Oklahoma oil tops $50 a barrel (Good News for Domestic Oil Production)

The Oklahoman ^ | October 9, 2004 | Adam Wilmoth

[PhiKapMom]

Believe this quote says it all and why the higher oil prices are a benefit to domestic oil production:

"It's worth it now to spend several thousand dollars to get more oil out of the ground. When prices were lower, we couldn't afford to give the wells the expensive treatments."

[PhiKapMom]

The next time a liberal or anyone you know complains about the higher prices for gas, show them this article. With the higher prices per barrel, domestic oil producers are now able to produce more domestic oil and in return less relying on foreign sources. It also means that more is flowing back into our economy by oil producers hiring more people, buying more equipment, and less money going to foreign sources.

Time to open ANWR to drilling and depend even less on foreign sources for oil. Reelect the President and give him a large enough majority in the House and Senate so we can explore more oil in this Country and depend less on the Middle East. He has a "blueprint" for energy for this Country and it is time for the House and Senate to approve that "blueprint!"

[MeekOneGOP]

ha!! You be me to it, but it's worth repeating !

Drill ANWR !!

[MizSterious]

Great! We have a contract here--just waiting for them to decide whether or not they'll drill. (Of course, I hope it won't disturb the tick and chigger population--not to mention the squirrel hunting grounds!)

[Dog Gone]

As you know, I work for a major oil company and I can attest that I have never been more overloaded with projects in my entire career than right now. The entire domestic business is scrambling to drill new wells, rework old ones, and get as much product to market as it possibly can.

Inevitably this will drive prices down as supply increases, but I don't see the activity level dropping anytime soon. Perhaps when oil drops below $30 a barrel, but not before then.

[Mo1]

Hmmm and wasn't it the Democrats that blocked the Energy Bill ???

[MeekOneGOP]

Oh, yeah .....

[Wait4Truth]

OK deserves all the good news it can get! What a great state! The oil is flowing and President Bush is ahead 2 to 1. Thanks for the good news!

[DoughtyOne]

Exellent for domestic oil. Catastrophic for domestic drivers.

[Eska]

Alaskan govt is funded by oil revenue. Double edge sword here also. I remember paying $4.95 a gal to fill up my snowmachine in a bush community 100 miles from anch several years back. It's 3 bucks in my village now; higher it goes; yu back off on consumption.

Last year, all the repub & dem politicians could talk about was how badly alaska needed state sales, income, and property taxes. Meek as church mice now about the issue; so the money must be really rolling in.

Guess i'd much rather pay 350/gal for gas than 10,000 in increased taxes.

[norraad]

So many states have thousands of capped wells (some of which have replenished themselves to former levels), let's hope this price bubble allows them to come on line.

We have more in our on ground at these prices than we need to import.

But we're up against longterm corrupt contracts with infinite kickbacks & discount schemes(the oil for food criminals didn't invent them all).

[pugdog]

Most people have no idea the amount of money it takes to drill a well. Here in Louisiana a well that I am very familiar with cost 8.5 million with no payoff.

No one will dare invest that kind of money without a prospect of a big payoff.

[boycott]

Our government subsidizes the peanut farmer but not the oil industry. Which employees more and is more vital to our national security?

[RightWhale]

It's $2.40 here for ultra high-test ethyl. $2 for regular. They said it is $5 in the villages depending on remoteness and as much as $7 in fly-in villages. The villages might be inconvenienced if gasoline is cut off by excessive price or lack of supply, but Fairbanks would be out of business. We're not there yet; Fairbanks could pay $5 without disenfranchising more than a few citizens.

[Osage Orange]

Catastrophic for domestic drivers.

Catastrophic? Ha..!!

Earthquakes, tornadoes, hurricanes, floods, exploding mountains can be catastrophic....$2.00 per gal. gasoline...is hardly catastrophic.

FWIW-

[PhiKapMom]

Thought this was the best article I have seen about domestic oil production and how the higher price per barrell is helping out domestically.

[carl in alaska]

Barring major new discoveries, I don't think oil will ever drop below $30 again. Worldwide demand is growing too strongly for that. Oil will hit $60 within two years despite everyone's best efforts to produce more.

[Wilhelm Tell]

Bush is right -- technology is the long-term answer to the oil crisis. Using ANWR and other sources will buy us years to develop technology that is less dependent on oil. The price of oil is up anyways and new technology is getting better, and this will cause new technology to be cost-effective.

The left has no imagination -- they are only against everything:
Nuclear power. Nope, can't have that -- it's radioactive.
Solar power. Nope, can't use that -- solar panels in the desert create too much heat.
Wind power. No way -- windmills are ugly and they kill birds.
You know, if they ever develop fusion to where it is practical, the left will say that the universe is running out of hydrogen!

[PhiKapMom]

Bump to your:

Drill ANWR !!

[fella]

Even better the Syntroleum Corp. has developed processes to make unltra-clean diesel and and other liquids out of natural gas. They even claim that they can make a profit if oil drops to $20.