How can this be legal?! Grrr

[LakeMountD]

Oil falls $5 as OPEC cut fails to halt slide - Yahoo! News

Basically the oil producing nations are mad they are no longer able to charge $145/barrel for oil and have cut supply to raise prices! Obviously supply and demand runs the worlds markets and they know demand has fallen so they are trying to cut supply to keep the equilibrium price high. How is it that the US can sit by idly during this? In 97 oil prices were under $20! I am not sure if this enrages anyone else but its BS.

 

[warnerve]

yeah, it annoys me too. how many more days til the election? that's when it'll go back up. it went from mid $3 range down to 2.50-2.60 here in the last 2 months or less :dance:
Hopefully we find a reliable alternative fuel soon.

 

[suncloud]

what do you want the US to do about it? invade somewhere else?

IMO, if the saudi's really wanted to mess with us, they would base oil off the EURO instead of the dollar. since we're no longer backed by gold, it would drop our dollar by 15% overnight.

our dollar value is raised by the fact that everyone has to convert their money to the dollar to buy oil. if that changes for any reason, the damage that the housing market did to the economy will only be the start.

 

[LakeMountD]

Drill! And less than 50 miles offshore.

 

[Iron Lungz]

 

[Iron Lungz]

 

[suncloud]

drilling offshore is probably the smartest thing we could do. i bet there's huge oil reserves in wisconsin, ohio, and those areas. if ontario canada is our biggest importer of oil, then it stands to logic that some of our states in that area would have oil reserves too.

 

[LakeMountD]

drilling offshore is probably the smartest thing we could do. i bet there's huge oil reserves in wisconsin, ohio, and those areas. if ontario canada is our biggest importer of oil, then it stands to logic that some of our states in that area would have oil reserves too.

Exactly. The funny thing is, the oil companies (who are not as evil as people make them) have already told us they have places they can drill RIGHT NOW. Problem? Government won't let them. Congress has made you think that they are for offshore drilling as a ploy to get their democratic friend elected, but it is a sad attempt to legalize offshore drilling. The government does not allow drilling less than 50 miles offshore and the states have a say for the next 50 miles so the oil companies basically have to map uncharted waters and find the oil. Not only is this extremely expensive but it would take 5-10 years before we can even get one damn rig on the job. Destin has one of the largest supplies in all of North America but we can't drill it. California has some that have already been drilled! Why can't we uncap them and continue drilling? Well, it is California, what do you expect. People think drilling is dirty and it isn't.

The people who oppose offshore drilling now are the same people who pushed for wind energy in California then voted AGAINST a law that would have allowed power lines to go from the wind turbines to the power plants. Why? It cut through a forest. Uggh.

 

[suncloud]

Exactly. The funny thing is, the oil companies (who are not as evil as people make them) have already told us they have places they can drill RIGHT NOW. Problem? Government won't let them. Congress has made you think that they are for offshore drilling as a ploy to get their democratic friend elected, but it is a sad attempt to legalize offshore drilling. The government does not allow drilling less than 50 miles offshore and the states have a say for the next 50 miles so the oil companies basically have to map uncharted waters and find the oil. Not only is this extremely expensive but it would take 5-10 years before we can even get one damn rig on the job. Destin has one of the largest supplies in all of North America but we can't drill it. California has some that have already been drilled! Why can't we uncap them and continue drilling? Well, it is California, what do you expect. People think drilling is dirty and it isn't.

The people who oppose offshore drilling now are the same people who pushed for wind energy in California then voted AGAINST a law that would have allowed power lines to go from the wind turbines to the power plants. Why? It cut through a forest. Uggh.

and the older you get, the more you realize ralph nader's ideas were pretty good. god that makes me feel old.

 

[Mulletsoldier]

drilling offshore is probably the smartest thing we could do. i bet there's huge oil reserves in wisconsin, ohio, and those areas. if ontario canada is our biggest importer of oil, then it stands to logic that some of our states in that area would have oil reserves too.

There are about 800,000,000 barrels of recoverable oil in Colorado and Wyoming in Oil Shale. Drilling offshore is not the answer.

As a side-note, you Americans are unfathomable whiners! My country exports 2 million barrels of Oil to you a day - more than Saudi Arabia, btw - and I still pay .99/liter. (3.8 liter/gallon). This equates to about 3.76/gallon + tax. As little as two weeks ago I was paying 126.5/liter. This equates to 4.78/gallon!! So, suffice to say, you guys consistently play the world's smallest violin.

 

[Mulletsoldier]

Lake, this will surely make you more angry: OPEC consistently alters their predicted production values irrespective of proved reserves, lol. They literally arbitrarily set the dollar-value for crude-oil.

 

[LakeMountD]

Lake, this will surely make you more angry: OPEC consistently alters their predicted production values irrespective of proved reserves, lol. They literally arbitrarily set the dollar-value for crude-oil.

Yeah, OPEC was the biggest scam ever. I still think offshore is the just as important as the shale oil. Heck, drill them both, we will need oil for scores to come. Just because alternative energy will be here does not mean oil will be gone. Even if we do develop a new power grid (doubtful anytime soon) and we do get more alternative energy sources, there will always be another nation to trade it with.

 

[Zero V]

i find that greedy bastards only understand reason when they are looking down the barrel of a 5.56 and know the other guy is making him an offer he cant refuse. The inability to use his money if he doesn't agree because he no longer wastes the earths oxygen supply by breathing it into his useless body....

I was against Iraq, but I realized I am not against it, we just didnt use proper force. Lets take the oil wells, and do it with a martial law kinda understanding. Ever hear the term acceptable loss? Its how the greatest empires conquered the world. Today, the Geneva convention, and other panzy issues that only the good guys follow hold back real men from accomplishing things. Those who think war has laws, are fools. I cant call someone who uses hit and run, or guerrilla warfare a coward.....they have zero options other than that. I do disagree with terrorists hiding behind women. But I disagree with 5 army soldiers who die because a guy hides behind her and the guy gets them all killed because they cant shoot.

Just lockout/kill the press, and the war would have ended in 1 month.....

 

[suncloud]

Mullet - isn't harvesting the oil from shale disastrous to the environment, or am i confused with something else?

 

[DAdams91982]

Oil falls $5 as OPEC cut fails to halt slide - Yahoo! News

Basically the oil producing nations are mad they are no longer able to charge $145/barrel for oil and have cut supply to raise prices! Obviously supply and demand runs the worlds markets and they know demand has fallen so they are trying to cut supply to keep the equilibrium price high. How is it that the US can sit by idly during this? In 97 oil prices were under $20! I am not sure if this enrages anyone else but its BS.

Lake, Lake, Lake....

You and your logic.

Adams

 

[Mulletsoldier]

Yeah, OPEC was the biggest scam ever. I still think offshore is the just as important as the shale oil. Heck, drill them both, we will need oil for scores to come. Just because alternative energy will be here does not mean oil will be gone. Even if we do develop a new power grid (doubtful anytime soon) and we do get more alternative energy sources, there will always be another nation to trade it with.

Well, not exactly Lake. On last EIA estimate there was approximately 18 billion barrels of proved Crude Oil reserves off shore; there is double that in on-shore wells alone, not to mention the Oil Shale. I also made a typo below: That is supposed to read 800, 000, 000, 000 barrels of recoverable Sweet Crude in the Oil Shales - obviously, the Shales literally contain thousands of times more Crude Oil than offshore reserves, and are a much more lucrative opportunity!

Offshore drilling is a political differentiation point, meant to display a candidates proclivity for either position: Environmental or Fiscal concerns. In reality, offshore drilling would make a very minor contribution to U.S., Domestic Oil production, which - even if drilled to capacity - would only last a few years.

 

[LakeMountD]

Well, not exactly Lake. On last EIA estimate there was approximately 18 billion barrels of proved Crude Oil reserves off shore; there is double that in on-shore wells alone, not to mention the Oil Shale. I also made a typo below: That is supposed to read 800, 000, 000, 000 barrels of recoverable Sweet Crude in the Oil Shales - obviously, the Shales literally contain thousands of times more Crude Oil than offshore reserves, and are a much more lucrative opportunity!

Offshore drilling is a political differentiation point, meant to display a candidates proclivity for either position: Environmental or Fiscal concerns. In reality, offshore drilling would make a very minor contribution to U.S., Domestic Oil production, which - even if drilled to capacity - would only last a few years.

Just goes back to the fact that more is better when it comes to oil. I have always supported other methods besides offshore drilling, however, some of these wells can be drilled very quickly. There are a lot of oil companies, not just one so they would all be able to stake their claim if they wanted to. Bottom line, politics gets in the way of everything. There is always a winner and there is always a loser and unfortunately the losers tend to be more numerous.

 

[Australian made]

Why would these companies spend billions of dollars drilling to only go and sell the oil for $60 a barrel?? yes there is a lot of oil left in the world, in Brazil especially, but the companies dont want to touch it cos it really isn't cost effective. If oils $140 a barrel then it makes more sense for them to spend billions on drilling it in the first place. They mioght as well just wait it out until the supply runs dry again and makes drilling worthwhile.

 

[Zero V]

Why would these companies spend billions of dollars drilling to only go and sell the oil for $60 a barrel?? yes there is a lot of oil left in the world, in Brazil especially, but the companies dont want to touch it cos it really isn't cost effective. If oils $140 a barrel then it makes more sense for them to spend billions on drilling it in the first place. They mioght as well just wait it out until the supply runs dry again and makes drilling worthwhile.

they're spending millions to drill it, and making billions off of it. They are will still make a grand profit with it at the current prices. Its just not as much as a profit as they would like. They started price gauging and didnt expect people to resist as much as they finally started to. I think oil supply should be a civil service that is controlled by an international cooperative imperative with members from every nation.

It is not a private industry to control the flow of a necessity and in turn control how hard or easy other peoples lives are. especially someone as unswervingly greedy as these guys.