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. #21
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    Re: Domestic Drilling

    Quote Originally Posted by Bigfoot 88 View Post
    Did you read your own article?

    Trading volume was light in Asia as markets in China, Hong Kong, Taiwan, Malaysia and Singapore will closed for international Labor Day. Markets in Japan were open Monday but will be closed the next three days for Golden Week holiday.
    Basically a large portion of the oil commodity market wasn't buying or selling.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  2. #22
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    Re: Domestic Drilling

    Quote Originally Posted by Teh Internets View Post
    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.
    We should have started back during Reagan's era. I guarantee with a huge portion of the world wide oil demand gone we would have seen far more democratic and moderate regimes in the Middle East and a much more friendlier Russia. Iran would have gone like Bahrain at least a decade ago if we started a Manhatten like project to replace oil with renewable.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  3. #23
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    Re: Domestic Drilling

    Quote Originally Posted by obvious Child View Post
    Vote Maggots!
    Pointless to do and too environmentally risky. The Gov should lease more public land for solar energy.

    It may reduce prices in the short run, but after about, I don't know, 3-5 years it will be right back to where it is now. Global demand + weak dollar = $$$ gas
    Last edited by xpiher; 05-07-11 at 11:48 PM.

  4. #24
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    Re: Domestic Drilling

    Damnit, I get orders on how to vote in the OP, but the choice isn't in the poll!

    No "maggots" option.


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    On a more serious note - Yes, in the short term. It would have to be a large increase to make much impact at all on prices, but it's still a better short-term option than hoping prices on alternate sources drop to be comparable.

    In the long term, I think we would need to either have completely unrestricted drilling (yeah, right, like that'll happen) to keep the price down, or for all the promising and promised alternate sources to show fruit.
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    Sometimes I think we're alone. Sometimes I think we're not. In either case, the thought is staggering. ~ R. Buckminster Fuller

  5. #25
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    Re: Domestic Drilling

    Quote Originally Posted by xpiher View Post
    Pointless to do and too environmentally risky. The Gov should lease more public land for solar energy.

    It may reduce prices in the short run, but after about, I don't know, 3-5 years it will be right back to where it is now. Global demand + weak dollar = $$$ gas
    I largely agree. Unless the US has some magical way of quickly and sustainably boosting production and finding huge reserves, the time to market coupled with increase in global demand and the piss dollar will ensure the best can senario is we see gas prices rise slower. And this requires OPEC, Russia and Canada not to reduce their output to compenstate for increased USA production. OPEC, Russia and Canada are getting fat and happy off of $100 crude.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  6. #26
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    Re: Domestic Drilling

    Quote Originally Posted by The Mark View Post
    On a more serious note - Yes, in the short term. It would have to be a large increase to make much impact at all on prices, but it's still a better short-term option than hoping prices on alternate sources drop to be comparable..
    I think we'd be better off bombing China and India back to the stone age so they stop boosting global demand. Frankly nothing we can do can stop their voracious increase in demand. Even at a super conservative 1.5% (rather then a realistic 3% to 6%) annual increase for both nations in oil consumption, there's no place put up for oil prices.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  7. #27
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    Re: Domestic Drilling

    Quote Originally Posted by obvious Child View Post
    I think we'd be better off bombing China and India back to the stone age so they stop boosting global demand. Frankly nothing we can do can stop their voracious increase in demand. Even at a super conservative 1.5% (rather then a realistic 3% to 6%) annual increase for both nations in oil consumption, there's no place put up for oil prices.
    I suppose it wouldn't work to somehow set it up that none of the oil produced in the USA would be exported?

    I have no real knowledge of our production/demand numbers, but I would think that we could, with a boost in production and (if I'm understanding correctly) removal of our oil from the world market, potentially reduce our dependence on imported oil at least somewhat.

    I'm not sure if that would be possible, however...I've never looked into this all that much.
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  8. #28
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    Re: Domestic Drilling

    Quote Originally Posted by The Mark View Post
    I suppose it wouldn't work to somehow set it up that none of the oil produced in the USA would be exported?

    I have no real knowledge of our production/demand numbers, but I would think that we could, with a boost in production and (if I'm understanding correctly) removal of our oil from the world market, potentially reduce our dependence on imported oil at least somewhat.

    I'm not sure if that would be possible, however...I've never looked into this all that much.
    Unless you want to make it illegal to buy and sell oil, it won't do anything. And energy independence won't come from domestic drilling. Even liberal estimates put us at only meeting 25% of our oil needs through domestic production.

  9. #29
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    Re: Domestic Drilling

    Quote Originally Posted by The Mark View Post
    I suppose it wouldn't work to somehow set it up that none of the oil produced in the USA would be exported?
    Well, that would just encouraging investment in production to go elsewhere. If you can't sell your oil for the highest price because of export restrictions, then they'd go elsewhere where they don't have such restrictions. Furthermore that would actually drive prices up. I've never heard of an export restriction that didn't rack up prices. Sizable amounts of food commodities right now are high due to export restrictions from Egypt to Russia to Thailand. Rice and Wheat are artificially high as inventory is sitting around isolated from global commodity markets.

    I have no real knowledge of our production/demand numbers, but I would think that we could, with a boost in production and (if I'm understanding correctly) removal of our oil from the world market, potentially reduce our dependence on imported oil at least somewhat.
    In the short run I suppose, but wouldn't that just cause less imports? After all, if refined products can't be exported, won't extractors send oil to non-restricted refineries? US refineries are exporting refined oil products: What Energy Problem? U.S. Oil Exports Are on the Rise - Yahoo! Finance

    I'm not sure if that would be possible, however...I've never looked into this all that much.
    I don't see how these help. Export/Import restrictions as I understand history don't reduce prices. Trade barriers rarely do anyways.

    Honesty, the best way to reduce oil is to reduce demand. A 10% reduction in US demand would have pretty drastic reductions in price. A 50% would change how Russia behaves. a 70% would get rid of all of the oil backed dictators in the world.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  10. #30
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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.
    That is a fine idea but currently we need oil to do that and in the interm we can't let our gpovernment bankrupt us in the name of progress. Just the idea being put out for the u.S. to start domestic drilling will lower the current oil prices.

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