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Obama blames high oil prices on Oil Companies lack of drilling by Formula88
Started on: 03-11-2011 11:39 PM
Replies: 119
Last post by: avengador1 on 11-27-2011 09:22 PM
Formula88
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Report this Post03-11-2011 11:39 PM Click Here to See the Profile for Formula88Send a Private Message to Formula88Direct Link to This Post
http://blogs.investors.com/...for-lack-of-drilling

According to Obama's Friday press conference, his administration is not against oil drilling (nevermind that temporary moratorium on offshore drilling that was lifted then reinstated indefinitely)
Nope, it's not the administration at all. It's oil companies refusing to drill on their existing leases.
 
quote
There is more we can do, however. For example, right now, the (oil) industry holds leases on tens of millions of acres — both offshore and on land — where they aren’t producing a thing. So I’ve directed the Interior Department to determine just how many of these leases are going undeveloped and report back to me within two weeks so that we can encourage companies to develop the leases they hold and produce American energy. People deserve to know that the energy they depend on is being developed in a timely manner.


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Report this Post03-12-2011 12:31 AM Click Here to See the Profile for partfieroClick Here to Email partfieroSend a Private Message to partfieroDirect Link to This Post
There is a wall of inflation just waiting to rear it's ugly head because of the debt.
And he sees the high gasoline prices as a way to let this ugly monster into the house and blame it on the oil companies, and not his reckless spending.
Everything he says and does will be all about getting reelected and little more.
It is what most presidents do, and he is no different.
No reelection=No legacy.
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Report this Post03-12-2011 12:58 AM Click Here to See the Profile for newfSend a Private Message to newfDirect Link to This Post
 
quote
Originally posted by Formula88:

According to Obama's Friday press conference, his administration is not against oil drilling (nevermind that temporary moratorium on offshore drilling that was lifted then reinstated indefinitely)
Nope, it's not the administration at all. It's oil companies refusing to drill on their existing leases.



Did you also hear that he mentioned that last year American production of oil reached it's highest level since 2003, and that oil production from federal waters in the Gulf of Mexico reached an all time high?

You can actually watch it if you'd rather get your info from the speech itself than blogger opinion sites.... now I warn you that it is linked from PBS so I can't be sure they haven't dubbed in words to fool the "righties".

[This message has been edited by newf (edited 03-12-2011).]

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Report this Post03-12-2011 10:41 AM Click Here to See the Profile for frontal lobeClick Here to Email frontal lobeSend a Private Message to frontal lobeDirect Link to This Post
Did he blame any of it on one of the MAJOR causes, which is devaluation of the dollar and the effect that has on increased oil prices?

You can only print up so much paper, funny money before the value of the dollar is less and so people want more of them for their products.

That is ALL on Obama and the democrats.
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Report this Post03-12-2011 12:48 PM Click Here to See the Profile for fierobearClick Here to Email fierobearSend a Private Message to fierobearDirect Link to This Post
 
quote
Originally posted by frontal lobe:

Did he blame any of it on one of the MAJOR causes, which is devaluation of the dollar and the effect that has on increased oil prices?

You can only print up so much paper, funny money before the value of the dollar is less and so people want more of them for their products.

That is ALL on Obama and the democrats.


The other factor is the drilling moratorium in the gulf. If I recall, there has been only ONE platform approved for drilling in the last year.

Either the Obama administration is the biggest collection of morons ever to govern, or they WANT the United States to go down. How else can you explain the complete disconnect from reality about why oil prices are rising?

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Report this Post03-12-2011 01:00 PM Click Here to See the Profile for newfSend a Private Message to newfDirect Link to This Post
So oil prices are rising because of what exactly? How is the world price of oil Obama's fault again??

You do realize that if the Saudi's decided to increase production (as they have plenty of capacity to do) the price would fall tomorrow right?

No matter how much Obama decides to drill, the U.S. (according to what I have read) has 2% of the worlds oil. So not really a great long term plan there. Why is it the current administations fault that a commodity like oil is in more demand worldwide??

Or is this yet another attempt to blame the current administration for everything? I mean you can argue that they aren't doing enough or making some errors I suppose but to try and pin the current price of oil on them and say there is a complete disonnect just seems like more partisan BS.

[This message has been edited by newf (edited 03-12-2011).]

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Report this Post03-12-2011 01:03 PM Click Here to See the Profile for newfSend a Private Message to newfDirect Link to This Post

newf

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quote
Originally posted by fierobear:


The other factor is the drilling moratorium in the gulf. If I recall, there has been only ONE platform approved for drilling in the last year.

Either the Obama administration is the biggest collection of morons ever to govern, or they WANT the United States to go down. How else can you explain the complete disconnect from reality about why oil prices are rising?


Can you dispute the claims by the white house that last year American production of oil reached it's highest level since 2003, and that oil production from federal waters in the Gulf of Mexico reached an all time high? (please use reputible facts if you do)

Honest question BTW,
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Report this Post03-12-2011 01:12 PM Click Here to See the Profile for fierobearClick Here to Email fierobearSend a Private Message to fierobearDirect Link to This Post
 
quote
Originally posted by newf:


Can you dispute the claims by the white house that last year American production of oil reached it's highest level since 2003, and that oil production from federal waters in the Gulf of Mexico reached an all time high? (please use reputible facts if you do)

Honest question BTW,


No, I'd like Obama to prove it to me.

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Report this Post03-12-2011 01:22 PM Click Here to See the Profile for avengador1Click Here to Email avengador1Send a Private Message to avengador1Direct Link to This Post
Obama Blames Oil Companies For Lack Of Drilling
http://blogs.investors.com/...for-lack-of-drilling
 
quote
In his Friday press conference to discuss gas prices, President Obama was rather defensive, straining to counter the notion that his administration has been unfriendly to oil drilling, something most people would like to see a lot more of these days.

Where do people get that notion? Perhaps his Interior Department appealing a judge’s ruling that it act on several pending deepwater permits had something to with it.

Obama claimed repeatedly that he is not against drilling, then made the following comments:

There is more we can do, however. For example, right now, the (oil) industry holds leases on tens of millions of acres — both offshore and on land — where they aren’t producing a thing. So I’ve directed the Interior Department to determine just how many of these leases are going undeveloped and report back to me within two weeks so that we can encourage companies to develop the leases they hold and produce American energy. People deserve to know that the energy they depend on is being developed in a timely manner.

In other words, Obama is arguing that the oil companies themselves may be to blame for the fact that there isn’t more drilling. For some reason they’re ignoring making a profit. It’s a bizarro-world inversion of the usual complaint against oil companies — that they are reckless and all-too eager to despoil pristine lands in search of black gold.

Nevertheless, it is a familiar talking point that Democrats have been throwing out there for years now. The Interior report Obama mentioned will probably come in the coming weeks or months and “prove” this point. Obama clearly hopes it will take the pressure off of his administration for high gas prices and throw it on the oil companies.

But is any of this true? Technically yes, says the oil industry, but the claim is extremely misleading. As Richard Ranger, a policy analyst with the American Petroleum Institute, has explained:

“The process of looking at an area that might have oil and gas potential and narrowing your search over time and over a sequence of steps to actually producing oil and gas involves kind of casting a big net first and over time through geologic work,” Ranger said. “[Y] You prioritize some over others, you may be lucky on those first ones you drill, you may not — then you drill prospects further down your priority list.”

Ranger also explained it’s not always a cut-and-dried situation. Some areas will have oil and gas, some won’t and some might have it, but it may not be economically feasible to pump it out of the ground.

“When you drill, you have results that are either sufficient oil or gas to allow production or a dry hole or somewhere in between where you think we may have production but we may need some further work to determine whether this formation, this target, is economic to produce. Those steps consume several years from the point of leasing to a point of decision.”

Update: Ex-President Bill Clinton calls offshore drilling permit delays "ridiculous".


Last sentence update says it all.

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Report this Post03-12-2011 01:37 PM Click Here to See the Profile for Doug85GTSend a Private Message to Doug85GTDirect Link to This Post
If we just had a record year, then how is it the oil companies fault for not drilling?
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Report this Post03-12-2011 01:50 PM Click Here to See the Profile for Old LarSend a Private Message to Old LarDirect Link to This Post
It is very easy to blame Obama, cause he is the guy in charge. Just like the "Ds" blamed Bush 43 for everything when he was in charge. He is at the top of the dung heap he calls his administration. If he can not take the heat, get out of the kitchen.
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Report this Post03-12-2011 01:59 PM Click Here to See the Profile for fierobearClick Here to Email fierobearSend a Private Message to fierobearDirect Link to This Post
 
quote
Originally posted by Old Lar:

It is very easy to blame Obama, cause he is the guy in charge.


Except that it was HIS administration who blocked drilling in the gulf, and appealed a decision to allow it.

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Report this Post03-12-2011 02:10 PM Click Here to See the Profile for newfSend a Private Message to newfDirect Link to This Post
 
quote
Originally posted by Doug85GT:

If we just had a record year, then how is it the oil companies fault for not drilling?


Seems to be another lame arguement for those who just want to hate. The title of the OP has no connection to what he said in the speech IMO, Obama didn't blame anyone as far as I could tell but the spin machine will find a way.

[This message has been edited by newf (edited 03-12-2011).]

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Report this Post03-12-2011 02:49 PM Click Here to See the Profile for Doug85GTSend a Private Message to Doug85GTDirect Link to This Post
 
quote
Originally posted by newf:


Seems to be another lame arguement for those who just want to hate. The title of the OP has no connection to what he said in the speech IMO, Obama didn't blame anyone as far as I could tell but the spin machine will find a way.



Obama does deserve criticism for his policy on oil drilling in the Gulf of Mexico.

http://www.eia.gov/emeu/steo/pub/contents.html
 
quote
EIA expects production from the Federal Gulf of Mexico (GOM) to fall by 240,000 bbl/d in 2011 and by a further 200,000 bbl/d in 2012.


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Report this Post03-12-2011 03:47 PM Click Here to See the Profile for Formula88Send a Private Message to Formula88Direct Link to This Post
 
quote
Originally posted by newf:


Did you also hear that he mentioned that last year American production of oil reached it's highest level since 2003, and that oil production from federal waters in the Gulf of Mexico reached an all time high?

You can actually watch it if you'd rather get your info from the speech itself than blogger opinion sites.... now I warn you that it is linked from PBS so I can't be sure they haven't dubbed in words to fool the "righties".



The words coming out of Obama's mouth only have as much credibility as Obama himself. Obama says many, many things, but that doesn't make them true.
His legislative actions speak far louder than his words.
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Report this Post03-12-2011 04:02 PM Click Here to See the Profile for Formula88Send a Private Message to Formula88Direct Link to This Post
 
quote
Originally posted by newf:


Seems to be another lame arguement for those who just want to hate. The title of the OP has no connection to what he said in the speech IMO, Obama didn't blame anyone as far as I could tell but the spin machine will find a way.



Really? Maybe you didn't watch the speech carefully. Here's a transcript from the White House, if you consider that a valid source for information from the White House.
http://www.whitehouse.gov/t...conference-president

 
quote
For example, right now, the industry holds leases on tens of millions of acres –- both offshore and on land –- where they aren’t producing a thing. So I’ve directed the Interior Department to determine just how many of these leases are going undeveloped and report back to me within two weeks so that we can encourage companies to develop the leases they hold and produce American energy. People deserve to know that the energy they depend on is being developed in a timely manner.


Where have we seen that quote before? Oh, yeah, my original post.

Obama also said this:
 
quote
We can’t place our long-term bets on a finite resource that we only control 2 percent of -– especially a resource that’s vulnerable to hurricanes, war, and political turmoil.

Referring to his assertion that the U.S. controls only 2% of the world's oil. Even if you accept that as a valid percentage, it's interesting that he considers domestic drilling vulnerable to war and political turmoil. Apparently he doesn't think the Middle East or Russia is susceptible to those threats.

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Report this Post03-12-2011 05:23 PM Click Here to See the Profile for newfSend a Private Message to newfDirect Link to This Post
 
quote
Originally posted by Formula88:
Really? Maybe you didn't watch the speech carefully. Here's a transcript from the White House, if you consider that a valid source for information from the White House.
http://www.whitehouse.gov/t...conference-president

For example, right now, the industry holds leases on tens of millions of acres –- both offshore and on land –- where they aren’t producing a thing. So I’ve directed the Interior Department to determine just how many of these leases are going undeveloped and report back to me within two weeks so that we can encourage companies to develop the leases they hold and produce American energy. People deserve to know that the energy they depend on is being developed in a timely manner.





So he is asking the Interior department to find out why the leases are going undeveloped in an attempt to force these companies to "**** or get off the pot" so to speak and you have a problem with this why??? Please show how is he blaming high oil prices on this?? Even if they were drilling more you expect that the world oil price would be significantly less??


 
quote
Originally posted by Formula88:
Obama also said this:
quote
We can’t place our long-term bets on a finite resource that we only control 2 percent of -– especially a resource that’s vulnerable to hurricanes, war, and political turmoil.


Referring to his assertion that the U.S. controls only 2% of the world's oil. Even if you accept that as a valid percentage, it's interesting that he considers domestic drilling vulnerable to war and political turmoil. Apparently he doesn't think the Middle East or Russia is susceptible to those threats





I'm at a loss as to how you get that he doesn't think Russia, The Middle East, etc. are susceptible to those threats as it appears to be exactly what he is saying. If the U.S. controls 2% then it's very very susceptible to those forces in other countries that are relied on to get oil.

Way to spin man.

[This message has been edited by newf (edited 03-12-2011).]

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Report this Post03-12-2011 05:51 PM Click Here to See the Profile for newfSend a Private Message to newfDirect Link to This Post
 
quote
Originally posted by Doug85GT:
Obama does deserve criticism for his policy on oil drilling in the Gulf of Mexico.

http://www.eia.gov/emeu/steo/pub/contents.html
quote
EIA expects production from the Federal Gulf of Mexico (GOM) to fall by 240,000 bbl/d in 2011 and by a further 200,000 bbl/d in 2012.



That's some nice editting there, you've learned well.


According to the Interior Department Bureau of Ocean Energy Management, Regulation and Enforcement, since the disaster, they have approved 37 permits to drill new shallow-water wells, as well as one permit for the deepwater drilling that was suspended after the blowout of the Macondo well. They have also approved 22 permits for deepwater activities, such as water-injection wells and drilling from a fixed rig with a surface blow-out preventer, that were not suspended after the disaster.

The president also said the administration was pressing oil companies to move ahead on drilling on idle leases that are going "undeveloped."

But, Obama said, "let's be clear," simply amping up domestic production, "is not a long-term solution. Even if we start drilling new wells tomorrow, that oil is not coming on-line overnight," and that ultimately Americans must confront the fact that they consume about a quarter of the world's oil, but only have two percent of oil reserves
http://www.nola.com/politic...a_says_gulf_oil.html
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Report this Post03-12-2011 05:57 PM Click Here to See the Profile for motoracer838Click Here to Email motoracer838Send a Private Message to motoracer838Direct Link to This Post
 
quote
Originally posted by fierobear:


The other factor is the drilling moratorium in the gulf. If I recall, there has been only ONE platform approved for drilling in the last year.

Either the Obama administration is the biggest collection of morons ever to govern, or they WANT the United States to go down. How else can you explain the complete disconnect from reality about why oil prices are rising?


Can you say both!!! I thought you could.

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Report this Post03-12-2011 06:05 PM Click Here to See the Profile for partfieroClick Here to Email partfieroSend a Private Message to partfieroDirect Link to This Post
But, Obama said, "let's be clear," simply amping up domestic production, "is not a long-term solution. Even if we start drilling new wells tomorrow, that oil is not coming on-line overnight,"

This is a frigen white wash!
The left has been spouting this for what, at least ten years.
And if we keep listening to them they will say the same crap from here to eternity and we will never drill.
If we would have started ten years ago when they were spouting this crap before, sure the oil would be online by now.
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Report this Post03-12-2011 06:32 PM Click Here to See the Profile for Formula88Send a Private Message to Formula88Direct Link to This Post
 
quote
Originally posted by newf:
So he is asking the Interior department to find out why the leases are going undeveloped in an attempt to force these companies to "**** or get off the pot" so to speak and you have a problem with this why??? Please show how is he blaming high oil prices on this?? Even if they were drilling more you expect that the world oil price would be significantly less??


This isn't a new issue. If you followed the news or world events for more than a sound bit to argue on the internet, you would have realized that. Just because they hold the leases to undeveloped areas doesn't mean they have proven reserves. It costs a LOT to develop an area and there's no guarantee it will produce. Conversely, there are many areas that we already know have proven reserves, but if they don't hold leases to those areas, they have to get them. That's where the political spin comes in.

It's like complaining about someone wanting to take water from the river instead of drilling a well in the desert they already own.

 
quote
Originally posted by newf:

I'm at a loss as to how you get that he doesn't think Russia, The Middle East, etc. are susceptible to those threats as it appears to be exactly what he is saying. If the U.S. controls 2% then it's very very susceptible to those forces in other countries that are relied on to get oil.

Way to spin man.





Talk about spin. Geez, you must have to screw your hat on.
Obama was talking about war, hurricanes, and political turmoil in the U.S.


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Report this Post03-12-2011 06:36 PM Click Here to See the Profile for Formula88Send a Private Message to Formula88Direct Link to This Post

Formula88

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Member since Jan 2001
 
quote
Originally posted by partfiero:

But, Obama said, "let's be clear," simply amping up domestic production, "is not a long-term solution. Even if we start drilling new wells tomorrow, that oil is not coming on-line overnight,"

This is a frigen white wash!
The left has been spouting this for what, at least ten years.
And if we keep listening to them they will say the same crap from here to eternity and we will never drill.
If we would have started ten years ago when they were spouting this crap before, sure the oil would be online by now.


Yeah, they've been saying that for longer than it takes a new well to start producing oil.
I will agree that it's not a "long term" solution. Oil will eventually run out or become so expensive our economy moves to something else. That will not happen for decades, so until it does we need to develop as much of our domestic capacity as possible. Even if we stopped using oil for fuel right now, we'll still need petroleum for the foreseeable future for a myriad of other products. People don't realize just how many products have petroleum in them and synthetic petroleum substitutes cost more. Wal-Mart is what it is today because the population in general cares about cost above all other concerns.
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Report this Post03-12-2011 06:45 PM Click Here to See the Profile for twofatguysClick Here to Email twofatguysSend a Private Message to twofatguysDirect Link to This Post

I could say anything bad, and show an airtight correlation to how Obama is to blame. And Newf would go out of his way to tell me how I "can't stop hating".

Really, it's getting old. I may just start making up things to keep his blood pumping.

Brad
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Report this Post03-12-2011 07:09 PM Click Here to See the Profile for newfSend a Private Message to newfDirect Link to This Post
 
quote
Originally posted by twofatguys:


I could say anything bad, and show an airtight correlation to how Obama is to blame. And Newf would go out of his way to tell me how I "can't stop hating".

Really, it's getting old. I may just start making up things to keep his blood pumping.

Brad

Please bring it on, remember to at least back it up with facts though..

Really what's getting old is the same partisan BS where everything on oneside is wrong but everything on the other is right. Old and pathetic.

This thread is about someones incorrect interpretation of what was said in a speech but hey if Obama said it either it's wrong or he can't be believed...right??? But yeah I'm the one using tired tactics to argue with. uh huh.

My my you really do seem to have a "all about me" complex as again I never even mentioned you and this is the first time you've commented in this thread but apparently I'm telling YOU how "YOU can't stop hating".

Unfortunately it's far from air tight as the people complaining that Obama "blames" high oil prices on lack of drilling can't even seem to refute the claims he made with facts but hey I keep forgetting that opinion trumps facts here.

As for doing things to make my blood pump? Just join the endless line of people on here who generalize and hate for the simple reason of hating and you'll probably get a response but really have at it I could care less if you can't back up your arguements with any facts. Whatever makes you happy though.

[This message has been edited by newf (edited 03-12-2011).]

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Report this Post03-12-2011 07:24 PM Click Here to See the Profile for newfSend a Private Message to newfDirect Link to This Post
 
quote
Originally posted by Formula88:

This isn't a new issue. If you followed the news or world events for more than a sound bit to argue on the internet, you would have realized that. Just because they hold the leases to undeveloped areas doesn't mean they have proven reserves. It costs a LOT to develop an area and there's no guarantee it will produce. Conversely, there are many areas that we already know have proven reserves, but if they don't hold leases to those areas, they have to get them. That's where the political spin comes in.

It's like complaining about someone wanting to take water from the river instead of drilling a well in the desert they already own.





Ahhh I see so your arguement is the federal Government is holding up known oil developments by giving leases to only those areas that don't have oil deposits. Yup, and I'm the one who is spinning.

Please explain how increasing drilling in the US will significantly lower the price of oil when you have a moment.
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Report this Post03-12-2011 07:26 PM Click Here to See the Profile for newfSend a Private Message to newfDirect Link to This Post

newf

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Member since Sep 2006
 
quote
Originally posted by Formula88:




Talk about spin. Geez, you must have to screw your hat on.
Obama was talking about war, hurricanes, and political turmoil in the U.S.



hahaha yes clearly he was talking about the upcoming war and political turmoil in the U.S. Yup the media wouldn't have been all over that one...hahaha classic.

Seriously this is the quote "We can’t place our long-term bets on a finite resource that we only control 2 percent of -– especially a resource that’s vulnerable to hurricanes, war, and political turmoil."

Notice how he's talking about the resource as a whole and not the U.S. controlled 2%. man you must be dizzy

[This message has been edited by newf (edited 03-12-2011).]

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Report this Post03-12-2011 07:37 PM Click Here to See the Profile for Formula88Send a Private Message to Formula88Direct Link to This Post
 
quote
Originally posted by newf:

Please explain how increasing drilling in the US will significantly lower the price of oil when you have a moment.


No one could explain to you how water is wet because you only hear what you want so you can argue some more.
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Report this Post03-12-2011 07:44 PM Click Here to See the Profile for newfSend a Private Message to newfDirect Link to This Post
 
quote
Originally posted by Formula88:


No one could explain to you how water is wet because you only hear what you want so you can argue some more.


Brilliant response.

I see so you made the thread only for people that believe what you say? You do realize this is a internet forum correct? Not willing to be challenged on your statements or back up your claims with facts, get a blog. You go pick up your ball and go home now big fella.
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Report this Post03-12-2011 07:53 PM Click Here to See the Profile for Doug85GTSend a Private Message to Doug85GTDirect Link to This Post
 
quote
Originally posted by newf:

That's some nice editting there, you've learned well.


According to the Interior Department Bureau of Ocean Energy Management, Regulation and Enforcement, since the disaster, they have approved 37 permits to drill new shallow-water wells, as well as one permit for the deepwater drilling that was suspended after the blowout of the Macondo well. They have also approved 22 permits for deepwater activities, such as water-injection wells and drilling from a fixed rig with a surface blow-out preventer, that were not suspended after the disaster.

The president also said the administration was pressing oil companies to move ahead on drilling on idle leases that are going "undeveloped."

But, Obama said, "let's be clear," simply amping up domestic production, "is not a long-term solution. Even if we start drilling new wells tomorrow, that oil is not coming on-line overnight," and that ultimately Americans must confront the fact that they consume about a quarter of the world's oil, but only have two percent of oil reserves
http://www.nola.com/politic...a_says_gulf_oil.html



You are clearly buying into the spin. The experts in the field see through it though:

http://blog.energytomorrow....-oil-production.html

 
quote


Facts Don't Support Claims on Gulf of Mexico Oil Production
By Kyle Isakower | Thursday 10 March 2011

Last week, Interior Secretary Ken Salazar told Congress that oil production in the Gulf of Mexico "remained at an all-time high, and we expect that it will continue as we bring new production online." He claimed: "In 2009 there were 116 rigs in the Gulf of Mexico, in 2010 in February, 120, in February 2011, 126."
But Salazar's numbers distort the true number of working rigs in the Gulf of Mexico.

According to Baker Hughes:

-Four days before the Deepwater Horizon accident there were 55 rotary rigs actually drilling offshore in the Gulf of Mexico.
-On May 28, 2010, when the administration announced the six-month moratorium on deepwater drilling, there were 46 rotary rigs operating in the Gulf.
-Last week, 25 rotary rigs were operating in the Gulf of Mexico.

So the fact that there is an "all-time high" number of rigs in the Gulf ignores the fact that most of those rigs are not working. Claiming an increase in idle rigs in the Gulf as a success story is like claiming the job market is great because a lot of people are unemployed and available to work.

In the same hearing, the Secretary also claimed that "the production has remained at an all-time high" within the Gulf of Mexico and there is no way to actually make this true. The Energy Department's Energy Information Administration reports that production in the Gulf of Mexico is in decline, forecasting a decline of 250,000 barrels a day from Gulf production, due partly to the moratorium and restricted permitting. While the annual production figure for 2010 was greater than 2009, EIA's month-by-month production figures show a peak in May of 2010, and a relatively steady decline since. And EIA Petroleum Engineer Gary Long told trade publication E&E News that the rig count in the Gulf was cut in half after the Deepwater Horizon accident and that it wouldn't rebound to previous levels until the end of 2011 under the assumption that the permitting process is restored to historical rates. Further, since there is a lag time from the time an exploration permit is approved to the time of actual production, and since no only a handful of permits for new wells have been granted since April of 2010, it is likely that Gulf of Mexico production will continue to be hit hard in 2012 and beyond.

We appreciate that, when it comes to selling the administration's energy policy, Secretary Salazar is in a tough position. Fortunately we are here to help, help provide the abundant and affordable energy that our economy needs, and help create the jobs our workers want. As API President Jack Gerard said recently:

"Our industry remains committed to working with government to meet our current and future challenges, but we need Congress and the administration on board. Let's stop talking and let's get back to work."


Obama's moratorium will decrease Gulf of Mexico oil production for years to come.
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Report this Post03-12-2011 08:01 PM Click Here to See the Profile for Doug85GTSend a Private Message to Doug85GTDirect Link to This Post
BTW, the US' oil production just under 11% of the world total, not 2%. The US is #3 on the world chart.

http://en.wikipedia.org/wik...es_by_oil_production

CIA World Factbook

[This message has been edited by Doug85GT (edited 03-12-2011).]

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Report this Post03-12-2011 08:05 PM Click Here to See the Profile for newfSend a Private Message to newfDirect Link to This Post
 
quote
Originally posted by Doug85GT:


Obama's moratorium will decrease Gulf of Mexico oil production for years to come.


Wait... so the information from this blog is the truth. I don't deny that production from the Gulf of Mexico has been on a decline, I would expect it after one of the largest oil spills in history but I thought during the speech Obama made it clear
 
quote
"Now, the hard truth is, is that as long as our economy depends on foreign oil, we’ll always be subject to price spikes. So we’ve got to get moving on a comprehensive energy strategy that pursues both more energy production and more energy conservation. We need to increase our access to secure energy supplies in the near term, and we’ve got to make our economy more energy-efficient and energy-independent over the long run.

Let me be more specific. First, we need to continue to boost domestic production of oil and gas. Last year, American oil production reached its highest level since 2003. Let me repeat that. Our oil production reached its highest level in seven years. Oil production from federal waters in the Gulf of Mexico reached an all-time high. For the first time in more than a decade, imports accounted for less than half of what we consumed.


Now if the levels in the next few years show a unexpected drop in production and development due to the current administration I will certainly agree that would be a poor decision based on the current projections but we can only wait and see.

I doubt any President is going to hold up oil companies too much, they have way too much power for that IMO.
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Report this Post03-12-2011 08:07 PM Click Here to See the Profile for newfSend a Private Message to newfDirect Link to This Post

newf

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Member since Sep 2006
 
quote
Originally posted by Doug85GT:

BTW, the US' oil production just under 11% of the world total, not 2%. The US is #3 on the world chart.

http://en.wikipedia.org/wik...es_by_oil_production

CIA World Factbook



Yes but he wasn't quoting production it was the percentage of estimated world oil deposits/reserves in my understanding.

But hey thanks for showing people how much the U.S. actually produces even though people seem to think Obama is holding it back .

[This message has been edited by newf (edited 03-12-2011).]

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Report this Post03-12-2011 08:09 PM Click Here to See the Profile for Doug85GTSend a Private Message to Doug85GTDirect Link to This Post
 
quote
Originally posted by newf:
Wait... so the information from this blog is the truth. I don't deny that production from the Gulf of Mexico has been on a decline, I would expect it after one of the largest oil spills in history but I thought during the speech Obama made it clear


Did you look at who wrote it?

 
quote

Kyle Isakower
Website: blog.energytomorrow.org

Kyle Isakower is vice president of regulatory and economic policy at the American Petroleum Institute. With 26 years experience, he is the go-to guy for issues regarding energy and environmental policy and oversees the development of API standards and economic analyses. In his past lives, Kyle has worked on issues related to waste management and remediation, NAAQS and air toxics—and led efforts promote the industry's energy efficiency efforts. Transplanted to Washington from north Jersey over 20 years ago, he remains faithful to the New York Giants, and works diligently to ensure his wife and two children do so as well.
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Report this Post03-12-2011 08:16 PM Click Here to See the Profile for newfSend a Private Message to newfDirect Link to This Post
 
quote
Originally posted by Doug85GT:


Did you look at who wrote it?

[QUOTE]
Kyle Isakower
Website: blog.energytomorrow.org

Kyle Isakower is vice president of regulatory and economic policy at the American Petroleum Institute. With 26 years experience, he is the go-to guy for issues regarding energy and environmental policy and oversees the development of API standards and economic analyses. In his past lives, Kyle has worked on issues related to waste management and remediation, NAAQS and air toxics—and led efforts promote the industry's energy efficiency efforts. Transplanted to Washington from north Jersey over 20 years ago, he remains faithful to the New York Giants, and works diligently to ensure his wife and two children do so as well.
[/QUOTE]

I didn't but showing me that he works for the API doesn't really make me believe he is any less biased than anyone else is. Who's best interests do you expect he would be on the side of? Again I'm not saying he's wrong in his figures but only the future will show if the current administration holds back development or not.
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Report this Post03-12-2011 08:47 PM Click Here to See the Profile for Doug85GTSend a Private Message to Doug85GTDirect Link to This Post
 
quote
Originally posted by newf:


I didn't but showing me that he works for the API doesn't really make me believe he is any less biased than anyone else is. Who's best interests do you expect he would be on the side of? Again I'm not saying he's wrong in his figures but only the future will show if the current administration holds back development or not.



You object to what this industry expert says because of who he is. And yet you have the nerve to say that people only object to what Obama is doing because of who he is.

Nice one.
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Report this Post03-12-2011 09:04 PM Click Here to See the Profile for newfSend a Private Message to newfDirect Link to This Post
 
quote
Originally posted by Doug85GT:
You object to what this industry expert says because of who he is. And yet you have the nerve to say that people only object to what Obama is doing because of who he is.

Nice one.


Can't read can you? Where is it I said the industry expert was lying again?

I said he is could be biased and I believe the administration could be as well, I mentioned I didn't disagree with his numbers however how those numbers show that indeed 2010 was as Obama stated but there has been a decline in GOM production since after the spill. As usual I would tend to think the truth is somewhere in between what both sides are stating.

But hey thanks again for showing how much the U.S. produces.... 3rd in the world under Obama's watch and people are claiming he's holding you back. Nice one.

[This message has been edited by newf (edited 03-12-2011).]

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Report this Post03-12-2011 09:07 PM Click Here to See the Profile for jetmanClick Here to visit jetman's HomePageClick Here to Email jetmanSend a Private Message to jetmanDirect Link to This Post
I don't want to get into the politics, I don't want to argue, just want to post for discussion sake here, a viewpoint from the futures markets.

I trade commodities from time to time, watch the markets like a hawk, and will say that at least 60% and probably more of the price is due to pure speculation. There was a loop hole in the regulations back in '92 that allowed the large investment banks, hedge funds and certain large speculators to circumvent the restrictions and regulation of the Commodity Futures Trading Commision, CFTC. In effect, they have become the elephant in the room with such large positions in the market that they have, by thier size, forced a dislocation of price discovery in the market and these unrealistic prices.

As reported, we have the largest supply of gasoline ever in the last 25 years but the price has skyrocketed. It's not supply and demand anymore, it's the future markets where price is determined. You have long only funds in the market along with ETF's, matter of fact, Goldman Sachs buys so many contracts every month, you can "see" it in the markets, we call it the "Goldman Roll" and have to take that into account with our own trading.

The folks who posted about oil drilling, dollar valuations, inflation, are all correct, these are valid factors, they have an effect.

Remember that you have to follow the money for your answers, all that hot money flowed into dot coms then housing, now innto commodities. Those investment banks, hedge funds are making obscene amounts of money and will continue to do so since the game is rigged for them to do so.

Remember back in '08 when oil was $140 a barrel and someone in congress said the word "speculation"? Prices suddenly dropped like an anchor, I'm hoping that the word "manipulation" mentioned by Obama may have an effect to cool things down a bit. There's a provision in the Dodd / Frank bill languishing in congress that will close a loophole and give the CFTC some additional power to regulate this.

When you can control 1000 barrels of oil for only an initial margin of $5,078, realisticaly limitting the positions held and perhaps raising the margin required may help settle this rampant speculation and price dislocation.

I wanted to post this because I see all the talking heads on TV spouting about the oil price and causes and nobody has mentioned the future markets. This is what I'm seeing, what a shame too, a buck or two less on the price of gas would help alot of folks who are suffering.

------------------
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EDIT....

 
quote
Originally posted by Formula88:
Are you referring to the Dodd–Frank Wall Street Reform and Consumer Protection Act? That was signed into law on July 21, 2010.

I stand corrected.
I should have said that the CFTC is in the process of defining, reporting and regulating the swap dealers per the requirements of the Dodd-Frank act.
Thank you for correcting me, I always buy my pencils with erasures since I'm not perfect. The correction is appreciated and posted here rather later in the thread since the topic has evolved.

[This message has been edited by jetman (edited 03-13-2011).]

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Report this Post03-12-2011 09:15 PM Click Here to See the Profile for Formula88Send a Private Message to Formula88Direct Link to This Post
 
quote
Originally posted by jetman:
There's a provision in the Dodd / Frank bill languishing in congress that will close a loophole and give the CFTC some additional power to regulate this.


Are you referring to the Dodd–Frank Wall Street Reform and Consumer Protection Act? That was signed into law on July 21, 2010.
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Report this Post03-12-2011 09:33 PM Click Here to See the Profile for Doug85GTSend a Private Message to Doug85GTDirect Link to This Post
 
quote
Originally posted by newf:


Can't read can you? Where is it I said the industry expert was lying again?

I said he is could be biased and I believe the administration could be as well, I mentioned I didn't disagree with his numbers however how those numbers show that indeed 2010 was as Obama stated but there has been a decline in GOM production since after the spill. As usual I would tend to think the truth is somewhere in between what both sides are stating.

But hey thanks again for showing how much the U.S. produces.... 3rd in the world under Obama's watch and people are claiming he's holding you back. Nice one.




Nice word game you are playing there. Claiming that the expert that I cited is biased is a form of objecting to what he is saying. That is not the same as saying he is lying.

Funny how you give Obama credit for US oil production that is 3rd in the world and yet you also state earlier in the thread that the Saudis who are #2 are holding back. Which is it? Can a high producing country hold back or not?

I think it is clear by your inconsistency that you are clearly trolling in this thread. The others were right about you.
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Report this Post03-12-2011 09:41 PM Click Here to See the Profile for newfSend a Private Message to newfDirect Link to This Post
 
quote
Originally posted by Doug85GT:
Nice word game you are playing there. Claiming that the expert that I cited is biased is a form of objecting to what he is saying. That is not the same as saying he is lying.

Funny how you give Obama credit for US oil production that is 3rd in the world and yet you also state earlier in the thread that the Saudis who are #2 are holding back. Which is it? Can a high producing country hold back or not?

I think it is clear by your inconsistency that you are clearly trolling in this thread. The others were right about you.



So still can't read can you? I said both sides were biased.

I didn't give credit to US and Obama being 3rd. YOU DID!!!

Holding back? Facts are yes the Saudi's have plenty of immediate production capacity and way way more reserves so I would say the Saudi's are holding back while the U.S. doesn't seem to be, at least not equally.

Sorry you can't seem to have a discussion about something if someone disagrees with you. Shows the character of some I guess, maybe you should start using graphics and name calling as well.

[This message has been edited by newf (edited 03-12-2011).]

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