Emergency! Judge shopping!
Posted on 04/27/2017 8:43:05 PM PDT by Innovative
President Trump on Friday is expected to sign an executive order that could open large parts of the Pacific, Arctic and Atlantic oceans to new oil and gas drilling, a prospect that elicited a fierce backlash in California and elsewhere even before details of the order were clear.
The move, which is certain to face legal and political challenges, could undo a plan finalized late in President Obama’s second term that sought to limit fossil fuel development and fight climate change by not including new drilling leases off the coast of California or Alaska during the current five-year federal offshore plan, which extends through 2022.
(Excerpt) Read more at latimes.com ...
I’m sure of that, but it is good to point it out. Some folks may wonder.
It’s a natural occurrence, and has probably been going on since the Earth became it’s existing form.
It isn’t oil collection related.
Have the 0bamaJudgePresidents of the United States said what they’re going to do?
Thanks ItsAHoot.
I’ve seen a number of pictures like that. It’s hard to believe that area was once like that.
Up close to Palos Verdes was an area that had wells everywhere too. Long Beach, Signal hill...
You guys probably ought to wrap your minds around a fundamental truth:
There is no law of nature that says there is going to be enough oil.
That picture above of all those derricks . . . suppose they did their jobs and it’s now empty. Oh, and before you jump up and wave bullshit about abiotic replenishment of oil wells, get out your checkbook and put your money where your bullshit mouth is.
Go buy some empty oil wells in Illinois. Or Pennsylvania. Pay top dollar for them. Then go see if they replenished.
Oil production Illinois year 1985 78000 barrels/day
Oil production Illinois year 2016 25000 barrels/day
OIL FIELDS ARE NOT INFINITE. THEY GO EMPTY. And only about 1/4 of exploratory wells ever drilled find anything at all.
Stop with the pollyanna abundance forever crap. Russia has the oil. We don’t. And we’re going to lose because of it.
It sounds like you believe in “Peak Oil” theory. That was big back in the Fifties and Sixties when they thought we would run out of oil by 1990.
Nothing is infinite, but because it hasn’t been found yet does not mean it cannot be found and obtained. It isn’t that complicated.
Or, put another way, we’re limited not by the amount of oil in the ground, but by how inventive we are about reaching new sources of fuel and how much we’re willing to pay to get at it.
It costs money to look for oil. When demand is low, prices go down, and so does oil exploration. When demand is high, prices go up, and so does oil exploration.
Demand is high right now. Price has fallen. No evidence supply and demand determines price.
When you go to Walmart and there’s a shelf with 1 bottle of Coke left on it, the price is the same on that shelf as when there were 5 bottles.
That is quite a statement. Needless to say, I disagree with the fundamental premise you believe in. That statement flies in the face of unlimited evidence through history, currently, and all around you.
We disagree, and I will leave it at that.
Ya, of course I know that’s extreme.
But take a moment and look up the Wiki for Predatory Pricing.
If there is anyone who has cause to try to inflict pain on the US, it is Russia, after all the sanctions. They can simply sell oil for less than the bid price. Why should they care about the offered number of printed pieces of paper created from thin air by the Federal Reserve for something that has actual value — oil.
If the price stays low, the shale industry is wiped out.
LOL, thanks for the reply on that...I was wondering if you were trolling or being sarcastic and I didn’t pick it up!
You’ve been around a while, and I wondered.
It is true, things like shale development (and oil exploration) become less attractive, and less money goes to them.
Yup!
Overwhelm the judicial system.
-Cloward/Piven
Then there's the price of gasoline....not totally based on the price of oil. What's going on with the GTL industry? We are awash in natural gas.
You can already purchase synthetic motor oil made from natural gas. Synthetic gasoline can't be too far behind.
That much is true...gasoline is in no way totally based on the price of oil...there are the refining costs, the transportation costs, the labor costs...and of course, the ridiculous gas taxes.
Sigh. I wish Thackney were still posting to FR. That guy knew of what he spoke.
Supply, general consumption, seasonal usage, diesel vs gas production changeover, spot shortages, "boutique blends" (custom requirements per state) point of sale "cash replacement cost" lag, prices in foreign (export) markets, and reaction to environmental legislation....etc etc etc
Of course all of the above work to create confidence, fear, caution and other logical and emotional reactions in the minds of speculators, who are bidding on unleaded gasoline futures and other derivatives in the US commodities markets...every minute of every day...from around the world.
This is all pretty much unseen and unreported, but you could follow it if......if you can stand to follow it.
If you like gambling, it's the ultimate online casino game.
It is indecipherable, which is why it is kind of like...gambling, if you are speculating!
It is why the “Invisible Hand” that liberals despise (unless they are making money off it) does a far better job of handling prices and such, because you have millions of people voting with their money and desires to figure out how much of any kind of blend or amount should go anywhere.
When you put that into the hands of a small group of people (like some Politburo planning committee) they cannot possibly know all the things that cause millions to vote with their own money...and that small group always gets it wrong!
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