Obama Administration Forces Abandonment Of 27 Billion Barrels Of USA Produced Oil

[glenn1]

I work on WS, it's the speculators. It's not Obama, it's not Bernanke directly, it's the speculators.

Obama didn't cause the last speculatory oil bubble, he didn't cause this one. Speculators caused both.

Then take the short end of the trade. I'm sure you're probably short precious metals and the other commodities also that are just being bid up by "speculators."

Also, thumbs up on the higher oil prices - it'll keep you poor people off the road leaving the commute to work a lot easier for those of us who have jobs (whoops, not you) and less people on flights leaving more space on the airplane to stretch out when we travel (whoops, also not you).

 

[LegendKiller]

Then take the short end of the trade. I'm sure you're probably short precious metals and the other commodities also that are just being bid up by "speculators."

Also, thumbs up on the higher oil prices - it'll keep you poor people off the road leaving the commute to work a lot easier for those of us who have jobs (whoops, not you) and less people on flights leaving more space on the airplane to stretch out when we travel (whoops, also not you).

Not sure where you're directing this. I am employed and travel a lot.

 

[soccerballtux]

So Shell invests $4b into getting oil from the middle of no where and is shut down by 4 democrats on a EPA board. Is it any wonder why oil companys have reservations to developing leases they have (this is one of the most common complaints by liberals).

no Americans deserve to suffer from the price rises that result from legislation like this

 

[universeis42]

Here's an idea: Let the middle east pump their oil wells dry, and in a couple hundred years, when they have no more oil, we can start using our own oil. The middle east will have no more power.

 

[Jhhnn]

Standard chicken little raving. The oil hasn't been "abandoned" at all. It'll still be there when the time comes.

Think of it as money in the bank, and that's never a bad thing.

 

[Throckmorton]

Here's an idea: Let the middle east pump their oil wells dry, and in a couple hundred years, when they have no more oil, we can start using our own oil. The middle east will have no more power.

My dad who spent his whole career in the oil industry told me that is the reason America doesn't drill up all its oil.

Drill baby drill is stupid.

 

[LegendKiller]

My dad who spent his whole career in the oil industry told me that is the reason America doesn't drill up all its oil.

Drill baby drill is stupid.

It's one I mentioned several times, only doofs like those on this board don't get it.

 

[Darwin333]

Here's an idea: Let the middle east pump their oil wells dry, and in a couple hundred years, when they have no more oil, we can start using our own oil. The middle east will have no more power.

Psst, in a couple hundred years we won't need oil for power but they will have gotten all of our monies until then.

 

[Jhhnn]

Psst, in a couple hundred years we won't need oil for power but they will have gotten all of our monies until then.

Pie in the sky? I think so. Despite current technological advances, fossil fuels will remain a dominant part of the energy picture for the foreseeable future. While the extent of what's available isn't completely quantifiable, it's obviously finite, so conservation is a key element of security. Leaving know reserves in the ground as long as possible only makes sense, particularly when US economic dominance appears to be fading. That oil will be a lot more valuable somewhere down the road than it is today.

 

[Infohawk]

Going from 2010 numbers, about 13%.

http://www.eia.doe.gov/dnav/pet/pet_crd_crpdn_adc_mbbl_a.htm

Interesting. What percentage of our consumption does our current output meet?

 

[woolfe9999]

LOL

Yeah, I'm sure oil companies are gonna be lining up to buy permits for the rest of that oil after Shell got the shaft. That oil is TOTALLY unaffected by this decision. Everyone knows this.

So you know for a fact that all 27 billion barrels of that can even cost-effectively be drilled? It's not what I've read. Saying that 27 billion barrels is at stake is likely a gross over-exaggeration.

 

[werepossum]

So you know for a fact that all 27 billion barrels of that can even cost-effectively be drilled? It's not what I've read. Saying that 27 billion barrels is at stake is likely a gross over-exaggeration.

I do not know that. It is also possible that more than 27 billion barrels can be drilled; estimates are never perfect. However, I do know that NONE of that oil can be drilled if our government does not allow it. And to paraphrase a budget statement, a billion here and a billion there, pretty soon it adds up to some real oil.

Shell needs to pony up for the Obama '12 campaign. Seems to have worked for BP.

 

[umbrella39]

Wow! Another lets make shit up and bash the Kenyan president circle jerk! If we could just invent a car that runs on hot air, you guys could power the nation for decades.

They are working on one that runs on the friction caused by the ferocious circle jerks witnessed here daily. Should get about 100 mps (stroke).

 

[wuliheron]

They are working on one that runs on the friction caused by the ferocious circle jerks witnessed here daily. Should get about 100 mps (stroke).

Good comeback! I like it stroked good and hard.

 

[werepossum]

They are working on one that runs on the friction caused by the ferocious circle jerks witnessed here daily. Should get about 100 mps (stroke).

I'll do my part and contribute a picture of Sarah Palin. Free energy for all!