Whatever happened to 'Drill Here, Drill Now' ?

[Epic Fail Guy]

Heh, since "Epic fail guy" posted why he thinks this thread is epic fail, I thought I would resort to character (Random Guy, GET IT?! HA!) and post a random lottery pick number from random.org (no affiliation)

Personally though, I don't see what exactly you where trying to say with your previous post.

protip: oil prices are low

[RandomGuy]

protip: oil prices are low

Ah. I see.

Still fairly high by historical standards, but not so sky high as to be able to spur a massive investment in new drilling.

Prices won't stay there this low for much longer than another few years. Expect them to get much, much higher over the next 20 yrs.

[Epic Fail Guy]

Ah. I see.

Still fairly high by historical standards, but not so sky high as to be able to spur a massive investment in new drilling.

Prices won't stay there this low for much longer than another few years. Expect them to get much, much higher over the next 20 yrs.

significantly lower than they were. hence we don't need to drill anymore. hence this thread fails!

[RandomGuy]

significantly lower than they were. hence we don't need to drill anymore. hence this thread fails!

The failure goes even deeper:

Even if we did drill as much as they wanted, it wouldn't do anything substantial to the price of oil.

We consume 25% of the global supply, and supply 10%.

Add 20% to our domestic oil production (a wildly optimistic figure) and we then supply roughly 12% of global total, and would be unlikely to affect the price of a barrel of oil by much, even if the idiots got their way.

[Nbadan]

Personally, I like Drill Here, Drill Deeper better.....why drill?

Pipelineistan

[RandomGuy]

Personally, I like Drill Here, Drill Deeper better.....why drill?

Pipelineistan

Fascinating article.

Thanks.

[RandomGuy]

And what planet do you live on? In the new Obamination they aren't only not gonna drill they are gonna tax offshore drilling in the gulf.

There is a prediction that pretty much failed.

[RandomGuy]

I am an accountant, and am about 3 classes shy of a masters in accounting.

I have taken micro and macro economics as an undergraduate, and about 20+ hours of finance and economics at the graduate level. All of my electives for my masters degree have gone into finance and economics (including international economics) because I really like the topics, and I have gotten very solid A's in all of those classes.

On a daily basis, I read up on energy topics, business, finance, and economics news.

I tend to evaluate environmantal laws from a truly economic perspective, and have found that, more often than many on the right realize, those laws tend to have rather beneficial effects on the economy that are completely overlooked.

Take the restrictions on close-in oil production for example.

They were put in place partly as a reaction to the Exxon Valdez disaster, which is STILL being cleaned up over a decade after the spill.

Oil spills tend to damage a lot more than just a few birds on the beaches. They destroy coastal property values, destroy fishing industries, destroy tourism industries in coastal areas. True economic damage from a catastrophic large oil spill can easily run into the hundreds of millions to billions when all the real economic impacts are tallied up.
I am not against oil production. Oil will be produced and consumed and that is how any free-market system works.

Personally, I wish we would develop ANWAR just to shut the "drill here, drill now" idiots up about it, mostly because I would then be able to point to the fact that there wasn't any real drop in the price of oil/gas afterwards.

My quote from 2009.

I guess we get to see just how much it is going to cost.

How many jobs did we end up sacrificing for that oil?

[RandomGuy]

Also true.

This amount of seepage doesn't destroy fishing/tourism industries though.

(shrugs)

The possibility , however remote, of a catastrophic failure/leak on the part of some platform or tanker has caused a lot of people with coastal real estate, fishing industries, and tourism industries to fight drilling tooth and nail.

That is NOT pure environmentalism. That is one business interest against another.

Once again this argument made in 2009 is borne out on a grand scale.

[Nbadan]

...Oil fungability...

[RandomGuy]

...Oil fungability...

There you go again, using multi-syllable words. You will confuse jack if you keep doing that...

[word]

The issue is our trade imbalance. Not energy independence. Oil is a source of revenue.

[RandomGuy]

The issue is our trade imbalance. Not energy independence. Oil is a source of revenue.

It is physically not possible to supply the US with enough oil it currently needs, even if you suddenly threw a few hundred billion at the problem now, we are using oil faster than we are finding it.

[ChumpDumper]

The issue is our trade imbalance. Not energy independence. Oil is a source of revenue.

Then why are all the politicians talking about independence and why aren't all the current leases being drilled?

[RandomGuy]

Drilling bad for Mar-a-Lago reasons.