Posted on 07/16/2008 7:18:15 PM PDT by bobsunshine
The US federal government on Wednesday said it would open 3.9m acres of land in a designated petroleum reserve in Alaska for drilling as a means to help curb rising petrol prices.
“This is welcome news at a time when Americans are paying record prices at the pump,” said C. Stephen Allred, assistant US Secretary for Land and Minerals. “Together with proposed new production from other offshore and onshore areas, these increased supplies will help to stabilise energy costs.’’
The Alaska decision follows one by President George W. Bush on Monday to lift a presidential ban on drilling on the US outer continental shelf, off Florida. That decision still requires Congress to lift a separate ban on the area before the area can be leased for development.
But the Bureau of Land Management, an agency within the US Department of the Interior, said the Alaskan land that will now be offered requires no other approvals and will be up for leasing in the autumn.
(Excerpt) Read more at ft.com ...
This sounds like good news.
Lets be careful in any enthusiasm as I believe this does NOT include ANWR, which is known to have significant oil reserves. The Dims are refusing to allow drilling in ANWR.
Today the MSM was decrying the “fact” that oil was moving back up. I just checked my link at Comment 228, and imaging, Aug. 08 was up 50 cents, but Sept. 08 was down 97 cents. And this was after the noon news, actually the high for the day was barely noticeable. Sheesh.
The oil futures are all over the place, which means there is no trend looking forward, which means nobody has a clue.
Here is a clue:
GM and the Electric Power Research Institute will announce the tie-up next week at an event in San Jose, California, to promote rechargeable electric vehicles
CindyDawg: You won’t see any significant effect on the price at the pumps until the products that are in the supply pipeline have worked their way through the system. That takes about six weeks. Until then, the gas stations will be paying the price of the last several months for the fuel that is in the storage tanks and gasoline tanker trucks.
Remember, in Jan 2001, oil was $24/bbl, and by Dec 2001 oil was $16/bbl....no pickles!
The $4.03 stations here are now $3.89/gal....
Yep.....just think August......one month of still, stultifying, thick, hot, humid air. Thank God for mint julips (May be all we’ll have in 20 years if the Dems are still in the congress)...never did like air conditioning anyway!
Oil futures rise from $128 now to $133 next February, then decline steadily to the $128 level again by next summer and then steady to down to $127 by 2016. (ie, no $130 oil again after this winter). While I don't necessarily disagree that "they don't have a clue", the speculators are pulling out in droves...so the speculative margins are declining as rapidly as they rose for the entire futures time period. Expect continued decline 'til inventories of gasoline stop rising.
They are now. They were not yesterday. Looks like the speculators have reached consensus.
They are now. They were not yesterday. Looks like the speculators have reached consensus.
Gas went from $4.07 to $3.99, today, at my local station.
I’m SO glad!!!
It should be sold.
The fact that the government owns any means of production is communistic.
It won’t - this was fairly common knowledge dys ago and it is already “priced in”.
Anyone else here have the insight to connect this with the very recent drop in oil futures?
Not that this is the whole deal, but a large part of futures trading is within the perception of future supplies.
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