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Old 02-23-2011, 04:45 PM   #21
TexasDevilDog
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Originally Posted by clevelandkid View Post
Libya was responsible for 2.2% of the worlds oil production in 2010. Even if they never pumped another drop, it wouldn't even come close to justifying $150 oil....
I just read this article. http://www.nytimes.com/2011/02/24/bu...er=rss&emc=rss

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Libya’s sweet crude cannot be easily replaced for the production of gasoline, diesel and jet fuel, particularly by the many European and Asian refineries that are not equipped to refine heavier grades of oil. Saudi Arabia may have more than 4 million barrels of spare capacity, but it includes heavier grades of crude that are higher in sulfur content and more expensive to refine.

“Quality matters more than quantity,” Larry Goldstein, a director of the Energy Policy Research Foundation, an organization partly financed by the oil industry.

Should the turmoil in Libya last for more than a few weeks, oil experts predict that European refiners will be forced to buy sweet crude from Algeria and Nigeria, two principal sources for the United States. That could push gasoline higher in the United States, where prices have already risen 6 cents a gallon in the last week to an average of $3.19 for regular.
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Old 02-23-2011, 05:12 PM   #22
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Well no shit. They are going to spin this right where they want it. Jupiter could move a centimeter out of orbit and the fucking price of oil will spike... IMO it's all a giant game of chess, not simple supply/demand like the try to make everyone think.
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Old 02-23-2011, 05:19 PM   #23
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And why can't we tap into the Strategic Petroleum Reserve until this mess is over?
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Old 02-23-2011, 05:26 PM   #24
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Drill here, Drill now.
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Old 02-23-2011, 05:28 PM   #25
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Originally Posted by StanleyTweedle View Post
Some say all the low hanging fruit is gone. All the easy access oil has been siphoned off, in other words.
Major bullshit. Theres so much oil and gas under the US its not even funny. You can thank the EPA and all of the NIMBYs for not allowing us to tap it. They sure as fuck like to consume it however!
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Old 02-23-2011, 06:41 PM   #26
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Originally Posted by Trip McNeely View Post
Drill here, Drill now.
most of the rigs that were in the gulf are probably in other places of the world. It would take months to ge them back.
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Old 02-23-2011, 06:53 PM   #27
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Quote:
Originally Posted by TexasDevilDog View Post
most of the rigs that were in the gulf are probably in other places of the world. It would take months to ge them back.
Yep. Why drill here, it costs too much, theres too much regulation. Its not worth it. Our govmt and these tree hugging NIMBYs are driving it away.
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Old 02-23-2011, 07:12 PM   #28
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Originally Posted by TexasDevilDog View Post
most of the rigs that were in the gulf are probably in other places of the world. It would take months to ge them back.
.
..
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UPDATE 1-FACTBOX-Deepwater rigs moved out of the Gulf of Mexico
Thu Jan 27, 2011 8:06pm GMT

Print | Single Page
[-] Text [+]

(Adds Pride rig moving to Mediterranean)

Jan 27 (Reuters) - Some of the 30-plus deepwater rigs that were in the Gulf of Mexico have moved to other markets, first because of a U.S. halt called last May after BP Plc's (BP.L: Quote) well blowout, and then because of the lack of permits once the moratorium was lifted.

Below are rigs contracted to work in the Gulf of Mexico that have been or will be moved to other regions.

* Diamond Offshore Drilling Inc (DO.N: Quote) said on July 9 that the Ocean Endeavor, contracted to earn about $290,000 per day from Devon Energy Corp (DVN.N: Quote) in the Gulf of Mexico, would move to Egypt under a new deal with Burullus Gas Co. [ID:nN09154557]

* Diamond said on July 12 it would move the Ocean Confidence, under contract to Murphy Oil Corp (MUR.N: Quote), from the Gulf to the Republic of Congo. [ID:nN12212133] The rig is now drilling wells for Cobalt International Energy Inc (CIE.N: Quote) off Angola, but is due to return to U.S. waters in October.

* Transocean (RIGN.VX: Quote)(RIG.N: Quote), the world's largest offshore drilling contractor, said on Sept. 1 that it had moved its Marianas rig, under contract to Italy's Eni (ENI.MI: Quote), from the Gulf to work in Nigeria. [ID:nN01152276]

* Transocean said on Sept. 14 that its Discoverer Americas vessel, under contract to Norway's Statoil (STL.OL: Quote), was leaving for Egypt and was due back in the Gulf in March. [ID:nN14103743]

* Ensco Plc (ESV.N: Quote) said on Dec. 1 that its newly built 8503 rig, under contracted with Cobalt, would work for Tullow Oil Plc (TLW.L: Quote) off French Guiana for three months. [ID:nN01131883]

* Pride International Inc's (PDE.N: Quote) newly built Deep Ocean Ascension, under contract with BP, is moving to the Mediterranean Sea from the Gulf of Mexico in the first quarter, according to the latest Pride fleet update.

* Noble Corp (NE.N: Quote) said on Jan. 27 that the Clyde Boudreaux would move to Brazil for a year at a knock-down rate of $290,000 per day to work for Royal Dutch Shell Plc (RDSa.L: Quote), starting mid-April, and that it expected more to follow. [ID:nN27125865] (Reporting by Anna Driver in Houston and Braden Reddall in San Francisco; Editing by Lisa Von Ahn, Gary Hill)
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Old 02-23-2011, 08:11 PM   #29
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Speculation drives the price of oil more than simple supply/demand. Anything at all is an excuse for the price to go up. JW33's post is great example.

Libya's oil goes to Europe. Why is diesel in Emory, Tx going up a dime per gallon tonight?

The one thing we did have going for us was production in the gulf. But B Hussein Obama took care of that when he ordered a moratorium on Gulf drilling (for no apparent valid reason). Did anyone think those rigs would just sit idle, hoping our idiot president would wave his magic wand and allow drilling again? Hell no, those rigs are gonna be making money somewhere. Good luck getting them back anytime soon. Why would they come back for 1/2 the profit and 5x the red tape?
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Old 02-23-2011, 08:32 PM   #30
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Quote:
Originally Posted by dewayne6243 View Post
And why can't we tap into the Strategic Petroleum Reserve until this mess is over?
It won't be over. Obama said a long time ago that he wants to drive the price of oil up. That's why they banned drilling in the gulf, etc.
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Old 02-23-2011, 09:16 PM   #31
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I wonder if speculators' home addresses were published, along with the names of their family members, school and work addresses, and so on, how long this horseshit would continue.
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Old 02-24-2011, 04:05 AM   #32
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Originally Posted by Broncojohnny View Post
Peak oil is bullshit because you can't predict new technology. A decade ago we didn't have the technology to get the natural gas out of shale. Now look where we are.
So if they couldn't come up with a way to get the deeper oil for cheap, then it would be a reasonable issue.
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Old 02-24-2011, 04:20 AM   #33
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We will never have peak oil... just because.

LMAO!!!!
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Old 02-24-2011, 10:59 AM   #34
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Originally Posted by sc281 View Post
This change sucks. Change it back.


I'm regretting buying my truck last April too. Luckily I work 3 miles from home.
If we have a shortage you can always bike to work (if the event arises) I can do that IF gas hits $6.00 a gallon. It would only suck and have catastrophic results for those that commute 40 miles a day.
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Old 02-24-2011, 11:52 AM   #35
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I was wondering if Hussein Obama was going to be able to top Jimmy Carter when it came to the oil crisis, it looks like he is well his way to doing that.
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Old 02-24-2011, 12:27 PM   #36
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Jimmy Carter: Part Deux, bigger and blacker than evar
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Old 02-24-2011, 12:42 PM   #37
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Jimmy Carter: Part Deux, bigger and blacker than evar
Not THAT much blacker...
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Old 02-24-2011, 01:01 PM   #38
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It wouldn't hurt for the production companies that have the leases and wells already drilled and pinched back so far to limit the output of the wells to open the supply up some themselves instead of just worrying about for foreign resources. One of many problems it that our federal government signed agreements with these foreign bastards to buy a certain amount over a certain period of time . And so with what we have coming from overseas we are limited on available piping and storage for our own.
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