Comments on: Drill Here, Drill Now. "Yes We Can!"

By: larry d.

larry d. — Sat, 21 Jun 2008 15:42:44 +0000

I read it and thought it was interesting, anne. Thanks for the heads up.

By: anne

anne — Thu, 19 Jun 2008 22:10:27 +0000

Reverend,
I would be interested in your comments about Robert Samuelson's editorial in today's Plain Dealer. In fact, it would be interesting to read several other readers of this blog opinions. Chuck? Gary?

By: BBT

BBT — Thu, 19 Jun 2008 18:35:09 +0000

I dont care where they drill or what happens just bring the price down.

By: Mark McNally

Mark McNally — Thu, 19 Jun 2008 13:32:03 +0000

Rev,

We are on to the "Progressive" trick:

Step 1, Regulate an industry to death (No drilling here, drive up the cost of complaince, etc.)

Step 2, Declare a "market failure". As if there is such a thing.

Step 3. More regulations to fix the problem.

Step 4. Repeat.

Every time you get the same thing; more government and less freedom.

By: The Reverend

The Reverend — Thu, 19 Jun 2008 12:02:22 +0000

Chuck K finally hits it. Current exorbitant oil prices are caused specifically by oil futures traders gambling away on Wall Street. It's an artificial bubble that has enriched a handful of folks.

The oil futures market is not regulated…thanks to McCain's best buddy Phil Gramm. Mischief is being carried out.

anne: The U.S. used 1 percent less oil last year while the world used 1.1 percent more. Since the beginning of 2008 world consumption, because of the cost, has declined ever so slightly. The current situation, as I have explained for a long time, is not being caused by supply and demand fundamentals. We have plenty of world supply, yet the futures contracts still keep going up.

In short. The market is NOT working….just as in the American health care industry.

You want cheaper gasoline prices? The answer is a strict crackdown of regulatory control on the cheating, manipulating bastards who gamble our economic lives away in front of a computer trading terminal every day.

One word: Enron.

By: Chuck K

Chuck K — Thu, 19 Jun 2008 05:01:45 +0000

Angry,

You cannot say with any certainty tha "they do not control oil prices"

We have no idea, because their is virtually no oversight or regulation on energy trading.

By: angry conserv

angry conserv — Thu, 19 Jun 2008 03:18:14 +0000

The money the corp. execs make is obscene and cannot be defended. Yes their profits have risen dramatically the last few years but they do not control oil prices. The US oil companies have become minor players, Exxon which is the largest American company only accounts for 3% of the oil market. Over 75% of the oil is controlled by various governments. Do you also believe that other companies that make huge profits with much higher rates of return than the oil compnies should be targeted as well? What about individuals such as Al Gore whose personal fortune has skyrocketed to obscene proportions should he be punished also?
I am not defending big oil only attempting to point out they are not the cause of todays situation.

By: gary pockets

gary pockets — Thu, 19 Jun 2008 02:09:15 +0000

what's really elite angry con? how about $40 billion in profits per year per company. that would make them the corporate elite wouldn't it. that's okay because angry con worships at the free market altar of the corporate elite.

By: anne

anne — Wed, 18 Jun 2008 22:43:46 +0000

this is such a complicated issue. Ben I don't think that either Democrats or Republicans are 'happy' that gas is $4.00 a gallon. Drilling in ANWR is only one solution and again, one not likely to produce immediate product. Our country needs a multi-pronged approach that encourages new and little-used alternate energy sources. If our government had encouraged this approach twenty years ago, we probably wouldn't be in this situation now. It seems we as a country our in an 'energy rollercoaster' — whenever we have a gas/oil crisis, we talk about alternate forms of energy, but the enthusiasm and support soon wanes as the gas/oil supplies rise. I guess the forces of inertia, big oil and the comfort with what is known atill reign.

Mike D makes an excellent point regarding the speculative oil market and how in can be easily influenced.

Reverend–I don't believe you are correct when you say that
world demand for oil/gas is declining. Industrialization in countries like India and China,along with their rising expectations and consumption, will continue to spur oil/gas usage throughout the world. It's one of the major reasons that prices have continued to rise in the past several years. It's not all about the Saudis and the Mideast.

By: Mike D.

Mike D. — Wed, 18 Jun 2008 21:26:40 +0000

Chuck K - not disagreeing with you, but if we said they could drill there, and they just lied again and said they would, that would cause at least a temporary drop in oil prices.

By: Chuck K

Chuck K — Wed, 18 Jun 2008 21:19:42 +0000

The Oil Executives have been proven liars when they come before Congress and testify.

But please forgive me for not seeing how they are good guys that want to help us.

By: angry conservative

angry conservative — Wed, 18 Jun 2008 20:58:37 +0000

As is always the case the progressive elite have identified the VILLIAN—Big American Oil and their lackeys in the gov. and private sector that have unfairly profited from the oil based economy of the US. That industrial giant not only has run roughshod over its own people but has damaged the citizens throughout the world and by the use of fossil fuels and obscene consumption have destroyed our planet. Only by creating a kinder gentler America that is less powerful can the world become a better place. Yes the remedy will affect our life style but our leaders will ensure that those that suffer the most will be protected through the necessary financial support to overcome the new realities. To argue with those that subscribe to this view their is no point arguing over the amount of oil available, the need to extract the oil or the short and long term effects on the price.

By: Mark McNally

Mark McNally — Wed, 18 Jun 2008 19:11:21 +0000

If we announced that we were getting serious about drilling, the speculators would stop buying and start panic selling.

Drill here, drill now, pay less: yes we can.

And don't even bring up the phony argument about drilling on garbage land that doesn't have big enough deposits to make it worth while.

By: Chuck

Chuck — Wed, 18 Jun 2008 18:18:59 +0000

ANOTHER FRAUDULENT ISSUE.

THERE ARE BILLIONS OF BARRELS OF OIL SITTING IN AREAS ALREADY LEASED TO OIL COMPANIES. BUT THEY ARE CHOOSING TO NOT TAP IT. SO WE ARE GOING TO GIVE THOSE SAME COMPANIES MORE LEASES?????

WE NEED TO FOCUS ON INCENTIVES/DEMANDS TO THAT OIL BE OBTAINED NOW.

THIS NEW REPUBLICAN CLAIM IS MORE SABER RATTLING, AND NOT BASED ON FACT.

By: gary pockets

gary pockets — Wed, 18 Jun 2008 18:03:16 +0000

…just knowing that oil is coming helps to drive down prices.

right. big oil wants the rights to drill in ANWR because that would bring down the price of oil in the near term. why on earth would they want oil to remain above $130 per bbl?

if they wanted the price to come down (they don't) they would be producing from the existing fields they are currently sitting on.

By: Alex H

Alex H — Wed, 18 Jun 2008 17:38:10 +0000

We are in no danger of running out of oil anytime soon.

By: Mike D.

Mike D. — Wed, 18 Jun 2008 17:36:47 +0000

oil is a speculative market - any known or expected changes in long-term supply will affect the price of oil today, regardless of whether or not actual supply won't be affected for 1 year or 10 years. if market speculators believe that the us will eventually have a source of cheaper/nearer/us controlled oil in the near future (decade or less) in will impact the price of oil today. it may only be a momentary blip in the long term rise of oil prices, but it still would likely cause an impact.

By: Ben Keeler

Ben Keeler — Wed, 18 Jun 2008 17:26:53 +0000

Of course, it always takes 10 years, so why bother.

We'll just keep saying that for the next few or fifty years. It would take less than 10 years to get oil from Alaska or anywhere and just knowing that oil is coming helps to drive down prices.

By: Kyle Kutuchief

Kyle Kutuchief — Wed, 18 Jun 2008 14:28:13 +0000

The primary argument against the off shore drilling is that it doesn't help us in the short term. I also don't think that putting oil rigs off the coast of Florida is going to be very popular in that must win state for McCain. Florida Governor Charlie Crist just flip-flopped on the moratorium to stay in lock step with McCain. If the Republican Governor of Florida was against off shore drilling until yesterday, then that says to me that a majority of Floridians support elected officials who oppose the drilling.

By: gary pockets

gary pockets — Wed, 18 Jun 2008 13:03:05 +0000

you seem to have a childish understanding of the current challenges related to oil production and demand. you said:

"I am not against hybrid cars or clean energy or windmills or whatever Al Gore is talking about today. But none of that helps in the near term."

nowhere in your uninformed post do you mention that opening up ANWR or offshore sights does nothing to boost supply in the near term. i've read accounts that it would it take years for oil to be produced in ANWR and delivered to the market. i'm confused as to why average people like yourself are unaware that we can't produce our way out of this problem. why is the purveyor of small local blog so giddy and excited to be a supplicant to big oil?
_

as for nuclear energy, the issue of whether to build more nuclear plants is somewhat unrelated to our dependence on oil. you see the US does not rely on oil to produce electricity. we chiefly derive electricity from burning coal and there is plenty of that. besides there are ramifications of increasing nuclear energy production. Can we store the radioactive waste from the nuclear power plants in your city or village? oil is used heavily for transportation and i'm not aware of any nuclear powered prototype cars (mr. fusion perhaps). how about "drive less, pay less"