Sign the Petition Now! Drill for oil in the USA!

[Steve Wood]

Their motivation to drill is to have oil to sell that costs less than they have to pay to purchase it.

Their motivation is to find large pools of oil that belongs to them, and which costs less than $140/barrel, or whatever the current market price happens to be.

It costs the Saudi's about $2 to produce a barrel of oil and they sell it for the current price. Private oil companies would be happy to pay a lot more to produce their own oil as long as it is less than they have to pay when buying from OPEC.

Production by major oil companies is flat to declining as they have lost access to oil thru nationalizations and production restraints by OPEC and associated countries across the world.

The USGS has estimated the world has some four trillion barrels of potential reserves based upon known sources. I am not aware of any major oil company that believes in the peak oil theory at the moment. On the other hand, they are precluded from drilling in much of North America by law.

North America is projected by sources such as the USGS to have more potential than just about any other area of the world.

Until we do something about bringing these reserves online, OPEC and traders will continue to set the price levels. Private production does not control pricing as it is not significant in comparison to the cartel numbers.

The US government has established OPEC as a cartel as effective as DeBeers.

[TG6]

Dubai: Past and Future « My Life and Times
Dubai - Wikipedia, the free encyclopedia


Took about 20 years to become what it is, about the same amount of time it took for US to become where we are at.

[Texas Turbo T]

Originally Posted by Gothmog

again, If the oil companies are making record profits NOW, what is their motivation to get off their asses and DRILL?

someone please answer the simple question

MAKE MORE MONEY, DUH!

Originally Posted by Gothmog

They will drill when they need to, right now we need them to drill, they could give two shts

So Gothmog, your now saying that "United States need our oil companies to drill and refine oil here in the USA"?

That is a reply only Obama could come up with. I thought that you/Democrats say "drilling would not solve anything for at least ten years"?

please answer the simple question!

[getyousome]

Originally Posted by Gothmog

basic economics would dictate UPSTART companies in the oil industry jumpint in to undercut the big guys. Its a closed oligopoly...therefore they feel no threat from outside sources drilling for oil

again, If the oil companies are making record profits NOW, what is their motivation to get off their asses and DRILL?

someone please answer the simple question

They will drill when they need to, right now we need them to drill, they could give two shts

What oil company is making record profits right now?

[Gothmog]

Originally Posted by Texas Turbo T

MAKE MORE MONEY, DUH!



So Gothmog, your now saying that "United States need our oil companies to drill and refine oil here in the USA"?

That is a reply only Obama could come up with. I thought that you/Democrats say "drilling would not solve anything for at least ten years"?

please answer the simple question!

there isnt enough oil here to make an impact, that is a red herring.

There isnt this powerful environmental lobby keeping domestic drilling at bay, there isnt a strong enough desire to do exploratory drilling here, cause like I said, life is good for oil companies, when things get lean in the future, they will scramble to drill here, and the govt will let them

[Gothmog]

Originally Posted by getyousome

What oil company is making record profits right now?

none of them, they are all going under

[Steve Wood]

Originally Posted by Gothmog

there isnt enough oil here to make an impact, that is a red herring.

There isnt this powerful environmental lobby keeping domestic drilling at bay, there isnt a strong enough desire to do exploratory drilling here, cause like I said, life is good for oil companies, when things get lean in the future, they will scramble to drill here, and the govt will let them

The USGS believes there is a tremendous amount of untapped reserves offshore in this country and we are preventying access to proven onshore reserves.

There are laws passed by Congress that prevent drilling in almost any area that is not currently in production whether or not there are proven reserves in these areas.

You are correct, there is no powerful environmental lobby keeping drilling at bay. There is no need as the laws passed years ago because guys like you don't want drilling in your areas.

What is needed is a power pro oil lobby to overturn these ridiculous laws and put the country on the road to energy independence.

It is amazing how you ignore reality and claim it does not exist.

[Texas Turbo T]

Originally Posted by Gothmog

there isnt enough oil here to make an impact, that is a red herring.

There isnt this powerful environmental lobby keeping domestic drilling at bay, there isnt a strong enough desire to do exploratory drilling here, cause like I said, life is good for oil companies, when things get lean in the future, they will scramble to drill here, and the govt will let them

Gothmog VS Scientist? Who should we trust?

We have the Democrats to thank for our EXPENSIVE IMPORTED OIL!

The problem here in the USA is Democrats are standing in their way. If Oil Companies wait until "things get lean in the future", they will no longer be in business and our economy will be in the tank!

[getyousome]

Originally Posted by Gothmog

none of them, they are all going under

not all oil companies are in the production end of the business, and for them the profit on gasoline is very little. I'm sure you think otherwise. When oil was at 125 a barrel we were making 3 cents a gallon on gasoline at our refinery. It's not magic it is a business. Over the last ten years that I have been working at the refinery our biggest money makers have been diesel fuel, heating oil, kerosine and reformate.

[Zap]

I'll sign it of they will drill in Gothmog's head.

[Texas Turbo T]

Originally Posted by Zap

I'll sign it of they will drill in Gothmog's head.

Were looking for oil not fertilizer!

[Zap]

Oh, it's up there.

[Gothmog]

Originally Posted by Texas Turbo T

Gothmog VS Scientist? Who should we trust?

We have the Democrats to thank for our EXPENSIVE IMPORTED OIL!

The problem here in the USA is Democrats are standing in their way. If Oil Companies wait until "things get lean in the future", they will no longer be in business and our economy will be in the tank!

think logically.

say some oil company drills for oil in the USA and hits a 100 billion barrel stash!
Then he decides to put it on the market for $50 a barrel, or does he look around and see that everyone else is selling it for $140 a barrel....he's gonna sell his for as much as he canhe cares about himself, not the consurmer...thats how capitalism works,
unless we have govt controls...which is the dreaded SOCIALISM

[Steve Wood]

That is not how capitalism works. Capitalism works on supply and demand.

Why cannot you be honest and just say you don't want to produce oil in this country because you want it replaced with some yet unknown form of alternative energy.

Then you would not have to post BS about there being no drilling prohibitions, and, make up fake economic laws.

[stevemon]

Originally Posted by Gothmog

think logically.

say some oil company drills for oil in the USA and hits a 100 billion barrel stash!
Then he decides to put it on the market for $50 a barrel, or does he look around and see that everyone else is selling it for $140 a barrel....he's gonna sell his for as much as he canhe cares about himself, not the consurmer...thats how capitalism works,
unless we have govt controls...which is the dreaded SOCIALISM

You've overlooked the obvious Dave. The more widgets that are in stores (from whatever mfrs who are making them) the competition will adjust the price downward.