Posted on 10/31/2015 5:45:29 PM PDT by UMCRevMom@aol.com
LOL
It wouldn't surprise me if someday the US does grant China or some other major debtor drilling rights in Alaska, maybe even in the ANWR which Dims have prevented us from exploring and drilling for years. Or other mineral rights in some area of the US.
There won't be any other way to pay the debt unless the gov't stops continually growing it and begins reducing it.
How much could they get for their mothers?
Yeah, that’s real smart, sell while the price is low
More “shovel ready” jobs that don’t exist so the funds can be diverted to special “pockets”.
This federal government deserves to implode - which it soon will. If the NORKS put a missile in there they would be doing us all a favor. If they are laughing too hard to do it, our finances will just blow up instead and take us down so they needn't waste the precious rocket fuel.
Excellent idea!
Our enemies won't need an EMP, there won't be enough reliable power to hit us with an EMP.
“some 266 million barrels, or nearly 40 percent, of the current 695 million barrel SPR would be sold off in the next decade to raise about $23 billion. “
$23 billion over 10 years? $2.3 billion a year? Really?
They cannot cut $2.3 billion in a $4 trillion budget?
I'm a petroleum geologist who has been working in the industry for nearly 4 decades. I have worked for oil companies from small outfits to majors (Think four of the former 7 sisters.)
I must have missed something.
The only way we will be swimming in domestic oil is if the administration decides to start boiling us in it.
Yep, we've done one hell of a job bringing production up and prices down, but there is a limit to how low prices can go before drilling stops.
From there, the overall production will decline. Simple reservoir mechanics.
If we don't replace the depletion drop in existing production with new production, we don't even keep pace. If there is an increase in demand, production has to cover that, too, and the only way to do that is with new wells, new producing formations, and new reservoirs, and to some extent, new technology. That is how we got this far.
It isn't like hitting a switch, all that research, data gathering, training the personnel, building the infrastructure, producing the tools, and getting the paperwork done (leases, permits, etc.) to drill those wells takes time and one hell of an investment.
No, we aren't exactly swimming in domestic oil now (we still import a lot, only the Saudis producing as much as they can is causing the glut), and production will decline even more over the long run if our government crashes the price by dumping oil on an already down market.
It is like letting someone manage your portfolio who buys stock at 100/share and sells at 30.
Selling more shares doesn't make the deal more attractive, and losing billions now and likely spending billions more above the current sale price in the future to replace it is just stupid.
There are other ways to raise money, including land sales, opening mineral exploration and mining on Federal Land (the Government gets a cut of the production, just as it does with oil), downsizing the Government, eliminating agencies, redundancy, and waste, and herding the cats on Capitol Hill back inside the fence the Constitution was supposed to keep them in would all go a long way toward balancing the budget.
That isn't so much to ask. Most of us have to balance our budgets and live within our means, it's high time our Government did.
Another expected robbing of future generations. When organized crime holds power they produce another Detroit.
Spreding the blame is what this to take heat off the head of the snake. What we are seeing is the result of African rule. See Detroit, Baltimore, other cities and the continent of Africa.
I have been suggesting the very same for longer than I can remember. Why should the government own all the “people’s” land?
Good Grief!
Buy High.
Sell Low...
We import ~7 million barrels a day from other nations. We don’t have the ability produce that domestically on top of our current production.
We import far more oil now than we did when we started the SPR.
Domestic oil production has already started falling again with the lower oil prices.
This is treason.
Thanks for the info Joe. I am still amazed at the information other FReepers are able too provide on such varied subjects.
My point was we have much more Oil in the ground that anyone would have ever thought we had just ten Years ago.
I have a very Liberal B-I-L. Whenever we discuss Big Oil, which he loves to do since he hates them like crazy, he insists we have less than a 50 Year Supply of Evil Petroleum.
When I correct him, he stares in disbelief. I can only attribute his refusal to accept the truth as his having an aversion to Googling it.
Back to the topic at hand, we aren’t at the mercy of OPEC like we used be. It is Economics, not the fact that the Reserves aren’t there for the taking if we choose to do so.
In other words, our wonderful Government in action.
He’s committed treason over and over, so has the Senate and Congress and nothing happens. I wouldn’t get excited over it, seems America has given up.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.