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. #221
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    Re: Domestic Drilling

    Quote Originally Posted by Mayor Snorkum View Post
    So, when their oil runs out, they're in deep camel poo.

    And so are we!
    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

  2. #222
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    Re: Domestic Drilling

    Quote Originally Posted by Catawba View Post
    And so are we!
    Nah, by that time the nation should be cleansed of all that socialist environmentalist looney toons bull****, and with two trillion barrels of oil to draw from, we'll be doing fine.

  3. #223
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    Re: Domestic Drilling

    Quote Originally Posted by Mayor Snorkum View Post
    Nah, by that time the nation should be cleansed of all that socialist environmentalist looney toons bull****, and with two trillion barrels of oil to draw from, we'll be doing fine.
    At $200 a barrel, how does that help our economy? Peak oil does not represent the end of oil, it represents the end of cheap oil.
    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. #224
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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.
    Black and white statements like that do little to help, and insults the investments ($billions) that are already continuously being made. Face the facts, we are NOT going to stop using oil in your lifetime. Research the chemistry and transportation issues yourself.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

  5. #225
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    Re: Domestic Drilling

    Quote Originally Posted by Catawba View Post
    We are still kissing their ass so I guess they are not doing too badly?
    well yeah. we're stupid enough not to take advantage of our own supply to reduce our dependence on theirs'. currently they are in the position of a man doing a high-wire balancing act.... except they arent even trying to walk to the opposite side. The saudi's have two choices: build a market economy (which will be extremely difficult and painful for them), or eventually fall off the wire.

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    Re: Domestic Drilling

    Quote Originally Posted by OhIsee.Then View Post
    Today the capacity for the worldís oil Ďproductioní far exceeds its use. The Saudiís alone can easily make up for the lost Libyan oil. Global demand isnít the first order driver for the price of oil. Controlling the supply, which the Saudiís and others do, and speculation are the first and second order drivers. To stop this there would need to be a benevolent supplier (One that is not trying to maximize profit.) of oil with the capacity on the order of the Saudiís. None of North Americaís wells are run by benevolent suppliers.
    I spent a lot of years in commerce and don't recall a benevolent supplier of anything. I do disagree with your definition of supply control and speculation being the drivers of any product. Product demand, sales, is always the primary focus with supply control and inventory being normal business functions to maximize profitability with commodity speculation a secondary, associated market. Without demand there would be no supply/inventory or speculation.

  7. #227
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    Re: Domestic Drilling

    The purpose of this "drilling" must NOT be to reduce gas prices.
    What is important, that if there is energy(gas,oil) there we must go after it !
    We cannot live in fear, we must be brave !
    Hyperbole ? you say ?
    Male bovine fecal matter say I.

  8. #228
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    Re: Domestic Drilling

    Quote Originally Posted by croniccynic View Post
    I spent a lot of years in commerce and don't recall a benevolent supplier of anything. I do disagree with your definition of supply control and speculation being the drivers of any product. Product demand, sales, is always the primary focus with supply control and inventory being normal business functions to maximize profitability with commodity speculation a secondary, associated market. Without demand there would be no supply/inventory or speculation.
    Yes, that is the obvious point, no benevolent suppliers, now or in the future.

    World oil demand remains relatively constant in a wide price range. Maybe gas at $6/gal might slow the drivers around here, but $4.40 gas isnít. At $2/gal I donít think drivers would go much faster than the 79 mph that is now nominal here. There are many other examples too. Price isnít adjusting demand much. So the suppliers should be competing for market share, but itís not happening since there is a very large, essentially family run, supplier that is willing to adjust its supply to control price and therefore the effect on their investments. Aramco has invested its money in other economies, so it important to them to have their income from their investments not hurt by oil prices that are too high. Aramco isnít the only organization with complex motivations when it comes to pricing its product. There may also be a functioning cartel of suppliers. Therefore it more complicated than your formulaís limited inputs.

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    Re: Domestic Drilling

    Quote Originally Posted by croniccynic View Post
    I spent a lot of years in commerce and don't recall a benevolent supplier of anything. Well, we have our Ebenezer Scrooges and we have many kind decent people in business, and I think the benevolent outnumber the misers/misanthropes.I do disagree with your definition of supply control and speculation being the drivers of any product. Product demand, sales, is always the primary focus with supply control and inventory being normal business functions to maximize profitability with commodity speculation a secondary, associated market. Without demand there would be no supply/inventory or speculation.
    Interesting, I see your point. Of course, a businessman must balance kindness with profitability - no easy task..
    I just think that ones heart should be warmer - there is more to life than just money..
    I suspect that speculation is too fear driven.

  10. #230
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    Re: Domestic Drilling

    Quote Originally Posted by OhIsee.Then View Post
    Yes, that is the obvious point, no benevolent suppliers, now or in the future.

    World oil demand remains relatively constant in a wide price range. Maybe gas at $6/gal might slow the drivers around here, but $4.40 gas isn’t. At $2/gal I don’t think drivers would go much faster than the 79 mph that is now nominal here. There are many other examples too. Price isn’t adjusting demand much. So the suppliers should be competing for market share, but it’s not happening since there is a very large, essentially family run, supplier that is willing to adjust its supply to control price and therefore the effect on their investments. Aramco has invested its money in other economies, so it important to them to have their income from their investments not hurt by oil prices that are too high. Aramco isn’t the only organization with complex motivations when it comes to pricing its product. There may also be a functioning cartel of suppliers. Therefore it more complicated than your formula’s limited inputs.
    I quoted the basic formula. Of course there are other factors, but without demand no commodity market would develop complex circumstances influencing pricing. The idea of increased US oil drilling/production lowering fuel prices at the pump is so laughable I never fail to be amazed at what a general public will swallow.

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