Just Paid $4/g for Petrol Today

[black50]

Not to mention if you add more oil on the global markets at a 'global premium', you're adding supply to supply and demand and prices drop. Economics as a natural entity is very simple.

I agree electric cars are an ass backwards idea. Basically reverting to a steam engine that takes 8-12 hours to recharge to go 40 miles.

everyone thinks that Electirc is the future..Not me..I believe that electric will only make the transition from fossil fuel to fuel cell/hydrogen easier on the world

Who was the guy that died in the restaurant while eating and started screaming right before he died that he had been poisoned?? I think he had developed some sort of fuel cell that he was developing for use in cars, iirc he drove a car from the east coast to the west coast on just a few gallons of water..We have the technology to mass produce fuel cell cars but the govenment doesnt want us too have it just yet

Edit: stanley meyers

[Forever_frost]

Not to mention if you add more oil on the global markets at a 'global premium', you're adding supply to supply and demand and prices drop. Economics as a natural entity is very simple.

I agree electric cars are an ass backwards idea. Basically reverting to a steam engine that takes 8-12 hours to recharge to go 40 miles.

[CJ]

Im no expert but the oil they pump through the keystone isnt gonna be for us bro. It will be exported where it can fetch a global premium price. If anything reducing the glut of oil in storage hubs will actually raise prices. Global spare oil production capacity is running at less than 2% of demand (amount of production that can be brought onstream within 30 days) so with the markets this tight if anything goes wrong this could send prices up even more because there isnt any room for disruption. Someone is gonna give on oil usage and it will be the USA to make room for other countries such as china india etc. We may have oil but oil co's are gonna sell it on the global markets.

You literally just ignored everything I just said and continued on your left talking points. Keystone was created for us. It is a US project. Why the hell would they take a lower price with absorbed transportation costs to ship it to the other side of the world? You point makes no damn sense. And then you're making the case that increasing supply is going to somehow increase prices? wtf world do you live in?

[mikec]

Im no expert but the oil they pump through the keystone isnt gonna be for us bro. It will be exported where it can fetch a global premium price. If anything reducing the glut of oil in storage hubs will actually raise prices. Global spare oil production capacity is running at less than 2% of demand (amount of production that can be brought onstream within 30 days) so with the markets this tight if anything goes wrong this could send prices up even more because there isnt any room for disruption. Someone is gonna give on oil usage and it will be the USA to make room for other countries such as china india etc. We may have oil but oil co's are gonna sell it on the global markets.

They are already selling our "excess" oil on the global markets.

[Captain Crawfish]

I'm glad you've done some research. Now we can have a discussion. The unimpressive numbers you just quoted are completely correct. however, you need to understand that those numbers are there to PROVE it's capability to the keystone conglomerate for production. And they proved they can produce a SHITLOAD of product for our market. Of course it isn't producing a billion barrels - they need a customer first - us. If you were a producer of widgets, and a customer approached you and asked if you could deliver 50 million widgets a day - but had no way to transport it for sale - would you start producing today? Of course you wouldn't, you prove to the customer than you can handle the order, and then they make the purchase. Right now Canada is waiting on the pipeline before full production. Does that make sense?
As far as the liberal talking point for "other sources of energy" there isn't any. If there was a better source of energy, every damn oil company in the WORLD would be ALL over it.

Im no expert but the oil they pump through the keystone isnt gonna be for us bro. It will be exported where it can fetch a global premium price. If anything reducing the glut of oil in storage hubs will actually raise prices. Global spare oil production capacity is running at less than 2% of demand (amount of production that can be brought onstream within 30 days) so with the markets this tight if anything goes wrong this could send prices up even more because there isnt any room for disruption. Someone is gonna give on oil usage and it will be the USA to make room for other countries such as china india etc. We may have oil but oil co's are gonna sell it on the global markets.

[CJ]

while we are crunching numbers. how many wells were there operating in the Bakken in January 2012? 6617 producing 546,000 b/d which on avg is about 82b/d per site. wheeeew!!! a typical offshore well produces somewhere in the range of 50,000b/d. also factor in that it takes about 1 barrel of oil to produce 6 out of shale formations all while fracking the shit out of relatively good land at what point is it not worth messing with? even if we can get 24 Billion barrels out of shale in the US thats about 9 months of global consumption. you also have to factor in depletion rates for shale wells which tend to deplete by 65 percent the first year; 35 percent the second; and another 15 percent the third. drilling down 11k ft then horizontal another 10K isnt done without using energy and alot of steel! shale oil is good and all but if prices fall expect drillers to shut down sites as it isnt profitable unless the prices can support the cost to extract the oil. IMO its gonna take different forms of energy to keep this world going not just oil.

I'm glad you've done some research. Now we can have a discussion. The unimpressive numbers you just quoted are completely correct. however, you need to understand that those numbers are there to PROVE it's capability to the keystone conglomerate for production. And they proved they can produce a SHITLOAD of product for our market. Of course it isn't producing a billion barrels - they need a customer first - us. If you were a producer of widgets, and a customer approached you and asked if you could deliver 50 million widgets a day - but had no way to transport it for sale - would you start producing today? Of course you wouldn't, you prove to the customer than you can handle the order, and then they make the purchase. Right now Canada is waiting on the pipeline before full production. Does that make sense?

One last thing I want everyone here to understand. These are private companies putting their money on the table to do this. Government funding has no part in this, they are building this pipeline, they are taking the risk. Companies do not take risks if they expect it to fail. The reason they are spending billions of their own dollars is because there is a demand for oil, and they can offer a cheaper product to us. Just keep that in mind.

Your opinion seems to be that it's a waste of time and money. Who's time and money is wasted? If this is everything you seem to think it is, why is China trying to bribe and sending government officials to Canada to steal this away from us?

As far as the liberal talking point for "other sources of energy" there isn't any. If there was a better source of energy, every damn oil company in the WORLD would be ALL over it. They spend billions of dollars a year trying to find these "other sources." Solar power is a joke - the cost is too high for the benefit. Hydrogen power is promising but 10 years away. Electric is completely unrealistic, and ass backwards considering you're burning coal at the power plant instead of gas in the tank. Finding alternative fuels is absolutely essential to our future. But bankrupting our economy to do it is absolutely asinine. While we stare glassy eyed into the future for a magical answer China and other countries are burying our asses with oil acquisitions. I could argue this point all day, you're opinions are valid and important, but the truth is they are very unrealistic and dangerous.

[Captain Crawfish]

while we are crunching numbers. how many wells were there operating in the Bakken in January 2012? 6617 producing 546,000 b/d which on avg is about 82b/d per site. wheeeew!!! a typical offshore well produces somewhere in the range of 50,000b/d. also factor in that it takes about 1 barrel of oil to produce 6 out of shale formations all while fracking the shit out of relatively good land at what point is it not worth messing with? even if we can get 24 Billion barrels out of shale in the US thats about 9 months of global consumption. you also have to factor in depletion rates for shale wells which tend to deplete by 65 percent the first year; 35 percent the second; and another 15 percent the third. drilling down 11k ft then horizontal another 10K isnt done without using energy and alot of steel! shale oil is good and all but if prices fall expect drillers to shut down sites as it isnt profitable unless the prices can support the cost to extract the oil. IMO its gonna take different forms of energy to keep this world going not just oil.

[mikec]

actually 2% of reserves is correct so he is right although misleading.

Post 62.


"Most people think that when Obama says we have 2% of the world oil reserves, that that means of all the oil in the world, we have 2% of it.

That's not what that means. Folks, with new technology, we have more oil in the ground that we can get than they have in Saudi Arabia. That "2% of the world's reserves" means 2% of what has been brought up, 2% of what has been produced, not 2% of the supply. This has been an out-and-out lie, and I don't know how else to categorize it. He is purposely misstating this. This is a left-wing catcall for as long as I have been alive, and in this statistic is the implied guilt. "Look at us! We've got 2% of the world's oil, and we use 20%, and it's not fair. We are raping the other nations on this resource!"

[Captain Crawfish]

LOL, words of a true 0bama zealot, acknowledge that the messiah was WRONG and yet still support him to the end.

We are still waiting on that schoolin'. Start posting those links, start proving us wrong, start proving your messiah is right, we are waiting.

Stevo

actually 2% of reserves is correct so he is right although misleading.

[SS Junk]

even though obamas 2% is bullshit (yes i can admit i was wrong) the costs to get the energy out of the ground here will not be cheap. shale oil doesnt exactly just flow out of the ground like it did in the 70's. my argument is that the cheap easily available easy to extract oil is becoming less abundant and the population and energy use of the world is increasing. china currently uses about 8% now but as they grow so will the amount of energy they use. time will tell but i dont think 2 dollar gasoline is in the future

[stevo]

even though obamas 2% is bullshit (yes i can admit i was wrong) the costs to get the energy out of the ground here will not be cheap. shale oil doesnt exactly just flow out of the ground like it did in the 70's. my argument is that the cheap easily available easy to extract oil is becoming less abundant and the population and energy use of the world is increasing. china currently uses about 8% now but as they grow so will the amount of energy they use. time will tell but i dont think 2 dollar gasoline is in the future

LOL, words of a true 0bama zealot, acknowledge that the messiah was WRONG and yet still support him to the end.

We are still waiting on that schoolin'. Start posting those links, start proving us wrong, start proving your messiah is right, we are waiting.

Stevo

[Captain Crawfish]

Obama just made a statement that America produces just 2% of the world's oil. (We currently produce 11.6% and are the number 3 producer in the world). This is the guy QIK46 gets his knowledge of the world from.

even though obamas 2% is bullshit (yes i can admit i was wrong) the costs to get the energy out of the ground here will not be cheap. shale oil doesnt exactly just flow out of the ground like it did in the 70's. my argument is that the cheap easily available easy to extract oil is becoming less abundant and the population and energy use of the world is increasing. china currently uses about 8% now but as they grow so will the amount of energy they use. time will tell but i dont think 2 dollar gasoline is in the future

[Sgt Beavis]

With a new born, I'd relish driving to work each day, even if gas was $20/g

You kiddin' me? I love it. I let my wife head out all day today to hand with her girl friends. Just me and Carpenter at a father and son work day.

I didn't get much work done but I had a damn good time.

I feel very blessed to work from home. I get to see a lot more of my boy growing up than most dads ever do....

[Forever_frost]

Obama just made a statement that America produces just 2% of the world's oil. (We currently produce 11.6% and are the number 3 producer in the world). This is the guy QIK46 gets his knowledge of the world from.

I was thinking it was closer to 15%. Damn. Back to my studies

[mikec]

Obama just made a statement that America produces just 2% of the world's oil. (We currently produce 11.6% and are the number 3 producer in the world). This is the guy QIK46 gets his knowledge of the world from.

Mouth breathers are still eating that bullshit wholesale.