IAP Political Forum

My estimate is yes for at least three reasons.

1. Oil=Power
2. I'll have Oil when others don't.
3. A strategic pool of Oil insulates you from a 'lockdown' by OPEC.


Oh, BTW, all the above just happens to mirror U.S. policy.  ;)
Does the U.S. need to buy OIL? Certainly not. Does the U.S. want to sell OIL? Certainly so. I am sure the bean counters have it all worked out, I mean, what does it take to produce an estimated 20-25% more? A few more wells both onshore and off as well as gearing up current well capacity.

- Terry


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Huh?  Care to elaborate on that Terry?  Why exactly does the US not need to buy oil?

Are you aware that US domestic oil production peaked in 1971?  Producing another 20-25% is not a walk in the park and would be a terrible long term policy.  It would be much more beneficial for the US to cut it's DEMAND by 20-25% and more.

If the "strategic pool of Oil" that you refer to is the National Strategic Petroleum Reserves, well I wouldn't count on that 700 million barrels to cease US dependence on foreign oil for very long considering we currently consume over 20 million barrels a day.

Tne multinational oil industry decided a long time ago that the best way to make more money is like opec did ...pump less and profit more. That is why there has been so little oil exploration and no refinery starts in the US for decades. With dick and junior in the bighouse their dreams of investing less and making more came to fruition beyond their wildest dreams and we pay and pay and pay and pay...

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Spot on mate!   ;)


-Terry


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Well that is a lovely theory.  However, can you provide any evidence to contrast that of the geological evidence looming over whether or not the US is capable of producing enough oil to sustain itself?

And what kind of oil are you talking about?  Light, Brent, Oman, Heating, or Refined (Gas)? 

People do this already, its called the futures commodities market. 

If your talking about physically holding crude, (why I don't know) heating or refined (gas) then I guess that would make sense except there is no doomsday scenario in which this would be a smart idea.  So what's the point?

It's just much easier to put your money elsewhere for the sake of worrying about the future...

"That is why there has been so little oil exploration and no refinery starts in the US for decades."
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So little oil exploration in the US???????  LOL!  I can't believed I missed this before.  What are you talking about??  I doubt you have ever been on an oil rig in your life.  I'm literally beside myself with laughter at the notion that the US has not been trying to explore for oil drilling domestically. 


PLEASE tell us where the this secret hidden oil is!  Can you imagine how the IAP community could use this knowledge to form a cartel of wealth and power?

Which one of the old mammoth oil fields is still secretly able to pump millions of barrels a day?  The Cushing?  The Sands?  Is it the Seminole?  Please do tell!

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Look forward, not backwards Huxly. In 50 years we won't be based on hydrocarbon technology. Don't be so damned narrow minded mate. Further you won't see any greenhouse issues.   ;)


- Terry


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Is that your way of admitting you were wrong...or just drivel for the sake of typing something?  I couldn't tell.

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Your feeble attempt at sarcasm is so transparent newby. You'll Keep.  ::)

HA!

crazy!

You two spar words is hilarious.  Applauds all around.  :laugh:

Most of the most easily accessable (i.e. most cheaply drilled and recovered) oil in the US was recovered years ago. There is still some being drilled, like in the Gulf of Mexico and in Alaska.

What is left is more difficult to recover oil, and thus more expensive and less profitable. As oil prices continue up, it will become profitable once again to recover oil in various places in the US, and oil companies will do so.