US to open 3.9m acres in Alaska for drilling

Financial Times ^ | July 16, 2008 | Sheila McNulty

[Prophet in the wilderness]

" That seems to be the daily mission of congress. Nothing seems to phase them except the fear of losing their elections grip on power" .

There now, fixed.

[Prophet in the wilderness]

Then BP and the other oil companies should tell the moonbats/Liberals/Demorats that there is no oil there, and in exchange to give that land back for the other areas were we know there is oil and make the already used area a wildlife sanctuary new oil refineries.

[kevinm13]

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.

[gleeaikin]

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.

[RightWhale]

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

[AFPhys]

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.

[CRBDeuce]

We’d be in less of a pickle if he’d acted on this 7.5 years ago

Remember, in Jan 2001, oil was $24/bbl, and by Dec 2001 oil was $16/bbl....no pickles!

[CRBDeuce]

The $4.03 stations here are now $3.89/gal....

[CRBDeuce]

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!

[CRBDeuce]

The oil futures are all over the place, which means there is no trend looking forward, which means nobody has a clue.

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.

[traviskicks]

Did they make this decision arbitrarily? Why are we at the mercy of these bureaucrats?

[RightWhale]

They are now. They were not yesterday. Looks like the speculators have reached consensus.

[RightWhale]

They are now. They were not yesterday. Looks like the speculators have reached consensus.

[rabidralph]

Gas went from $4.07 to $3.99, today, at my local station.

[Monkey Face]

I’m SO glad!!!

[ROCKLOBSTER]

That decision still requires Congress to lift a separate ban on the area before the area can be leased for development.

It should be sold.

The fact that the government owns any means of production is communistic.

[MarkT]

It won’t - this was fairly common knowledge dys ago and it is already “priced in”.

[bill1952]

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.