US Oil Production At Highest Levels Since 1999. Demand Is Down.

Discussion in 'Current Events' started by Forum4PoliticsBot, Apr 10, 2012.

  1. Forum4PoliticsBot

    Forum4PoliticsBot New Member

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    Well, apparently we just need to drill MORE... right? That's how it's supposed to work, right? We drill more and more and more and gas prices automagically drop as a result of "supply and demand," right?

    Or could it be that the whole "drill baby, drill" meme is nothing more than one of many hollow right-wing memes?

    http://www.chinadaily.com.cn/cndy/20...t_15008900.htm
    Quote:
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    Speculators slashed bullish bets on oil by the most in more than three months as drilling in the United States accelerated and output grew to the highest level since 1999, boosting stockpiles.

    Money managers reduced net long positions, or wagers on rising prices, by 10 percent in the seven days ended April 3, the biggest drop since Dec 20, according to the Commodity Futures Trading Commission's Commitments of Traders report on Friday. Oil fell 3.1 percent in the week covered by the report.

    Inventories surged by the most since 2008 and domestic production climbed to the highest level in more than 12 years in the week ended March 30, the US Energy Department reported on Wednesday. The US pumped 6.05 million barrels a day, an increase of 7.3 percent from a year earlier. The number of oil rigs grew 50 percent over the same period, according to Baker Hughes Inc, a Houston oil-services company.

    "As production and inventory levels continue to grow, it makes it harder to be aggressively long at the higher price levels," said Phil Flynn, an analyst at futures-brokerage PFGBest in Chicago. "Market fundamentals are still quite weak."

    West Texas Intermediate, the US benchmark, declined $3.32 a barrel to $104.01 a barrel on the New York Mercantile Exchange during the week of the report. Futures dropped another $2.19 to $101.82 on Monday.

    Oil stockpiles grew by 9.01 million barrels to 362.4 million in the week ended March 30, the biggest increase since August 2008, the department said. Stockpiles at Cushing, Oklahoma, the delivery point for New York futures, rose 729,000 barrels to 40.3 million, the most since May, the report showed. [HR][/HR] [/TD]
    [/TR]
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    It's time to break Big Oil's back. Provide more funding for alternative energy sources and move this country past its petro addiction.


    Thread started at Forum 4 Politics on 04-09-2012 10:48 PM
     
  2. waltky

    waltky Well-Known Member

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    Uncle Ferd says there's a Big Oil/gov't./OPEC conspiracy to keep us dependent on foreign oil `cause it puts money in politicians' pockets...
    :tears:
    GAO: Recoverable Oil in Colorado, Utah, Wyoming 'About Equal to Entire World’s Proven Oil Reserves'
    May 11, 2012 - The Green River Formation, a largely vacant area of mostly federal land that covers the territory where Colorado, Utah and Wyoming come together, contains about as much recoverable oil as all the rest the world’s proven reserves combined, an auditor from the Government Accountability Office told Congress on Thursday.
     
  3. AceFrehley

    AceFrehley New Member

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    If drilling more doesn't work, why do our politicians ask OPEC to produce more when prices go up? Who would you rather ask to increase production- companies in the US, or the countries in OPEC, many of whom simply hate our guts?

    Oh, I think I get it now. You'd rather deal with your fellow America haters.

    Never mind. Carry on.

     
  4. Margot

    Margot Account closed, not banned

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    Smart people realize the providers don't hate their customers.
     
  5. Margot

    Margot Account closed, not banned

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    Big Oil is funding research for reduced emissions and higher efficiency as well as the development of increased solar and hy solar usage.
     
  6. Margot

    Margot Account closed, not banned

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    Saudi Arabia Plans $109 Billion Boost for Solar Power

    Saudi Arabia is seeking investors for a $109 billion plan to create a solar industry that generates a third of the nation’s electricity by 2032, according to officials at the agency developing the plan.

    The world’s largest crude oil exporter aims to have 41,000 megawatts of solar capacity within two decades, said Maher al- Odan, a consultant at the King Abdullah City for Atomic and Renewable Energy. Khalid al-Suliman, vice president for the organization known as Ka-care, said on May 8 in Riyadh that nuclear, wind and geothermal would contribute 21,000 megawatts.

    continued

    http://www.bloomberg.com/news/2012-05-10/saudi-arabia-plans-109-billion-boost-for-solar-power.html
     
  7. AceFrehley

    AceFrehley New Member

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    So you don't think Hugo Chavez hates us?

    And you're from the "smart" group of people?

    Ummm... sure thing, Margot. Whatever you say.


     
  8. AceFrehley

    AceFrehley New Member

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    HAHAHAHAHAHAHAHAHA!!!!

    Classic. The Saudis are absolutely LOADED with cash. They know solar power is a loser, that's why they want "investors" to put up the cash. If it was such a good idea, they could put up that $109 billion out of their petty cash and not even put a dent in it.

    Keep swinging, you'll hit something. Eventually. Hopefully.

     
  9. Margot

    Margot Account closed, not banned

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    Nah.. Chavez hates out government.. Remember that he provided fuel oil relief for poor Ameriacans.

    The whole Chavez thing is the political decision to do the Mosadeegh routine on him.
     
  10. AceFrehley

    AceFrehley New Member

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    Finally, you got something right! Now are you ready to step up and tell him his idea to break the back of big oil is insanity?

    Didn't think so.

     
  11. AceFrehley

    AceFrehley New Member

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    You actually believe Hugo Chavez gave a rat's ass about the poor in his fuel relief scam? Seriously??????

     
  12. Margot

    Margot Account closed, not banned

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    Solar power isn't a loser at all. KSA has whole villages off grid since 1982 and opened a solar power plant on Farisan Island last year.. You just have to have the will, technology and capital.

    Fortunately, in KSA Saudi Aramco is such a well integrated oil company that they have downstream manufacturing in Yanbu and Jubail ...
     
  13. AceFrehley

    AceFrehley New Member

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    Uh huh. Sure thing. It's a real winner. That's why they're not willing to put up any of their trillions and trillions of dollars. It's because it's such a winner. Those poor Saudis, so broke they need investors for a solar plant, eh?

    Nice try, but NO SALE.

     
  14. Margot

    Margot Account closed, not banned

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    Saudi investors.. not YOU..
     
  15. AceFrehley

    AceFrehley New Member

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    No worries sweetheart. In case you hadn't figured it out already, I wasn't planning to invest. I looked into solar for my home within the past year. There wasn't enough room on my roof to power half the house, and the payoff is at least 20 years out.

     
  16. Margot

    Margot Account closed, not banned

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    Too bad.. I installed solar on my roof in 1980 and it paid for itself in 2.5 years.. Saved huge costs in hot water for a large family with five bathrooms and tons of laundry.
     
  17. AceFrehley

    AceFrehley New Member

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    BULL (*)(*)(*)(*)ING (*)(*)(*)(*). I remember the solar hot water craze. It was THOUSANDS OF DOLLARS. 2.5 year payoff my ass. I'll flat out say it: you are LYING. If that were true, every house would have solar hot water heating!

    But back to the Saudi nonsense. Do you think that perhaps the Saudis are in a financially better position than the US government is to invest in green technologies? Are you at least honest enough to answer that one honestly?????

     
  18. Margot

    Margot Account closed, not banned

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    We bought our solar panels from Australia.. ran $2200 ..

    Saudi Arabia is diversifying their economic base... successfully.. Manufacturing has exploded since 2007.. with 500,000 new jobs in the manufacturing sector.
     
  19. Margot

    Margot Account closed, not banned

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    The reason that rig counts in the US are up and there is so much activity in exploration and drilling is because the ppb is high.. If it drops much below $80 a barrel that activity will dry up.

     
  20. AceFrehley

    AceFrehley New Member

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    OK, fair enough on the solar. My apolgies. It cost my parent's $6,000 and took well over a decade to pay for itself. Also, we had 3 bathrooms, not 5. But as I said, the Saudis are in a far better financial position. Here in the US, we keep digging a financial hole, courtesy of our US government.

     
  21. Margot

    Margot Account closed, not banned

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    My husband was also a contractor.. which helped.

    The hole we have dug started with two long unfunded wars, a pernicious mortgage market and no tax plan to repatriate offshore profits.

    That can be fixed but partisans would rather see the other side crash and take America down instead of getting off their butts.
     
  22. Ronald0

    Ronald0 New Member

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    I have seen in many countries people switching to solar or wind energy for their homes even where governments are making little or no efforts. The pay off is usually a couple of years. The price of energy is imploding everywhere and these are much cheaper options.
     
  23. AceFrehley

    AceFrehley New Member

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    I think it started long before that. However, I did complain about Bush's spending since early in his first term. I was for both Iraq and Afghanistan wars, but not for mismanaging them and letting them go on for a decade.

    That said, it is now 2012. Barack Obama ran on Bush being unpatriotic for running up $4 trillion in debt, only to have created more debt in less time. Barack Obama ran on fixing the economy and creating jobs. Unemployment is now higher than when he took office, and there are less people with jobs than when he took office. It's time to quit blaming George W. Bush and hold Barack Obama accountable for his policies and actions.


     
  24. AceFrehley

    AceFrehley New Member

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    I wonder what the problem is here in the US. As a deranged right-winger, I'd love to live off the grid. That was my intention with looking at solar power. The cost simply isn't there, the payoff isn't there, and the square footage needed for the power is far too much. I do live in a two-story house, so that is a contributing factor. Even still, I couldn't power half my house if I were to fill up the roof with solar panels.

    I haven't checked out wind power in about 20 years. However, I suspect I'd run into zoning issues with that, living in a typical middle class neighborhood.

     
  25. Margot

    Margot Account closed, not banned

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    Yep.. the meter was always running, compounding the interest.. You know what they say.. if you want to dance, somebody has to pay the band .. eventually.

    Why think "All or Nothing"????

    Rather than being completely off grid, why not just have solar hot water?

     

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