Posted on 09/19/2023 9:25:37 AM PDT by ConservativeInPA
We sit on an ocean of oil, and gas, and coal.
Just NO willingness w the current traitor in office to get at any of it!!
it does that and it’s yet another distraction. 👀🐿️
Let’s not talk about BRICS and what that means to the greenback and our future.
A direct result of Biden’s refusal to allow drilling in this country and all the while, the USA is almost floating on oil. Count on Biden to do whatever is not in our best interest. It’s like we have a President who hates America.
Oil at $100 is Saudi Arabia’s gift to America.
No democrat can be elected President with the high gas prices and ongoing inflation
Oil went to $150 a barrel during the GWB period — and that was when the dollar was still worth 3 cents vs. whatever it is worth now. But back then, we had an administration that was, correctly, in favor of keeping all energy options open because we don’t have a crystal ball and it makes sense to hedge our bets. The policy test then was to distinguish between energy systems that were entirely market viable vs. those that were approaching market viability, so it arguably made sense to provide enough of a boost to start scaling up, vs. those that should stay in the RD&D arena.
Somewhere in that decade, when oil rose to somewhere in the $60-80 range, ethanol became viable without subsidy. That’s when the great ethanol buildout took off. Then came fracking, another game changer. Wind and solar were also gaining some ground for off grid applications. All of that was legitimate.
So: the GWB administration was ok with coal and willing to explore carbon capture — at least it wasn’t sabotaging it on a massive scale — as well as pro-natural gas, pro-fracking, pro-biofuels, pro-nuclear, and pro aggressive development on wind, solar, hydrogen, and whatever else you can think of. Keep all options open, and be ready to scale up when they approached market viability.
Now we have a wrecking crew that has placed all its bets on all-electric everything, with electricity generated entirely by wind and solar — with U.S. rare earth production suppressed in favor of imports from China — and unicorn farts generated in the U.S.
Then we had a pro-energy, pro-growth strategy. Now we have an administration intent on pricing everything but electric out of reach.
Meanwhile, Biden stops more drilling leases in various places. WTG, Joe!
It's a few quarts low...
so $100 barrel of Oil = $5 a gallon?
“No democrat can be elected President with the high gas prices and ongoing inflation”
Unless if their county is equipped with Dominion voting systems.
Olive oil and red meats are ready to go up even more. Olive oil is already getting there.
And Russia doesn’t? Or KSA?
You do know oil is not found deeper than about 6 miles deep? There is variance to have allowed even that, but the typical temperature of your imaginary ocean at 4-5 miles deep is 1500 degrees F.
Distance to the core is about 5000 miles. Oil doesn’t exist below the thin 6 mile shell. It disassociates into gas from that super hot gradient.
People always want to think politics decides things and secondarily their vote. Geology doesn’t care about politics or who you vote for.
Yes, I know. Abiotic!! Sounds good to me. There are thousands . . . 10s of thousands of empty wells in the US refilling. Go buy one and get rich. I’m sure the owner will sell it to you for almost nothing. For good reason.
It was really the Euro’s who pushed the cap most. It even worked for a while, but then Saudi*, cut back. So, Russia’s oil revenues are stronger. Their gas revenues are still tanked, tho’.
*I saw a Harvard analysis that stated Saudi, if you count the reserves it has partial (or more) control of globally, not just in SA, controls 55% of global reserves. Apparently they did a LOT of foreign investing.
Not necessarily. Geography doesn't work that way. Venezuela is a modest size country, but has the Earth's greatest reserves.
The area that became Russia had to be in the right place with the right conditions at the right time. If one watches the continental drift(s) over time, it doesn't look like Russia was particularly lucky.
That’s only partially true. Saudi has VERY low production costs and can crank out huge volumes if it wishes. Their problem is, they need a very high profit to maintain their society. Russia has a similar problem, just somewhat less so, perhaps partially because in many areas their production costs are high, so they never got sucked fully into the “we can profit by 10x” - woohoo! trap.
Clarification:
“Geology and Geography don’t work that way.”
It is right where Obama wanted it.
4.00 average.
The huge and vast skillets of American industry in the 60’s and 70’s, built and operated all the Saudi oil infrastructure. Carson Helicopters was one of those firms. I used to listen to Frank dribble on and on about his Saudi friends. I was only 17 at the time, headed off to flight school. When I got there, seven out of ten were Saudi students. A few Venezuelan, and Brazilian. One in ten were Americans.
I should add, a lot of Russia’s areas where oil may yet be found is in regions with high extraction costs.
There is an economic opportunity for insiders and corporations created by the government. If you look into the money that is flowing into carbon capture, carbon credits, and other grifts you will also find the energy transition.
The government has their fat finger on the scales and least expensive is being redefined through that action. I have thought about the actions taken by the political insiders and it is another way to create a market they can be in from the start.
Without the antics by the current administration oil would be under 40 a barrel.
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