View Poll Results: Additional domestic drilling will reduce oil prices

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  • Yes

    33 48.53%
  • No

    19 27.94%
  • Maybe

    16 23.53%
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Thread: Domestic Drilling

  1. #11
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    Re: Domestic Drilling

    Quote Originally Posted by Bigfoot 88 View Post
    Alternative energy investment is far too expensive and still has many unknowns. It will take a long time to even harness that energy and when it is I can only imagine how expensive it will be. We have enough oil for another 100+ years and need to depend on that as to not hurt families and businesses. An economic recession is a horrible time to begin a transfer in energy production.

    Sure we can work on it, but lets make sure we are in a situation where it can be done.
    We need to start at some point, starting in 100 years when we are out of oil is much worse prospect than starting now while we have time.

  2. #12
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    Re: Domestic Drilling

    I was watching Modern Marvels a few weeks ago and they were talking about oil sands and sure enough I started seeing Chevron commercials for the same thing. According to Modern Marvels (and it could be a fib for all I know) over a 1/4 of our petroleum supply comes from this stuff. I think we should focus more on that and in the mean time make cars more energy efficient. I think within my lifetime at least most vehicles will be completely independent of oil, however much of our world is totally dependent on oil and this is a fact. We can reduce the dependence and eliminate non-NA dependence but it will never be totally eliminated until some other crazy breakthrough. Keep in mind our dependence on oil specifically is actually quite new compared to most other sources of energy, so who knows we might have another breakthrough someday.
    "We’re going to close the unproductive tax loopholes that allow some of the truly wealthy to avoid paying their fair share. In theory, some of those loopholes were understandable, but in practice they sometimes made it possible for millionaires to pay nothing, while a bus driver was paying ten percent of his salary, and that’s crazy." -Reagan

  3. #13
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    Re: Domestic Drilling

    Quote Originally Posted by Your Star View Post
    It's something we should strive for, space exploration was damn expensive, and there were many unknowns with that as well, but we got to the moon in under 10 years. I agree it might not be the best idea to do it in a recession, but it's something we need to start as soon as we are over this. You wanna bring America back to the forefront of technological expansion, you wanna take political, economic power away from the middle east? You invent a new energy source that everyone wants. I believe America can do it, we just need to commit to it, and not clamor for the last bits of oil left.
    It's not like we are just standing still and putting renewables on hold.
    There's is just no reason not to use our own natural resources now, rather than depending on other countries. Drill baby Drill!

    $60 Billion for Green in the Stimulus Bill: Where the Money Will Go : TreeHugger
    The Stimulus Green by the Numbers: Where the Money Will Go
    And here's what's got everyone so excited: (from NRDC)

    • $6 billion for clean and safe water, creating more than 200,000 jobs
    • $4.5 billion for greening federal buildings
    • State energy grants, issued through the Treasury Department, that will fund renewable energy projects that are eligible for the available tax credits
    • Funding for the state energy program, which includes important utility reforms and building code conditions
    • $2.5 billion for energy efficiency and renewable energy Research and Development
    • $5 billion for the Weatherization Assistance Program, creating approximately 90,000 jobs
    • A multi-year extension of the renewable production tax credit
    • A more effective tax credit for home efficiency upgrades
    • $6 billion in loan guarantees for renewables, transmission and leading edge biofuels
    • $2 billion for advanced batteries
    • $9.3 billion for intercity rail, including high-speed rail
    • $27.5 billion for highways (this large pot of money is not exclusively for highways, and states and cities must use this flexibility to invest in fuel-efficient public transportation)
    • $8.4 billion for transit
    • $1.5 billion in competitive grants for transportation investments (which could be used for public transportation)
    Even some of the smaller numbers are encouraging: (from previous TreeHugger post)
    * $125 million to restore trails and abandoned mines
    * $146 million for trail maintenance at National Park Service sites
    * $140 million for volcano monitoring systems
    * $600 million for the Environmental Protection Agency Superfund environmental cleanup program
    * $200 million to clean up leaking underground storage tanks
    * $500 million for forest health and wildfire prevention

    Catawa is my favorite bleeding heart liberal.
    1/27/12

  4. #14
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    Re: Domestic Drilling

    Quote Originally Posted by Your Star View Post
    I say we move away from oil all together, and focus on new energy sources.
    Good luck with that.
    You, my brothers and sisters, were called to be free. But do not use your freedom to indulge the flesh; rather, serve one another humbly in love.For the entire law is fulfilled in keeping this one command: “Love your neighbor as yourself.”

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    Re: Domestic Drilling

    Quote Originally Posted by Harry Guerrilla View Post
    It could, over time, if refining capacity is increased and the amount of oil on the world market increases in proportion, to the increase in consumption.
    But that would be a very different planet. Technically to reduce prices via domestic drilling, we'd have to see demand drop dramatically considering the amounts the US can actually bring to market.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  6. #16
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    Re: Domestic Drilling

    Quote Originally Posted by SE102 View Post
    I'm under the impression all the drilling we could muster would likely barely increase the amount of oil in our country by a double digit percentage and in a decade.
    Indeed. I'm under this impression as well. Actually I think it's single digits. Plus compared to total global supply and total projected increase in demand, it takes a suspension of basic mathematical principles to argue that domestic can reduce oil prices. Well. Short of Chavez Style Nationalization.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: Domestic Drilling

    Hey, nothing wrong with that, Chavez did it all to the legal dot.

  8. #18
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    Re: Domestic Drilling

    Quote Originally Posted by SE102 View Post
    Hey, nothing wrong with that, Chavez did it all to the legal dot.
    Uh...depends how you define "wrong." Venezeula is facing a decline in oil production for a number of reasons directly tied to nationalization.

    Anyways, I think the majority of people have this asinine notion that domestic driling can reduce oil prices largely because they don't understand how commodity markets work.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  9. #19
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    Re: Domestic Drilling

    Quote Originally Posted by obvious Child View Post
    Uh...depends how you define "wrong." Venezeula is facing a decline in oil production for a number of reasons directly tied to nationalization.

    Anyways, I think the majority of people have this asinine notion that domestic driling can reduce oil prices largely because they don't understand how commodity markets work.
    I think it is as much that they do not understand the concept of a global economy. Reducing the demand in the US is not going to reduce the cost much, since the cost of oil is based on global demand.
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

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    Uh oh Megyn...your vagina witchcraft is about ready to be exposed.

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    Re: Domestic Drilling

    Well yes, they had to gut the executives and many workers out of the national oil company. Details are sketchy but its a government oil company that has never been under the government until Chavez. I also want to know how theyre going to process that ultraheavy crude they've found without imperialist help.

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