the price drop at the pump yet.

obvious Child · 07-18-08, 04:16 PM

Quote:

Originally Posted by DarkWizard12

What else would tribute to a record drop? Not jsut a normal drop, but RECORD drop? coincedince it owuld happen moments after the lift? I think not.

Open talks with Iran for one, remember the ruckus that Iran caused when it made inflammatory statements? Deescalation with a major oil producer easily reduces price. The appreciation of the dollar. Changing in where financial hedging money goes. Increasing buffer supplies from OPEC nations.

I have a HARD TIME believing that future contract buyers and makers are stupid enough to believe that just because Bush revoked his father's EO on oil drilling that anything is going to happen soon. That's a special kind of dumb. For people who handle literally billions in contracts to fall for something that a 5th grader studying Congress wouldn't, c'mon. That's ridiculous.

Hatuey · 07-18-08, 04:16 PM

Quote:

Originally Posted by Goobieman

Probably not.
But then, I dont recall anyone suggesting it would.

Quote:

"When people are hurting, and struggling to afford gasoline, food, and other necessities, common sense requires that we draw upon America's own vast reserves of oil and natural gas,''

I have to wonder how gas prices that will only drop 5-10 years from now will help people who are struggling now. Unless the person who made these remarks thinks drilling for oil now will have a short term effect on current gas prices. But I doubt it.

Navy Pride · 07-18-08, 11:12 PM

The price of oil dropped another $5.00 today.....That makes $15.00 in 3 days since the president made his annoucement...........

DarkWizard12 · 07-19-08, 05:22 AM

Quote:

Originally Posted by obvious Child

Open talks with Iran for one, remember the ruckus that Iran caused when it made inflammatory statements? Deescalation with a major oil producer easily reduces price. The appreciation of the dollar. Changing in where financial hedging money goes. Increasing buffer supplies from OPEC nations.

Talks are still going on though. This came in a matter of less than a day after the pres lifted the ban. But don't worry, I know you can't see a correlation.

Quote:

I have a HARD TIME believing that future contract buyers and makers are stupid enough to believe that just because Bush revoked his father's EO on oil drilling that anything is going to happen soon. That's a special kind of dumb. For people who handle literally billions in contracts to fall for something that a 5th grader studying Congress wouldn't, c'mon. That's ridiculous.

most people want oil drilling. could be a ploy really. Since bush lifted the ban and american's current attitude toward drilling right now, this could be contractors scamming for money.

Don't overestimate american's judgement. We were given Bush twice afterall.

WI Crippler · 07-19-08, 11:24 AM

Isn't the oil market based on oil "futures". By setting a policy now of opening up drilling for new resources(even though the supply wopuld be years off), wouldn't that lead a futures market to drop the price now, based on future supply?

Ethereal · 07-19-08, 11:43 AM

Here's the real question. What negative effects could come about from increased exploration and exploitation? I've heard many arguments why more exploration won't alleviate oil prices (which I find to be quite dubious) but I haven't heard a reason why we shouldn't do it anyway. Even if you can make the theoretical argument that exploration won't help mitigate prices we won't know until we try, so why are there so many people in this forum who are against the furtherance of exploration and exploitation? Give me one good reason why we shouldn't do it.