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. #1
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    Domestic Drilling

    Vote Maggots!
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    Re: Domestic Drilling

    Quote Originally Posted by obvious Child View Post
    Vote Maggots!
    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.
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    Re: Domestic Drilling

    I say we move away from oil all together, and focus on new energy sources.
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    Re: Domestic Drilling

    Speculation accounts for about a third of the price of oil. If we get serious about drilling more and becoming energy independent, speculation will be that there will be more oil in the future. The price will drop.
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    Re: Domestic Drilling

    Quote Originally Posted by obvious Child View Post
    Vote Maggots!
    Absolutely not, until we reduce our dependence on oil, it won't matter what the source is, since the spike in price of crude is mostly controlled by speculaters on the commodities markets. The purpose of these markets were so businesses could plan their future costs and the assumption they would take delivery of them. Today's speculators use these markets as a casino - the never taking delivery.


  6. #6
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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.
    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.
    "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

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    Re: Domestic Drilling

    Quote Originally Posted by Barbbtx;1059469449[B
    ]Speculation accounts for about a third of the price of oil.[/B] If we get serious about drilling more and becoming energy independent, speculation will be that there will be more oil in the future. The price will drop.
    Oil falls below $113 after bin Laden killed - Forbes.com

    Correct
    "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

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    Re: Domestic Drilling

    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.

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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.
    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.
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  10. #10
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    Re: Domestic Drilling

    Quote Originally Posted by Barbbtx View Post
    Speculation accounts for about a third of the price of oil.
    This is true.

    If we get serious about drilling more and becoming energy independent, speculation will be that there will be more oil in the future. The price will drop.
    This is true, but not as you mean it. Increased domestic drilling would increase worldwide oil production a tiny amount(oil is a worldwide market) and would only do such effect 10 + years in the future, so increased domestic drilling would not reduce speculation and it's effect on oil prices. However, increased efforts on becoming energy independent by developing and using alternative fuels will, in time, have an actual impact.
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