Surf And Turf And Oil

IBD ^ | June 6, 2008

[Kaslin]

Energy: Mexico and the United States engage in an energy dispute in the Gulf of Mexico. So why does Mexico want to protect and develop its offshore oil but we don't?

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On May 13, Sen. Chuck Schumer, D-N.Y., rose on the Senate floor to demand that arms sales to Saudi Arabia cease unless that kingdom "increases its oil production by one million barrels a day" — coincidentally the amount that would be flowing from the Arctic National Wildlife Refuge today had President Clinton not vetoed drilling in its frozen tundra in 1995.

In arguing that Saudi Arabia "holds the key to reducing gas prices in the short term," Schumer showed that even Democrats recognize the law of supply and demand.

As for the long term, Schumer et al. have no interest in drilling in ANWR or anywhere else. They say the added supply would take 10 years to reach our gas tanks, something they've been arguing for at least the last 10 years.

Well, Shell Oil is busy trying to increase our oil supply by drilling in the deep waters of the Gulf of Mexico. Oil companies are forced to go farther and deeper as abundant oil and natural gas reserves are placed off-limits by a Congress that rails against high prices and profits.

Shell is now spending millions of those "windfall" profits to build and deploy an oil drilling platform known as Perdido. It's as tall as the Eiffel Tower and will be anchored to the seabed by moorings spanning an area the size of downtown Houston. Set to begin production next year, Perdido is expected to yield 100,000 barrels of badly needed crude a day.

[television is just wrong]

in the mean time, how come iran and iraq are only paying .10 a gallon for gas.

[GOP_Raider]

How many people in Iran and Iraq have cars?

[television is just wrong]

doesn’t matter the gas is cheap and we are being reamed.

[chaos_5]

Their governments subsidize the price. After all, at $135 a barrel, they can afford to do it.

[television is just wrong]

still being reamed.

[EverOnward]

For reference. Thanks for the post.

[rlmorel]

Are you suggesting we implement price controls on petroleum?

[Sunnyflorida]

“in the mean time, how come iran and iraq are only paying .10 a gallon for gas.’

Their politicians want to facilitate the ability of their citizens to access energy.

[italianquaker]

Its there oil and when we drill for ours we can talk but not we beg

[kempo]

You can't be serious. Iran and Iraq are exporting countries. Do you know what that mean? I didn't think so. It means they have more oil than they can possibly use so they sell the excess to the highest bidder. There governments also subsidizes the price of oil to their citizens .

[Blood of Tyrants]

Their gas prices are heavily subsidized by the government. You can’t produce and distribute gas for 10 cents a gallon if the crude was free. Which for them, it essentially is.

[GOPJ]

Oil companies are forced to go farther and deeper as abundant oil and natural gas reserves are placed off-limits by a Congress that rails against high prices and profits.

Is it true we can't drill off the Florida coast, but China's out there sniffing around?

[DuncanWaring]

That would appear to be the case.

[Bellflower]

ping

[shadowcat]

Scummer is an A$$hole !

what is to debate?