View Poll Results: Additional domestic drilling will reduce oil prices

Voters
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  • Yes

    33 48.53%
  • No

    19 27.94%
  • Maybe

    16 23.53%
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Thread: Domestic Drilling

  1. #161
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    Re: Domestic Drilling

    Quote Originally Posted by Catawba View Post
    Has the World Already Passed “Peak Oil”?

    "The year 2006 may be remembered for civil strife in Iraq, the nuclear weapon testing threat by North Korea, and the genocide in Darfur, but now it appears that another world event was occurring at the same time—without headlines, but with far-reaching consequence for all nations.

    That’s the year that the world’s conventional oil production likely reached its peak, the International Energy Agency (IEA) in Vienna, Austria, said Tuesday.

    According to the 25-year forecast in the IEA's latest annual World Energy Outlook, the most likely scenario is for crude oil production to stay on a plateau at about 68 to 69 million barrels per day.

    In this scenario, crude oil production "never regains its all-time peak of 70 million barrels per day reached in 2006," said IEA’s World Energy Outlook 2010.

    In previous years, the IEA had predicted that crude oil production would continue to rise for at least another couple of decades.

    Now, because of rising oil prices, declines in investment by the oil industry, and new commitments by some nations to cutting greenhouse gas emissions, the new forecast says oil production is likely to be lower than the IEA had expected.

    End of Cheap Oil

    The projected flat crude oil production doesn’t translate into an immediate shortage of fuels for the world’s cars and trucks. IEA actually projects that the total production of what it calls “petroleum fuels” is most likely to continue steadily rising, reaching about 99 million barrels per day by 2035.

    This growth in liquid fuels would come entirely from unconventional sources, including "natural gas liquids," which are created as a by-product of tapping natural gas reservoirs.

    (Quiz: “What You Don’t Know About Natural Gas”)

    The consequences for the world’s energy consumers of this increased reliance on natural gas liquids and other unconventional fuels are stark.

    "The age of cheap oil is over," said Fatih Birol, IEA chief economist.

    "If the consuming nations do not make major efforts to slow down the oil demand growth, we will see higher oil prices," Birol said, "which we think is not good news for the economies of the consuming nations."

    Has the World Already Passed
    What's next? An article about how global warming is going to destroy mankind?

  2. #162
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    Re: Domestic Drilling

    Quote Originally Posted by earthworm View Post
    OK, but why are we so damn slow to convert to other forms (geothermal, wind, solar, nuclear).
    And where is our "official energy strategy" ?
    What are our government people doing , other than sitting and arguing ?
    So solar is only partial, with a long pay-back....so what.
    Geothermal is expensive - here we must have government subsidies.
    Coal is cheap, but realistic environmental standards are a must, we should have nearly the same standards as the Chinese.
    Because they're unreliable and too expensive.

    Not to mention that everytime someone wants to build a windmill farm, solar farm, nuke plant, or dam, the treehuggers file a law suit to stop it.

  3. #163
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    Re: Domestic Drilling

    Quote Originally Posted by cpwill View Post
    if you want to reduce risk to the workers - let them drill closer to the shore or on land.
    I did not force BP to drill in unsafe depths. You ask why they do not drill closer to shore or on land? "Offshore drilling presents environmental challenges, especially in the Arctic or close to the shore."
    Offshore drilling - Wikipedia, the free encyclopedia

    They have never stopped drilling on land, the only problem is production continues to decline from our peak production in 1971.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

  4. #164
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    Re: Domestic Drilling

    Quote Originally Posted by apdst View Post
    There is no long term, if our economy never recovers.
    The Bush recession has already improved.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

  5. #165
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    Re: Domestic Drilling

    Quote Originally Posted by xpiher View Post
    Its only common sense because most people only care about the short gains and not the long term cost. The short term gain are a few jobs and maybe slightly lower gas prices. The long term cost is a depletion in reverses, enviormental damage (since the oils that is left is in risky areas,) etc. The oil that gettable in Brazil is easier to get than the oil left in the US. I personally am against the president giving money to other countries to grow their businesses, let the investors do that. However, it is less enviormentally costly to do it in Brazil because of where they will be getting their oil. The money is that is being given is to modernize their methods to also reduce the environmental cost.

    Also, you are forgetting where the Oil we have left actually is.
    How is that?

  6. #166
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    Re: Domestic Drilling

    Quote Originally Posted by coolwalker View Post
    Let's all go back to riding horses and make it a duty of all of congress to clean up the dung.

    Seriously, drilling will not hurt, it can only help. [/b]If we don't do something and soon, we will be in deep doo-doo.[/b]
    That's what Obama is shooting for.

  7. #167
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    Re: Domestic Drilling

    Quote Originally Posted by Catawba View Post
    The Bush recession has already improved.
    I guess the unemployment rate going back up to 9% tipped you off as to how much the economy has improved?

  8. #168
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    Re: Domestic Drilling

    In the long run, domestic drilling will help lower the price. Next week, not so much...

  9. #169
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    Re: Domestic Drilling

    Quote Originally Posted by rocket88 View Post
    In the long run, domestic drilling will help lower the price. Next week, not so much...
    next week we might see a dumping by the futures traders; who won't want to hold on to a commodity that we are set on depreciating.

    but that is all moot; because Oil is no longer necessary - finally a sustainable, infinite, alternative energy hallelujah!


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    Re: Domestic Drilling

    I voted just to see how many fools there are that believe increased domestic drilling will lower oil prices. Does anyone who voted yes understand that oil is a global commodity and priced by global demand? The only way the US could attempt lowering domestic oil prices is by nationalizing oil and we'd still need to import a majority of consumption, at prices that would soar if the single largest consumer (USA) took its production out of the globsl market. Who would subsidize lower prices, that big government advocates of increased drilling seem to despise while demanding continued subsidization of the oil and gas industry? US education has obviously failed the citizenry if some posters on this forum actually believe increased domestic drilling would lower oil costs.

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