The Big 5 could produce new oil in large quantities in 3 to 5 years if given the right leases to do so. Florida for example. Anwar.

Oil Futures are a future guarantee that a company can buy oil at a future date for a future price. This is essential in planning for next month or next years budget so that a company or corporation can continue to make money reasonably well despite rising fuel costs.

But what many people fail to understand that is without a moving floor on oil futures there is panic in the market. Oil and gas is being bid up by ever increasing fears that oil and gas will rise. The more it rises the more its bid up in fear that it will rise. A cap or ceiling would allow for oil prices to not plummet below an established floor thus ending the overwhelming speculative nature of oil. The war in Iraq has not affected oil production, but what it has done is rise fears that something bad is going to happen.

Reducing this fear by drilling, expanding additional oil reserves and putting a crash proof ceiling on oil prices prevents the frenzied bidding to continue.

The oil and gas conundrum is a result of fear. Congress is trying to force the bidders to not be afraid and thats impossible without a floating ceiling that prevents a collapse of the prices AND the knowledge that people are actively seeking new oil and are going to bring that into production as quickly as possible.

Oil companies are not actively exploring areas they believe no oil exists. Congress prevents them from drilling in areas that oil is most likely to exist. Ie off the coast of Florida. Or allows them to drill in extremely deep water which until very recently was so expensive as to be not worthwhile.

The hurricane after Hurricane that hit the gulf in 2006 and not one oil leak showed the distance we have come in the industry since the 70's and the continual oil spills. Double hull tankers mean oil is almost impossible to spill now.

Let them drill. Oil is safe now. Oil is NOT our future. Green is. But UNTIL Green is the norm, oil is the storm.

The Big 5 could produce new oil in large quantities in 3 to 5 years if given the right leases to do so. Florida for example. Anwar.

Oil Futures are a future guarantee that a company can buy oil at a future date for a future price. This is essential in planning for next month or next years budget so that a company or corporation can continue to make money reasonably well despite rising fuel costs.

But what many people fail to understand that is without a moving floor on oil futures there is panic in the market. Oil and gas is being bid up by ever increasing fears that oil and gas will rise. The more it rises the more its bid up in fear that it will rise. A cap or ceiling would allow for oil prices to not plummet below an established floor thus ending the overwhelming speculative nature of oil. The war in Iraq has not affected oil production, but what it has done is rise fears that something bad is going to happen.

Reducing this fear by drilling, expanding additional oil reserves and putting a crash proof ceiling on oil prices prevents the frenzied bidding to continue.

The oil and gas conundrum is a result of fear. Congress is trying to force the bidders to not be afraid and thats impossible without a floating ceiling that prevents a collapse of the prices AND the knowledge that people are actively seeking new oil and are going to bring that into production as quickly as possible.

Oil companies are not actively exploring areas they believe no oil exists. Congress prevents them from drilling in areas that oil is most likely to exist. Ie off the coast of Florida. Or allows them to drill in extremely deep water which until very recently was so expensive as to be not worthwhile.

The hurricane after Hurricane that hit the gulf in 2006 and not one oil leak showed the distance we have come in the industry since the 70's and the continual oil spills. Double hull tankers mean oil is almost impossible to spill now.

Let them drill. Oil is safe now. Oil is NOT our future. Green is. But UNTIL Green is the norm, oil is the storm.

So Im a thinking to myself. Why should Bush curtail emmissions when we are going to run out of fossil fuel before anything really happens anyways. I can only conclude its the left wanting to destroy global corporations which stand in the way of socialism and such.

Other then that I cant think of one good reason to be afraid of Global warming.

If you go back and read my original post I think anyone can see from my hillbilly drawl that it was in jest……but

The world is screwed. 7 billion people can be pretty demanding. By 2030 their will be 9 billion and the planet will not be able to support them.

But okay I have a proposal for you. The USA is roughly divided in about 60/40. About 60 percent of the people believe in global warming.

Okay so why dont those 60 percent stop driving cars. Give em up. That would reduce our oil intake by about 10 million bbls per day. Then those same eco nuts could give up using electricy which would further reduce our need for oil by about another 4 million barrells. Then they could spend their money on wind generators and solar panels and that would reduce our oil needs by another 2 million bbls thus ending our need to import any more oil.

The result of all these savings would be that I can then drive my SUV buying 1.79 dollar per gallon gasoline, use my air conditioner while paying for these things while the green conservationists would pay no energy bill and would have no gasoline bill and would have no carbon emissions.

The problem is solved. At least for America.

So why is it that the tree huggers demand. Why not just do. Give up all your global warming stuff and let the rest of us have ours. Because that is exactly what you are asking America to do…..give up our stuff and let the world go right on doing what they want.

So Im a thinking to myself. Why should Bush curtail emmissions when we are going to run out of fossil fuel before anything really happens anyways. I can only conclude its the left wanting to destroy global corporations which stand in the way of socialism and such.

Other then that I cant think of one good reason to be afraid of Global warming.

If you go back and read my original post I think anyone can see from my hillbilly drawl that it was in jest……but

The world is screwed. 7 billion people can be pretty demanding. By 2030 their will be 9 billion and the planet will not be able to support them.

But okay I have a proposal for you. The USA is roughly divided in about 60/40. About 60 percent of the people believe in global warming.

Okay so why dont those 60 percent stop driving cars. Give em up. That would reduce our oil intake by about 10 million bbls per day. Then those same eco nuts could give up using electricy which would further reduce our need for oil by about another 4 million barrells. Then they could spend their money on wind generators and solar panels and that would reduce our oil needs by another 2 million bbls thus ending our need to import any more oil.

The result of all these savings would be that I can then drive my SUV buying 1.79 dollar per gallon gasoline, use my air conditioner while paying for these things while the green conservationists would pay no energy bill and would have no gasoline bill and would have no carbon emissions.

The problem is solved. At least for America.

So why is it that the tree huggers demand. Why not just do. Give up all your global warming stuff and let the rest of us have ours. Because that is exactly what you are asking America to do…..give up our stuff and let the world go right on doing what they want.

This seems to be at the heart of your rationale. It has also been the operative response from our current administration. I suppose the hoped for result is that by ignoring a problem, it will cease to exist. Not much of a strategy I'm afraid.

This seems to be at the heart of your rationale. It has also been the operative response from our current administration. I suppose the hoped for result is that by ignoring a problem, it will cease to exist. Not much of a strategy I'm afraid.

Okay, now I understand where you're coming from. Had you made that connection in the first place I wouldn't have hassled you.

So let's assume the US government does everything it can to assist the oil companies: (1) how much added production are we talking about, and (2) how much is it likely to cost us taxpayers?

And wouldn't you say it's equally true that the US government could do everything it can to assist the auto manufacturers to transition to high mpg vehicles?

Mind you, I'm not advocating either, just comparing them. In that regard it seems to me the first idea (assisting the oil companies) isn't likely to have much effect on price unless the increase in production is very large and sustainable. Oil is, after all, a fungible commodity. It seems to me the second idea (assisting the auto companies) would have a larger and lasting effect. The CAFE standards passed last year would reduce fuel consumption by 25% by 2015, and 40% by 2020. Based on current levels of consumption that represents 2 billion, increasing to almost 4 billion gallons saved per year — while also reducing traditional pollutants and GHGs.

Okay, now I understand where you're coming from. Had you made that connection in the first place I wouldn't have hassled you.

So let's assume the US government does everything it can to assist the oil companies: (1) how much added production are we talking about, and (2) how much is it likely to cost us taxpayers?

And wouldn't you say it's equally true that the US government could do everything it can to assist the auto manufacturers to transition to high mpg vehicles?

Mind you, I'm not advocating either, just comparing them. In that regard it seems to me the first idea (assisting the oil companies) isn't likely to have much effect on price unless the increase in production is very large and sustainable. Oil is, after all, a fungible commodity. It seems to me the second idea (assisting the auto companies) would have a larger and lasting effect. The CAFE standards passed last year would reduce fuel consumption by 25% by 2015, and 40% by 2020. Based on current levels of consumption that represents 2 billion, increasing to almost 4 billion gallons saved per year — while also reducing traditional pollutants and GHGs.

I only googled up information for you. NOT me.

I only googled up information for you. NOT me.

Oil companies make money selling oil. Mostly.
Oil is not an infinite source. Their holes in the ground dry up. Become economically unsound investments at a certain date in the future. One of the links I think I pointed you too was of the declining production rates of existing oil wells for Exxon.
Oil Companies are pretty certain as to their available oil reserves that they can harvest for markets. In addition to replace the current oil they are pumping they are continually looking for new fields to develop.
When they find a new field, it is this new field that determines how fast they produce the current field that is actually pumping oil.

So to make a long story short. Current production is determined by future oil finds. To remain solvent and a major corporation the oil companies must continue to look for new oil and gas in order to keep their futures healthy. For them their future is in finding more oil and gas that they can economically harvest into profits for them and oil for our country and this world.

So when you hear that so and so has hit oil or has drilled and capped wells then what they are doing is exploring………….not pumping. The oil industry is like many other industries. It requires knowledgeable people to run oil rigs and know what they are doing. Many times there is just not the human resources to develop a find as it takes two different sets of people to drill and then to develop a find into existing producing fields.

Oil companies make money selling oil. Mostly.
Oil is not an infinite source. Their holes in the ground dry up. Become economically unsound investments at a certain date in the future. One of the links I think I pointed you too was of the declining production rates of existing oil wells for Exxon.
Oil Companies are pretty certain as to their available oil reserves that they can harvest for markets. In addition to replace the current oil they are pumping they are continually looking for new fields to develop.
When they find a new field, it is this new field that determines how fast they produce the current field that is actually pumping oil.

So to make a long story short. Current production is determined by future oil finds. To remain solvent and a major corporation the oil companies must continue to look for new oil and gas in order to keep their futures healthy. For them their future is in finding more oil and gas that they can economically harvest into profits for them and oil for our country and this world.

So when you hear that so and so has hit oil or has drilled and capped wells then what they are doing is exploring………….not pumping. The oil industry is like many other industries. It requires knowledgeable people to run oil rigs and know what they are doing. Many times there is just not the human resources to develop a find as it takes two different sets of people to drill and then to develop a find into existing producing fields.

You came over here in which I was discussing epa regulations and global warming to continue a debate about drilling. That I said in another thread and I stand by that. If you read farther I explained that statement.

It would take 9 to 18 months for the Oil companies to retool in order to expand current production. I also said that by turning the wildcaters we could bring oil to market in 9 to 18 months and that in 30 days we could get oil to market by opening up the capped wellls that are sitting idle as we speak. I even referenced they were doing that around Los Angeles right now.

Essentially in the last decade the oil companies exploration has become stagnant as they turned to a new unique concept of letting smaller oil companies(Wildcaters) explore and find oil and then BUYING out those companies and their resulting oil finds.

Most oil companies are running at or near the capacity for which they were intended to drill. This is not a big conspiracy to defraud the American people. To expand this capacity it would take 9 to 18 months of retooling AND huge incentives by the US government to insure that they can continue to be a vialble oil company when they pump out their existing reserves much faster then planned with not a lot of deveolping oil fields in their future. Finding oil is a lot like gambling. Its out there. But WHERE? Thats the million dollar question and if we fall for the Pelosi talking points that their are just a gabazillion acres of oil if they just look is deflecting the reality of oil exploration.

You came over here in which I was discussing epa regulations and global warming to continue a debate about drilling. That I said in another thread and I stand by that. If you read farther I explained that statement.

It would take 9 to 18 months for the Oil companies to retool in order to expand current production. I also said that by turning the wildcaters we could bring oil to market in 9 to 18 months and that in 30 days we could get oil to market by opening up the capped wellls that are sitting idle as we speak. I even referenced they were doing that around Los Angeles right now.

Essentially in the last decade the oil companies exploration has become stagnant as they turned to a new unique concept of letting smaller oil companies(Wildcaters) explore and find oil and then BUYING out those companies and their resulting oil finds.

Most oil companies are running at or near the capacity for which they were intended to drill. This is not a big conspiracy to defraud the American people. To expand this capacity it would take 9 to 18 months of retooling AND huge incentives by the US government to insure that they can continue to be a vialble oil company when they pump out their existing reserves much faster then planned with not a lot of deveolping oil fields in their future. Finding oil is a lot like gambling. Its out there. But WHERE? Thats the million dollar question and if we fall for the Pelosi talking points that their are just a gabazillion acres of oil if they just look is deflecting the reality of oil exploration.

You: Nope I didnt say that either. I'm not going to restate what I wrote.

Allow me to restate what you wrote: Secondly your wrong I can get oil to the market in 30 days and drillers can get oil to the market in 9 to 18 months……….Just turn em loose. Both the GOP who wants to protect the Oil companies monopoly and the Democrats who want to save the squirrells use the same talking points and they are all lies.

You: Nope I didnt say that either. I'm not going to restate what I wrote.

Allow me to restate what you wrote: Secondly your wrong I can get oil to the market in 30 days and drillers can get oil to the market in 9 to 18 months……….Just turn em loose. Both the GOP who wants to protect the Oil companies monopoly and the Democrats who want to save the squirrells use the same talking points and they are all lies.

AS to Rico. You said you tried to find information but cant. Those are links I found in like 1 hour of looking around Google. Wasnt hard. If you cant extract information from them, then that is your fault. Not mine.

Actually, I already knew essentially everything in your first five links. The problem is, none of it addressed your central point — a point which you have made on this thread and a previous one, which is, in your own words, this: But you might try reading up on how the oil industry works if you really want to know how we can increase production today. Overnight with existing infrastructure.

Now you seem to be ignoring it entirely. Either that or I mistook your meaning of “we” to mean the domestic oil industry, not “we” the international oil industry. Which is it?

To the extent that there might be something we agree on it would be this: a large amount of the known world oil reserves are held under the control of nationalized oil companies, most of whom are not reliable friends of the US. Given that scenario, whether or not they are gaming the system to one extent or another is less relevant than what we, the US (from now on let's assume “we” means the US, okay?), can do about it. Oil is a fungible commodity, right? The price is set world-wide, right? So even if you're right that “we can increase production today. Overnight with existing infrastructure” unless it amounts to more than a few percent of the world supply it's not likely to have much of an effect on price. Not now, not ever. Other issues may be involved, but not price. Can we agree on that, or is that also debatable?

Perhaps it's a fool's enterprise, but my whole purpose in spending time on blogs like this is to learn things I didn't already know. You have presented a contention I can't verify — assuming your definition of “we” is the same as mine (i.e., the US). If it is then I'm very interested, because if you can convince me it could change my opinion substantially. But if you can't, then it seems the available evidence suggests that if the price of oil is the predominant issue, the quicker we can break our dependence on oil the better off we'll be (again, I'm using “we” as I defined it — the US).

Maybe I've been too hard on you. But trying to get any useful information from you has been like pulling teeth. You might say I'm playing the role of the dentist, pressing you as hard as I can to extract the necessary information. I don't care what your opinion is, I want your facts. School me.

AS to Rico. You said you tried to find information but cant. Those are links I found in like 1 hour of looking around Google. Wasnt hard. If you cant extract information from them, then that is your fault. Not mine.

Actually, I already knew essentially everything in your first five links. The problem is, none of it addressed your central point — a point which you have made on this thread and a previous one, which is, in your own words, this: But you might try reading up on how the oil industry works if you really want to know how we can increase production today. Overnight with existing infrastructure.

Now you seem to be ignoring it entirely. Either that or I mistook your meaning of “we” to mean the domestic oil industry, not “we” the international oil industry. Which is it?

To the extent that there might be something we agree on it would be this: a large amount of the known world oil reserves are held under the control of nationalized oil companies, most of whom are not reliable friends of the US. Given that scenario, whether or not they are gaming the system to one extent or another is less relevant than what we, the US (from now on let's assume “we” means the US, okay?), can do about it. Oil is a fungible commodity, right? The price is set world-wide, right? So even if you're right that “we can increase production today. Overnight with existing infrastructure” unless it amounts to more than a few percent of the world supply it's not likely to have much of an effect on price. Not now, not ever. Other issues may be involved, but not price. Can we agree on that, or is that also debatable?

Perhaps it's a fool's enterprise, but my whole purpose in spending time on blogs like this is to learn things I didn't already know. You have presented a contention I can't verify — assuming your definition of “we” is the same as mine (i.e., the US). If it is then I'm very interested, because if you can convince me it could change my opinion substantially. But if you can't, then it seems the available evidence suggests that if the price of oil is the predominant issue, the quicker we can break our dependence on oil the better off we'll be (again, I'm using “we” as I defined it — the US).

Maybe I've been too hard on you. But trying to get any useful information from you has been like pulling teeth. You might say I'm playing the role of the dentist, pressing you as hard as I can to extract the necessary information. I don't care what your opinion is, I want your facts. School me.

Secondly You are trying to discredit me when you asked this question to which I am responding.
Let me ask you a question. Is OPEC pumping at or near capacity? No? Your response was:See, those are the issues I'd like some documentation for. I can find some talk about it. But it's mostly hearsay, nothing substantive.

I just posted them so that we can all see how easy it might be to actually get information and expand your mind other then just trying to tear down my position. I repeat my knowledge is in my head. You know sorta like you. You have your perceived arguments organized and categorized based upon your collected knowledge. Im not asking you for links because frankly I don't care what you have to say. You are just attempting to discredit me by asking for my documentation. I am willing to play along to a certain extent because Im bored today and you amuse me.

So let's see… Your primary point is that American oil companies are sitting on production that they can bring on-line in a veritable instant if they wanted to.

Nope I didnt say that either. I'm not going to restate what I wrote. If you want to continue to misrepresent my position then go for it. However you might want to learn to distinguish between production and capacity. They are two totally different aspects of the oil game.

Unless I missed something here Im not in school and I dont have to document much of anything.

Green is the future. It will be here in 2030. But What about today? The tree huggers want to wait till 2030 because they believe that this gas problem will pass. I dont.

So its either drill and go green…….BOTH. Or just pretend it will all go away. I prefer not to let it all go away because this oil problem is a very real one. Supply for the first time in history is actually starting exceed production. Most people in the business already believe that oil will decline in importance but the world needs time to change.

Lastly I am not opposed to EPA regulations if they are imposed wisely. However Congress never does anything wisely and this ops post was essentially lets throw GM and Ford and Chrysler to the EPA dogs for the sake of curtailing emmisions on factories thus doing two things. Punishing the factories and punishing Americans because no corporation pays taxes. WE DO.