Quote:The United States' oil output is surging so fast that the country could soon overtake Saudi Arabia as the world's biggest producer.
Driven by high prices and new drilling methods, U.S. production of crude and other liquid hydrocarbons is on track to rise seven per cent this year to an average of 10.9 million barrels a day.
This will be the fourth straight year of crude increases and the biggest single-year gain since 1951.
Quote:The increase in production has not translated to cheaper gasoline at the pump, and prices are expected to stay relatively high for the next few years because of growing demand for oil in developing nations and political instability in the Middle East and North Africa.
U.S. set to overtake Saudi Arabia as world's biggest oil producer following boom in output
And Obama has nothing to do with it.
Yeah it's booming due to Fracking which liberals hate. Fracking the shale formations have led to the increases we are seeing. And it is safe despite what is promoted in hack attempts like "Gas Land".
Imagine what production would be without a hostile administration.
But according to Romney, Obama is strangling the oil industry...
(10-24-2012 01:53 PM)AtlanticLeague Wrote: [ -> ]But according to Romney, Obama is strangling the oil industry...
He is. This production is from decisions made long before Obama even got into office. Lest we forget the liberal comeback to needing more drilling is that it takes at least 10 years before you see the impact.
(10-24-2012 01:53 PM)AtlanticLeague Wrote: [ -> ]But according to Romney, Obama is strangling the oil industry...
Yes, and?
http://www.canadafreepress.com/index.php/article/50524
This op/ed is over the top in its commentary, but the list is accurate. The EPA planned restrictions will most certainly strangle the US oil industry...beyond the current stranglehold.
(10-24-2012 01:53 PM)AtlanticLeague Wrote: [ -> ]But according to Romney, Obama is strangling the oil industry...
And that is exactly right.
These numbers result from decisions taken in the Bush administration, and from the development of fracking (which the left hates), and from the develoment of the Bakken in North Dakota (which liberals hate).
Remember back in 2004 when the left was telling us how domestic drilling would have "no effect for 10 years"? Well, unless the left was lying then, what we are seeing today is the result of what was done in 2002. Actually, the left was lying then, the real time frame is about 5 years instead of 10 (even the report they relied on to support their "10 years" claim actually said 5 years, not 10). So this is the result of steps taken in 2007. Still two years before Obama. And of course the left is still lying today.
The 'no effect' we were crying was to the price of a gallon of gas.
And this is proof of that.
(10-24-2012 02:28 PM)Redwingtom Wrote: [ -> ]The 'no effect' we were crying was to the price of a gallon of gas.
And this is proof of that.
That may have been what you thought it was about, but that's not what most leftists were saying. They were saying that we should not drill period, and that requires a determination that there are no benefits of doing so, not just that price isn't one of the benefits.
And domestic production will never have a lowering effect on price, in large part because domestic production is more expensive than foreign. But that's not a reason not to do it, which is what the left was claiming. I suppose you are comfortable telling the mother of a dead soldier that we decided that letting her son die to protect our oil supply was better than drilling domestically, since the price of gasoline would not be affected.
Oil production may be booming in the US, but it's being sold overseas where the $$$ is.
(10-24-2012 02:42 PM)VA49er Wrote: [ -> ]Oil production may be booming in the US, but it's being sold overseas where the $$$ is.
unfortunately this.
Making $$$ of the Chinese and Indians and other developing nations is what its really about.
(10-24-2012 02:42 PM)VA49er Wrote: [ -> ]Oil production may be booming in the US, but it's being sold overseas where the $$$ is.
Source?
(10-24-2012 02:44 PM)Owl 69/70/75 Wrote: [ -> ] (10-24-2012 02:42 PM)VA49er Wrote: [ -> ]Oil production may be booming in the US, but it's being sold overseas where the $$$ is.
Source?
econ 101.
You sell where you can get the highest price.
(10-24-2012 02:44 PM)VA49er Wrote: [ -> ] (10-24-2012 02:44 PM)Owl 69/70/75 Wrote: [ -> ] (10-24-2012 02:42 PM)VA49er Wrote: [ -> ]Oil production may be booming in the US, but it's being sold overseas where the $$$ is.
Source?
econ 101.
You sell where you can get the highest price.
No. Source that it is being sold overseas.
(10-24-2012 02:44 PM)VA49er Wrote: [ -> ] (10-24-2012 02:44 PM)Owl 69/70/75 Wrote: [ -> ] (10-24-2012 02:42 PM)VA49er Wrote: [ -> ]Oil production may be booming in the US, but it's being sold overseas where the $$$ is.
Source?
econ 101.
You sell where you can get the highest price.
Not necessarily. You wouldn't sell where you can get the highest price if the cost of delivering your product there eliminates your profit.
The high cost of gasoline is due in large part to the EPA regulations that were put in place on refineries. This has led to no new refineries being built and in fact shutting down of existing ones due to the high cost to keep them operational which has led to reduced overall capability. The other factor here is the different blends of gas that are required throughout the country. Prices are very volatile when a refinery goes down that is part of the few producing specific blends of gas.
Gas prices generally drop as we head to winter as the number of blends being produced are less.
(10-24-2012 03:33 PM)DFWMINER Wrote: [ -> ]The high cost of gasoline is due in large part to the EPA regulations that were put in place on refineries. This has led to no new refineries being built and in fact shutting down of existing ones due to the high cost to keep them operational which has led to reduced overall capability. The other factor here is the different blends of gas that are required throughout the country. Prices are very volatile when a refinery goes down that is part of the few producing specific blends of gas.
Gas prices generally drop as we head to winter as the number of blends being produced are less.
How much per gallon?
(10-24-2012 03:33 PM)DFWMINER Wrote: [ -> ]The high cost of gasoline is due in large part to the EPA regulations that were put in place on refineries. This has led to no new refineries being built and in fact shutting down of existing ones due to the high cost to keep them operational which has led to reduced overall capability.
My hometown has a refinery. Despite being consistently, and handsomely, profitable, it almost closed in 1999. The oil companies do not mind the squeeze put on by regulations, but it is not high costs to keep them operational. It's the high profits they get b/c of reduced competition.
If the EPA would allow new refineries, say in places like Pine Bluff, Tooele,UT, or Newport, IN, that would be very good for consumers.