Saudi's hosting OPEC to discuss high prices...

[PHeller]

http://www.newsweek.com/id/140701

I knew it was only a matter of time.

Right around the time GM lays off jobs for making trucks, and the world demands better MPG and alternative fuels, the oil producing nations will up the supply, lower the cost, and cut the funding of oil independence.

I say, keep the prices high, go Hydrogen, and in 20 years, not worry about any changes in oil prices.

[JonsZX2SR]

The problem right now is that demand from China is driving up the price of oil. If China is willing to pay a premium of +$20 per barrel for oil, using US trade dollars, OPEC is going to sell at the higher price.

The US is bleeding dollars to China and bleeding dollars to the OPEC nations. This only devalues the dollar furthr and drives oil prices up. Eventually it will make Chinese goods expensive to the point where we no longer run a negative balance of trade. By then the damage will be done.

We need to overhaul our economy, reduce the balance of trade overseas and start making synthfuel from coal to buy us time to generate sustainable biofuels.

[scort2498]

what about using or own oil until like jon said we can overhaul or economy.??? dosn't the state of colorado have more oil currently that the mideast and then we have alaska.

[capitalcrew]

Pussy liberals won't let us displace a few polar bears to help our economy. Go figure.

[PHeller]

It's not about polar bears, its about the cost vs benefits of drilling/mining in those area. Drilling in the Arctic National Wildlife Refuge (ANWR) would not produce enough oil and it would take enormous financial investments from companies that would want to make their money back (aka big profits), which in turn means the American oil consumer wouldn't benefit.

We'd be benefit more from drilling/mining in the Mid-West, but pussy ranchers and land owners won't have that either.

Everyone says "DRILL THERE!" but as soon as its their backyard, they "NO DRILLING HERE!!!"


Oil - production:
8.322 million bbl/day (2005 est.)
Oil - consumption:
20.8 million bbl/day (2005 est.)
Oil - exports:
1.048 million bbl/day (2004)
Oil - imports:
13.15 million bbl/day (2004)
Oil - proved reserves:
21.76 billion bbl (1 January 2006 est.)

USGS Also believes the ANWR would only yield about 11.8 Billion Barrels of oil TOTAL

So where does the rest of the oil lay? In the mid-west.

[TSmiley98]

http://http://money.cnn.com/2008/06/09/news/international/saudi_oil.ap/index.htm?cnn=yessome more info for you all,

[MrWeeyums]

Everyone says "DRILL THERE!" but as soon as its their backyard, they "NO DRILLING HERE!!!"


I would be ecstatic if they were drilling in my back yard as long as i owned the land they drilled.
~Ryan

[zxtwou2]

hell yeah. and when i lived in alaska, that's all you heard from people "why don't they drill more up here?" every alaskan resident gets a fat dividend check each year from the pipeline revenue...they'd love if they could double or tripple that by allowing more drilling.

and about shipping it being too expensive...BS. right now the pipeline is barely trickling down oil and it's making gobs of money...make branch lines, and that existing line can still handle a ton more capacity.

[PHeller]

Why drill in Alaska when it won't even make a noticable change in our gas prices?

[MrWeeyums]

Why not drill it if its there already? Less dependence on foreign oil and a big boost for the local economy where its being drilled.
~Ryan