Posted on 12/01/2014 8:45:35 PM PST by Vince Ferrer
Every time gas prices reach record highs the call goes out for more oil drilling. This year it's no different.
"The Gulf is ready to get back to work to help create jobs and lower gasoline prices," Washington Republican Doc Hastings, head of the House Natural Resources Committee and a big proponent of more drilling, said last week.
The problem is this: While increased oil and gas drilling in the United States may create good-paying jobs, reduce reliance on foreign oil and lower the trade deficit, it will have hardly any impact on gas and oil prices.
(Excerpt) Read more at money.cnn.com ...
Yeah, those greedy, dispicable, rotten, low count, no good oil companies are fixing oil prices again. /s
Fed Official: Dreary Days for US Economy May Be Over
On the bright side, at least this story wasn't written by Steve Hargreaves.
Palin is a genius! She said it would years ago.
Pray America is waking
I’m not sure all our drilling is the primary reason. Other factors include increased production by Russia, Libya and others. Saudi Arabia and OPEC agreed to NOT limit production at their most recent meeting. Is this aimed at Russia or the US? China may be in big trouble soon economically and consumption fall off. Lots of different factors.
I think that the Saudis are trying to make the drillers here in the US consolidate to shore up debts.
What seems to be different is that they have options way above the current price that will last over a year.
The Shale business and the upcoming Keystone has called every bluff they have.
Peak Oil IS A MYTH and OPEC reaps the hit.
CNN has always had a liberal agenda and at the time; this article fit that agenda perfectly, they will never be embarrassed for doing their duty, Communists Marxists Fascist and Leninist depend on it.
CNN and MSNBC can consistently have the lowest of ratings yet still thrive...curious is it not.
You had me going, right there.
Opps, so sorry, my mistake, I was wrong. Has Steve said any of these things?
Never gonna happen, being a liberal means never having to say you're sorry.
Peak Oil IS A MYTH and OPEC reaps the hit.
True!
Keystone and Shale are two levers we have over Saudi’s and OPEC.
Yes, Saudi can pump at extremely low prices, but we need to keep them honest.
If the Saudi’s run dry, we still have Alberta, Alaska, Coal, Coal in Utah, Shale formations everywhere
https://twitter.com/hargreavescnn
The authors Twitter feed. He’s still trying to suggest low oil prices cannot continue. He may be correct to an extent, oil may go back up in price. However, it’s clear that oil prices are trending towards the low side. Shale, amongst other things, is having an effect on price. More evidence that 99% of opinion pieces in the written media are absolute nonsense.
Journalism, as such, is a bias. If something happened a long time ago, it “isn’t news.”Well, guess what! There are occasions when something happens that you will remember for the rest of your life - 9/11/01, for example - and there are lots of days when nothing happens that you will remember a month later. The idea that whatever happened yesterday is the only thing that matters is equivalent to being “born yesterday.” This is the folly of accepting the journalist’s claim that journalism is “the first draft of history.”
So now, while the fact that US oil production has caused a dramatic break in OPEC’s pricing power is news, all the Grubercrat predictions of “Peak Oil” - and their claims of the futility of “private sector” (a term I despise) action in the marketplace to control oil prices - are ripe for dissection.
If shale by itself has done what we are now seeing, just think what would be happening if - back in the early days of the Bush43 Administration when the president supported it - we had drilled under the mosquito-infested quagmire known as the Alaska National Wildlife Reserve (ANWR). The Grubercrats predicted that it would take ten years for the effort to have any effect on oil prices. Well, that was about 14 years ago, and by now we would’ve been getting cheaper gas for four years already. In combination with shale and Keystone XL, it would have put paid to OPEC once and for all by now.
We need to make sure this is well known. 4 years ago they said sub-$3 gas was impossible. 10 years ago they said don’t even bother drilling because we’re hitting peak oil and we can’t do it.
Malthusians proved wrong again. Embarrass them with their predictions. Don’t give them time to retreat. Hammer. Hammer. Hammer.
I agree with your sentiment, but we cannot "hammer" them. All the hammers (Television transmission systems) belong to Liberal Democrat Union Members who won't allow such proof of their stupidity to ever reach the public.
The Greatest threat this nation currently faces is the fact that all means of informing the masses are under one party control. That party chooses to misinform people because it helps their agenda.
I often find this quote highly appropriate.
‘What all the wise men promised has not happened, and what all the damned fools said would happen has come to pass.’
— Lord Melbourne —
Has anybody sent him his own article since we started fracking in the Dakotas?
You were wrong, Steve-o, very wrong.
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