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. #31
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    Re: Domestic Drilling

    Quote Originally Posted by deltabtry View Post
    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.
    So oil traders could reap huge profits by merely starting rumors about impending domestic drilling to buy oil after the drop only to sell it high after prices inevitably rise? That's a good idea to reduce the deficit. The US government leaks ideas to allow more domestic, buys up huge amounts of oil contracts after the price drop and sells when the news that there isn't any new plans reaches the media!
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  2. #32
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    Re: Domestic Drilling

    Quote Originally Posted by obvious Child View Post
    So oil traders could reap huge profits by merely starting rumors about impending domestic drilling to buy oil after the drop only to sell it high after prices inevitably rise? That's a good idea to reduce the deficit. The US government leaks ideas to allow more domestic, buys up huge amounts of oil contracts after the price drop and sells when the news that there isn't any new plans reaches the media!
    Not reading my post correctly take one more step further when we are actually drilling for oil. This country also has to build the refineries to accommodate the increase, because currently even if we did increase the supply we can only refine a certain amount. It's very simple supply and demand. Now in regards to your statement about buy low and sell high, yep there is some truth to this but then again who are the consumers.

  3. #33
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    Re: Domestic Drilling

    Quote Originally Posted by deltabtry View Post
    Not reading my post correctly take one more step further when we are actually drilling for oil.
    But won't actually change anything considering the actual amount added coupled with increased demand. Speculation is largely happening due to the weak dollar. Oil is basically acting as a dollar hedge. Drilling more won't solve that.

    This country also has to build the refineries to accommodate the increase, because currently even if we did increase the supply we can only refine a certain amount.
    Except that US refined inventories right now are stocked and oil is still super high.

    It's very simple supply and demand.
    Then by such measure additional US Domestic won't do squat. The additional supply we can bring is tiny compared to the massive growth in demand overseas. Unless we nationalize like Chavez.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

  4. #34
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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.
    The problem is we are not in a good position right now.

    For example, corn ethanol is causing a rise in food prices which is hurting the economy. (Not to mention that it will be impossible to grow large enough crops to make a substantial amount of corn ethanol)
    "I have never understood why it is "greed" to want to keep the money you have earned but not greed to want to take somebody else's money." -Thomas Sowell

  5. #35
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    Re: Domestic Drilling

    Quote Originally Posted by obvious Child View Post
    Did you read your own article?
    Yep

    Speculation leads to changes in oil prices
    "I have never understood why it is "greed" to want to keep the money you have earned but not greed to want to take somebody else's money." -Thomas Sowell

  6. #36
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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.
    like magic!


    seriously, there is nothing that replaces oil currently on the market. let's lower energy prices while the technology improves to the point where we can have a viable alternative, instead of choosing to keep ourselves poorer.



    opening up domestic supply for drilling would be a jobs bonanza - of jobs that pay higher than the national average. It would lower energy prices, it would increase revenues, it would increase growth, and it would help pull us out of this slump. waiting for windmill-driven unicorns to bring us magical 'alternative' energy isn't a strategy, it's a hope that you keep while working on what you have today.

    Increasing Domestic supply would become a powerful foreign policy multiplier. It gives us a world in which the US can use it's monopsony position to tell Chavez to get bent, a world in which we can reduce the strategic importance of the Middle East.

    Critics point out that it would take time to get the wells up and running, and that current spikes are caused by speculators - they are partially correct. Futures markets serve as predictors of the price of oil in... well, the future. What do you think those "speculators", those futures traders are going to think about the future price of oil if they see that the supply is going to be massively increasing in said future?


    Drilling here gives us jobs. It increases wages. It increases revenues in a time in which we are facing a debt crises. It grows the economy at a time when growth is anemic and we desperately need to get on a more sharply upward-curving track. It reduces our need to control the stability of foreign sources, increases our strength vis-a-vie our enemies, and gives America more control over her future.

    Those who say America's best days are behind her? They haven't looked around. There are huge ways in which we could explode upward. We just gotta use them.
    Last edited by cpwill; 05-08-11 at 12:38 PM.

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    Re: Domestic Drilling

    Of course it will. Putting more oil on the market alters the balance of supply and demand.

    Duh.

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    Re: Domestic Drilling

    Quote Originally Posted by Bigfoot 88 View Post
    The problem is we are not in a good position right now.

    For example, corn ethanol is causing a rise in food prices which is hurting the economy. (Not to mention that it will be impossible to grow large enough crops to make a substantial amount of corn ethanol)
    Note that very few of the liberals opposed to "corporate welfare" opposes corn ethanol subsidies.

    Even though it makes food more exensive for the poor, and everyone else, the left is not complaining. Clearly they have other reasons for pursuing the policies they do, even as the make noises about "social justice" and other nonsense.

  9. #39
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    Re: Domestic Drilling

    Quote Originally Posted by obvious Child View Post
    Vote Maggots!
    the answer is YES, do not forget the huge oil reserves in Alaska.
    Rom 6:23:For the wages of sin is death, but the gift of God is eternal life in Christ Jesus our Lord.

  10. #40
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    Re: Domestic Drilling

    Quote Originally Posted by cpwill View Post
    like magic!


    seriously, there is nothing that replaces oil currently on the market. let's lower energy prices while the technology improves to the point where we can have a viable alternative, instead of choosing to keep ourselves poorer.
    You obviously aren't taking into account the environmental cost of getting said energy, nor are you looking at the waste of energy for getting the harder to reach fossil fuels, like the sand oil in Canada, takes like 4x the energy to extract it that it produces (from memory) or fracting for natural gas that destroys water supplies.

    Quote Originally Posted by Mayor Snorkum View Post
    Of course it will. Putting more oil on the market alters the balance of supply and demand.

    Duh.
    It won't make gas go below $3/gallon because of the rate of increase in demand around the rest of the world. All you do is force alternative energy sources to be more expensive by comparison.
    Last edited by xpiher; 05-08-11 at 06:02 PM.

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