Posted on 05/17/2008 8:29:12 PM PDT by Cannonphoder
Crude Mistake
By INVESTOR'S BUSINESS DAILY Posted Friday, May 16, 2008
Energy: With the price of oil spiking above $127 a barrel, the search for scapegoats has begun. Some point to the Saudis, OPEC's No. 1 producer. Others blame the oil companies. We have a better candidate: Congress.
As President Bush traveled to Saudi Arabia to ask the House of Saud to open the oil spigots a bit wider, Congress showed once again how clueless it is when it comes to energy policy.
Underscoring its failure to grasp the nature of our current problems, the Senate Appropriations Committee on Friday refused to end its moratorium on oil shale development in Colorado.
"If we are really serious about reducing pain at the pump," Colorado's senior senator, Republican Wayne Allard, said, "this is a vote that would make a difference in people's lives." He's right.
But the shale proposal went down to defeat with Allard and 13 other Republican members in favor and 15 Democrats opposed. Once again, Democrats were on the wrong side, opting to keep oil in the ground and punish you with higher prices as a result.
This was no minor thing. Estimates put the amount of oil locked in shale in both Canada and the U.S. at more than 1 trillion barrels. Pulling out even a tenth of that would quadruple our current reserves.
This is the same Congress that refuses to allow drilling in Alaska's Arctic National Wildlife Refuge, which holds up to 20 billion barrels of crude, or offshore, where another 30 billion await.
(Excerpt) Read more at ibdeditorials.com ...
They are really powerful - read about how they've shut down nearly every new coal fired power plant that's tried to bebuilt. They have a team of lawyers assigned to each plant, just looking for ways to stop/delay or harrass. That was the NRDC I think.Plus they have legions in government bureaucracies who know upon which side their pay depends.
And at $127 a barrel, add 12.7 trillion to our economy.That would average out to about 4000 for each citizen.
That would be interesting for about 36 hours.
The refineries in this country produce lots of gas, in fact there is a large surplus of refined product around, such that the refineries’ margins (crack spread) is too thin to make even a meager profit from the gas: see Sun, Valero, Tesoro, Western Refining, etc. Their EPS figures are crashing - clearly there is too much refining capacity at the moment - the market is signaling that this is a very poor way to invest.
I have checked around to find info on nano tube batteries but have been unable to find little more than PR stuff. Have you been able to find more solid information? If so could you provide directions?
Want to buy a refinery? Got one here. Good business 175 employees. Profit margin zilch as you mentioned.
If that is what Glenn Beck really says, you should consider another source for your information.
China is using about 7.6 Million barrels per Day or 2.7 Billion barrels per year.
World Petroleum (Oil) Demand, 2003-2007
http://www.eia.doe.gov/emeu/ipsr/t24.xls
Proved Oil Reserves are at 1.33 Trillion Barrels. Note: Proved Reserves are not all know oil, but only oil in fields that can be recovered with today's technology and fields that have wells that have been flow tested. Much other oil is known that is not counted in these Proved Reserve.
World Proved Crude Oil Reserves, January 1, 1980 - January 1, 2008 Estimates
http://www.eia.doe.gov/pub/international/iealf/crudeoilreserves.xls
It would take China 481 years to consume the world's proved reserves at their present rate.
You might also consider on the reserves history table how it grows on average every year AFTER supplying an increasingly larger global demand. That is because we normally add more oil to the reserves than we withdraw.
Not so amazing really. When is the last time you heard the Republicans attack the dims for this with passion and facts? The people see that the pubbies were "in charge" and nothing happened and now the dims are "in charge" and nothing happens and they blame Bush and the pubbies. Just the other day I spent 15 minutes talking to an intelligent lady about oil prices. She initially blamed Bush for high oil prices. In that 15 minutes I convinced her otherwise and was able to properly place the blame. If I can do this as a layman why can't the RNC do it with all the resources at their disposal. Attention RNC, you are going to get creamed if you don't start fighting!!! You may get creamed if you fight but I doubt it and at least you will have fought. Or is getting creamed what you had in mind all along?
The problem was and still is that the repubs after they pushed through their “Contract with America” lost the initial enthusiasm.
The senate and house leaders, after that initial enthusiasm was gone, laced the will or the skill to manage their troops.
Dims do not break ranks. Those that do suddenly find that Murtha and his ilk shut them off. No money for home, no nothing.
GW with the power of the veto and congressional leaders with balls could have slapped the RINO’s around so badly they would have supported conservative legislation.
Look at how the dims manage their people now. How many dims, even the less liberal, do you see voting like Dole did against her party and against her president, an absolute disgrace that she would vote against drilling in ANWR at the very time the president was in Audi Arabia, hat in hand like some banana republic president, begging for more oil.
I love it .. when this story first aired here on FR - I was pummeled mercilessly by others that this was an old story .. even though I had received the information directly from a very trustworthy person who currently lives in North Dakota. Thank you so much for reposting this information.
They are also stopped by GE (General Electric)
GE has invested all their dough in alternative nergy like WIND, etc....
Their lobbying budget is bigger than ALL 3 MAJOR OIL COMPANIES COMBINED!!!!
oh— and they are also the folks who give Olberman airtime and PAY him for it....
Unless somebody "finds" some obscure "endangered species" dwelling there, then it's no longer "private land"....
“Cuba is slant drilling into US oil.... but we are not allowed to drill it.”
WHAT?
Local talk radio was having a huge discussion on the new oil discovery in North Dakota. In the process, old Dave Elswick (the host) got to talking about all the oil reserves that are not being drilled/pumped. One of the areas he mentioned was off the coast of Florida. He said that Cuba is using slant drilling to tap the reserves that are actually under US territorial waters.
I don’t recall the source of his info.
“Local talk radio was having a huge discussion on the new oil discovery in North Dakota. In the process, old Dave Elswick (the host) got to talking about all the oil reserves that are not being drilled/pumped. One of the areas he mentioned was off the coast of Florida. He said that Cuba is using slant drilling to tap the reserves that are actually under US territorial waters.”
This is so frustrating. It really makes me angry.
Congress is the problem? No @#$%, Sherlock. Too bad the American people are too stupid, distracted, disinterested, or deluded to realize the this. Americans get what they deserve in their horrible, oppressive, fascist government.
phoenix electric cars in Ontario, Ca. is using the nano lithium batteries.
Don’t know how reliable...but here is one story:
http://www.americanfreepress.net/html/china_starts_oil_drilling.html
Beck was talking about production of gas, not reserves of oil. His point is we are not getting more production, and China’s usage is growing exponentially.
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