OBAMA SAYS "DRILLING ISNT THE ANSWER"....

[nevergaveitathought]

Originally Posted by Little Stevie

More deflection. Now you're saying offshore wages on oil production are taxed while domestic wages are not?

Stop digging when the hole is getting deeper.

"Competing in a global economy" is simply corporate speak for telling Americans they need to work for third world wages or watch their jobs go overseas.

LMAO!

what? you dont understand tax law or what a domestic productions activity deduction is or how its calculated. or maybe comprehension isn't your strong suit. i have no clue as to what you are saying

[CJ7]

Originally Posted by Grifter

Someone please explain to me, since I plainly dont understand, how more domestic oil production would not reduce the price of petrol here in the United States.

oil is priced in the global market

price at the pump is regional

we simply dont have enough oil to be 100% independent from global prices and control our own destiny

we increase production 5 million barrels a day, we still buy 5 million imported barrels ..

OPEC cuts production 5 million barrels a day and our increase is offset


some where in this or another thread Blue (mostly) and I gave a rundown of supply/demand/speculation/and global vs regional pricing.

2 Presidents ago, our emergency reserves were put on the "for sale" market to lower prices ... we never sold any of the reserves, but the idea did work short term ... only because we have a massive emergency reserve could we flood the market so to speak.

people seem to forget the usual summer spike in oil $ is on the horizon.

[Grifter]

I read somewhere that we have in the neighborhood of enough domestic oil to keep the US running for 200 years at current levels. If that were true and removed ourselves from the global market and through a nationalized (gasp from the right) oil company wouldnt this solve alot of the budget and energy problems we currently face?

[Iaintliein]

Originally Posted by Grifter

I read somewhere that we have in the neighborhood of enough domestic oil to keep the US running for 200 years at current levels. If that were true and removed ourselves from the global market and through a nationalized (gasp from the right) oil company wouldnt this solve alot of the budget and energy problems we currently face?

OR
Since every currency in the world, including our is de-facto on the petroleum standard, we could make greater use of our coal and natural gas (put EPA back on a short leash), drill like fiends and export oil to pay off the national debt.

[CJ7]

Originally Posted by nevergaveitathought

what? you dont understand tax law or what a domestic productions activity deduction is or how its calculated. or maybe comprehension isn't your strong suit. i have no clue as to what you are saying

http://www.opencongress.org/articles...-Oil-Subsidies

[CJ7]

Originally Posted by Iaintliein

OR
Since every currency in the world, including our is de-facto on the petroleum standard, we could make greater use of our coal and natural gas (put EPA back on a short leash), drill like fiends and export oil to pay off the national debt.

http://finance.yahoo.com/blogs/daily...174452881.html

[nevergaveitathought]

Originally Posted by Grifter

Someone please explain to me, since I plainly dont understand, how more domestic oil production would not reduce the price of petrol here in the United States.

there is no explanation for a claim such as that

however there are explanations, in some proportion, as to our current woes:

obama appointments to his administration were about 90% from career academics and government bureaucrats as opposed to bush who appointed about 60% from business and aroudn 40% from academics and bureaucrats.

one, i think, can logically conclude that liberal, impractical and theoretical solutions and policies have been embraced at every level in obama's administration. not just limited to the health care debacle.

steven chu for example, the head of the u. s. department of energy. he distinguished himself in california with calls for untested government renewable energy mandates and co2 cap and trade regulations. in 2007, he climbed into a tree to protest global warming for a vanity fair photo spread.

chu, who said in 2008, "Somehow we have to figure out how to boost the price of gasoline to the levels in Europe."

We still have a way to go to achieve Secretary Chu's goal. The average price for a gallon of gas in Europe is what over $10?

President Obama's Secretary of Interior is Ken Salazar. When he was a Senator in 2008, he proclaimed on the floor of the Senate that he would oppose any offshore drilling no matter how high the price of gasoline rose, even to $10 a gallon.

Barack Obama: "Under my plan of a cap and trade system, electricity rates would necessarily skyrocket." (January 2008)

Obama promised to bankrupt anyone foolish enough to build a coal burning power plant.

obama's epa is striving mightily to regulate fracking, searching for some way to hamper the creation of additional reserves of oil and gas by means of horizontal well completions in formations lacking permeability or porosity or both.

obama's adminisitration has caused offshore production to decrease by 11% and onshore government controlled lands to decrease by 16% in 2011 all the while disingenously claiming production is up under his administration. seems necessary in an election year.

now, this year, he is calling for an all the above strategy. calling i say, not doing. whatever gets you through the next election.

[essence]

Originally Posted by Grifter

Someone please explain to me, since I plainly dont understand, how more domestic oil production would not reduce the price of petrol here in the United States.

US has 2% of world's proven reserves.

Oil is a global commodity and the price is a global price.

Should US traders sell US oil to US consumers at below global market price? Or rather, should US try to buy global oil at below global market price?

I'm not sure what you are suggesting.

Drill, baby, drill, stop importing, reduce US proven reserves to 0.5%, and then try to be a world power?

During WWI and WWII, one of the big issues was how to keep oil imports coming to the UK, so they could power the war. Hence the importance of the north Atlantic war, and the bravery of the merchant seamen. People like Deterding started to make their name in WWI. A lot of stuff went on.

Deterding was fascinating. I proof read a PhD thesis on him by a friend many years ago. See

http://en.wikipedia.org/wiki/Henri_Deterding