Would This lower gas prices ?Myrick Introduces Legislation

Based on the proven oil reserves, and based on our current consumption rate, we have enough oil in the ground to last us another 100 years.

Also if you improve our oil pumping efficiency by 10% that could lead to another 1.4 trillion barrels of oil.

There are 14 trillion barrels of oil in the ground based on current technology,

 

Source please..
Every single article I have ever read, even the ones with the most emphasis on making it look good as possible do not show those kind of numbers.

 

I think it would be wise to look to end our involvement in Iraq. I'm not for an immediate pullout as it would leave a vaccuum. I believe Iraq would end up like Lebanon. The difference would be it is a significant source of oil.


I would move to end our involvement strategically though.

I would also look at alternative sources of energy as a major thrust of govt research and govt sponsored tax credits. Energize the efforts to turn up alternative energy sources in a big way.

Congress is currently investigating the actions of the commodity markets. The commodity markets are generally unregulated. Initially only major trucking companies and airlines were allowed to place major orders for large future amts of oil delivery. Now the commodity markets are open to huge levels of speculation from financial institutions having nothing to do with the actual use of oil and other commodities and subject only to speculation.

To the extent that speculation within commodity markets impacts the actual supply and demand curve this should be reviewed. The rising prices of commodities is causing inflation world wide and screwing the workings of economies everywhere.

 

Your're right. Domestic drilling is just putting a band aide on the situation. Oil is finite. It took hundreds of millions of years to make and we are using it up in a 100 years.

 

The article is called "The World Has Plenty of Oil"

By NANSEN G. SALERI

Its written by the former CEO of Saudi Arabia Armco

http://online.wsj.com/article/SB120459389654809159.html?mod=opinion_main_commentaries

 

I agree its pretty reckless to only relay on oil but its just as reckless for us not to drill while the technology advance so that we can have other forms of fuel.

 

I feel that we need to quit pandering to the left-wing environmentalists and actually start drilling in our own reserves. Sure, we need to be good stewards of the earth, but really, some people take it too far, to the point that it is detrimental to those of us that are human.

As for alternatives, nuclear power is a reliable, clean, and safe source. We should use it more than we do.

But mainly, just drill domestically. It's not a band-aide.

Why?

Import costs and taxes. You can get a BMW for under 25k in Europe, but in the US the are 45k and up, thanks to having to import them. Sorry, you cannot get around the math behind that. It costs money to get ANYTHING imported to the US. Taking care of our own business will help the situation dramatically.

 

Ok I think I must have misunderstood you here as we were talking about what's inside of the US, did you mean to say 14 trillion barrels worldwide?

Even with those numbers the 100 years only works if using shale and other sources of oil, not standard crude. This drives prices way up, destroying the point of drilling for more oil to bring down prices.

 

Does anyone other than me think that the whole 'billions of years to make oil' thing is a lie?

Even for the sake of argument, wouldn't nature's oil production be an ongoing thing for us to have used oil for the past however many years we've been using it? Or do the folks who actually believe the 'billions of years' theory also believe that the earth actually stopped producing oil long ago?

It would have had to, according to their logic. So why do we still have plenty of oil?

Oil isn't going anywhere. It does renew itself. Besides, I won't be here in 100 years to worry about the supposed lack of oil...

 

When something takes billions of years 'or even 1000 years' you use it up before it can 'renew' this is basic science.

So let the future suffer and lets just destroy what we have, as we wont be here we don't have to worry about it. Sound logic...

 

I wonder how long it takes to make oil...

Even if it took 1000 years, do you know how many 1000's are in a billion?

In order to 'overuse', you would have to be able to consume more than is created. If, as they say, the earth has been making oil for billions of years (which I don't believe the world has been around that long), then how do we know FOR A FACT that we are running out? We have nothing to support the theory that the supplies are running low. Nothing...not hard evidence, anyway.

Or do you know something that we don't? Do tell.

 

I'll take the scientists words for it

 

But they're probably mostly atheists so how can you trust them?

 

I'd trust an atheist over a radical from any religion.

 

Yeah but these are the people that gave us such things as the theory of evolution; digital technology; the notion that the earth is billions of years old.

 

Fortunately, as a religious man, I don't know too many 'radicals'. Perhaps you've had bad experiences with certain 'religious' people who have looked down on people who are not religious.

Most people who claim to be religious don't even try to follow the teachings of their religion, for example: many people who claim to be Christians. Bottom line? If you claim to be a Christian, but don't do what is taught in the Bible, then you are not a Christian. Simple.

I don't trust all scientists. They have found many good things, and have helped the world out very much. But when they start making claims that are unsupported by concrete evidence and it is filtered down to our children as fact, that's when I start having problems.

I believe the teachings of the Bible. That doesn't make me (or any member of the congregation I attend) a radical.

Oh, and I find absolutely nothing wrong with digital technology

 

Not all are radical, every religion however has radicals..

I doubt there is very many who follow what is taught in the bible to a T, they think they do, they however do not.

Not about to turn a 'gas' thread into a religious thread though myself.

 

I really think the oil deal is a lot of to do about nothing.

If governments would get out of the way, prices would drive innovation as supply decreased. We've really only been using oil for 100 years. And during that time, we've seen solar, nuclear, electric etc.

I don't doubt that we will make the switch when the time is right. But right now so many Americans are crying about the price of gas (notice you don't see Europeans or other western nations crying as much), that it seems like the end of the world.

If people were just a tiny bit more economically literate, they would understand that prices don't just rise, "because they rise" and the disparity in oil pricing in US dollars is higher than all other major currencies, because the dollar has been devalued over the last 6 years.

I've posted this graph several times. Look hard at it. Let it sink in

 

I see that we can agree on that

I wasn't intending to turn it in to a religious thread, but the 'oil takes billions of years to make' argument has, by default, some anti-religious context to it.

I'm not blaming you for anything, and I hope you weren't offended by what I said.

That said, gas prices are awful. *grin*

 

Actually the 5 largest oil importing nations took a big stand on trying to get oil exporting nations to increase output. In that the US is actually the third largest producer besides being the largest importer, it would make sense for the US to look at increasing oil production.

There are loud and large protests in India about increases in oil prices. The govt. has subsidized costs to consumers and recently raised prices.

There are large outcries around the world about oil price increases, as their are also significant issues with inflation hitting the entire world economy.

It is a world wide shock.

I'd still look hard at commodity exchanges. The recent $15 price in oil over 2 days is not a result of any demonstrated huge surge in demand. In fact US dollar against other currencies rose by a small amt. so it is not a result of a continuously falling dollar.

The commodity exchanges allow for huge sums of speculative betting on commodities by non users that are only in the game for financial results and have no impact on demand and supply. None of these players were even allowed in these markets at such a level or at all less than a decade ago.

I suspect that the commodity markets aren't fully to blame but having worked in markets before I can't help but smell a run up fueled to a certain extent by speculation.

The enormous world wide price increases in oil are having devastating impacts on the world economy. The tremendous short term increases of the past few months are well beyond the capacity for any rational business planning.

Its a serious issue that will drain economies for some time. For instance this news link from today speaks to the issues of rising costs of fuel in Europe. http://afp.google.com/article/ALeqM5hbgQKvpEwpYiSfrXXPApMIwYbCuw