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I've read where anwr would supply US gasoline for less than year.
the oilcos are drilling like for natural gas now, not for oil.
n/w Louisiana, natural gas. HUGE gold rush going on there.
upstate NY in the aquifer for NYC, natural gas
etc, etc
Why is it hard to put a value on it if it is significant?
I've read where anwr would supply US gasoline for less than year.
the oilcos are drilling like for natural gas now, not for oil.
n/w Louisiana, natural gas. HUGE gold rush going on there.
upstate NY in the aquifer for NYC, natural gas
etc, etc
Why is gas down 50 cents from this time last month?
Yes, at the low end of the estimated oil there. However, at the rate it would be used, it would add oil for US production for likely 20 years or longer.
US oil production in 2005 was 5,178,380 barrels per day while our consumption was 20,802,160. These numbers are the most accurate available to my knowledge, and haven't changed much by estimates I have heard. ANWR has between a 5,700,000,000 and 16,000,000,000 barrel reserve. That is between a 9 month and 25 month supply. However, when you add the 11 year capacity we already have, that adds between 6.8% to 19.2% to our current supply capacity. This becomes significant in a supply and demand economy. Now add the oil we can get from the outer continental shelves, and we have driven prices down even farther. Now since we are only producing between 25% to 35% (numbers vary by source) of our own oil annually and buying 65% to 75% from other nations, that added supply by ANWR will even have a large effect on the world market. If the 25% estimate of world usage is correct, and we drop our purchases on the world market by 10%, there will be reductions in world prices.
Why is it the demonrats want us to release some of the strategic oil reserves? As of August 15, 2008, the current inventory was 707.2 million barrels. They said it would drop the price of gasoline at the pumps. If that's so, then ANWR and the Outer continental shelve should really drop prices, right? After all, that's a 34 day supply and ANWR is at least a 274 day supply, maybe as high as a 769 day supply!
Tell me. Is your hero Nancy Pelosi lying to us about the effect of opening the strategic oil reserves?
Considering oil started trading lower the next trading session after president Bush signed the executive order lifting the executive ban on outer continental shelf drilling, I credit him. This shows everyone we will be drilling there. Futures aren't so certain for high prices now. The congressional ban expired in September. Think they have the nerve to renew it before the November elections?
I see us drilling the outer continental shelves soon. Unless something unexpected elsewhere happens, or the demonrats renew the ban, I see oil prices coming down more after September. Of course, they will do their damndist to release some of the strategic reserves just before the expiration and credit themselves, and the liberal media will spout that lie.
Just a prediction on that... Just wait and see...
We're using less gas.
it's ok Russia is already laying claim to the north pole they will drill where we are prohibited .. thanks congress no wonder your approval rating is less than 10%
That's one train of thought, but by how much? My understanding is that it is less than 0.7% less. If that change between supply and demand has a 50 cent impact, how much would the minimum 6.8% US capacity added by ANWR (1.7% world capacity) decrease the prices? Now add the offshore drilling...
So you can give me an actual number then, right?
Let's see it.
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