Do We Have Oil?

[Pell Mell]

We got more oil than the Arabs but the greenies don't want us to have it.



http://www.usgs.gov/newsroom/article.asp?ID=1911

[Tom]

It would be far a less carbon footprint to drill for it here.
Who do you think will obey drilling regulations better - us here, or Habib off the coast of Nigeria???

Less risk of tanker leaks, less energy to transport it.

And no matter what the foolish dems say, there is no viable alternative to oil now, and there will not be for decades.

It is "feel good" science.


Now, maybe we could start a program to develop "soylent greenies!"

[dutchboy]

The CFO of one of the mining and exploration companies involved is a local man who was on a local radio station about a month ago discussing the company. Their production cost to turn the shale in to oil is higher than the current market price of oil.

Ethanol is another option that seems to be going away since it also costs more to produce than it can be sold for. The subsidies for this product is scheduled to end either this year or in the near future so several huge production plants are either now closed and the ones scheduled to be built are being scrapped. Ethanol produced from corn in the upper Midwest has to be shipped all the way to the gulf coast to be refined and then shipped back the the upper Midwest.

[Steve 'StatMan']

The CFO of one of the mining and exploration companies involved is a local man who was on a local radio station about a month ago discussing the company. Their production cost to turn the shale in to oil is higher than the current market price of oil.

Yes, that is one of the other problems. At $2-ish a gallon for gas, it isn't worth it. When gas for $4-ish a gallon, is was an attractive alternative.

I hated paying $4+ for gas. At some price point though, if I had a choice of buying Middle East and/or Venezuelan oil products that were less expensive, vs higher priced oil products mined by U.S. and/or U.S Residing workers (funneling more money to Local, State and National U.S. Econmomies) I think now, truly appreciating the value of a dollar now with the ecomonic mess, that I would be willing to pay up to 50 cents more per gallon of gas for US based gas/oil products and drive less than support oil-products from general hostile and/or pain in the ass nations.

[Steve 'StatMan']

Ethanol is another option that seems to be going away since it also costs more to produce than it can be sold for. The subsidies for this product is scheduled to end either this year or in the near future so several huge production plants are either now closed and the ones scheduled to be built are being scrapped. Ethanol produced from corn in the upper Midwest has to be shipped all the way to the gulf coast to be refined and then shipped back the the upper Midwest.

When they diverted all that corn to be used for Ethanol, that demand seriouly raised the price of food products that involved corn. Can't believe the bags of Cheetos are now $2.69 for only 8 1/2 ounces!!! They used to be that for at least 13 ounces. Cheetos are not over $5 a pound! Therefore I no longer buy Cheetos. The price of beef went up, although I don't know if it was as bad. I suspect a pound of reasonable ground beef costs less than a pound of Cheetos.

[dutchboy]

May be wrong but I believe I read that Ethanol is so corrosive it cannot be shipped through pipelines but must be trucked.

For the companies involved in the oil shale project in the upper midwest area the break even point is something like 90 bucks per barrel. I think Canada was going to be a big producer of oil from shale but a lot of their projects have shut down.

[JustRalph]

May be wrong but I believe I read that Ethanol is so corrosive it cannot be shipped through pipelines but must be trucked.



Bingo! Can't even store it very long from what I understand.

[Valuist]

Nobody knows more about the supplies of oil than Matt Simmons, who has argued that oil production has already peaked and the world's reserves are much less than what most believe.

Here's Simmons on Fast Money last month:

http://www.youtube.com/watch?v=kXuTM1Dp-UY

[Tom]

Feel-good libs, no idea what they are doing....just causing problems whenever they do anything.

What other country in the whole world would look at the oil we have here at home as a FRIGGIN CURSE??????

Seriously, these people are mentally ill - read: stupid!

[Lefty]

Canidate obama promised an all inclusive energy plan: offshore drilling and nuclear energy as well as alternative energy. BUT, not a word about offshore drilling or nuclear in the Stimulas plan. Pres Obama has reneged on yet another promise.