Oil reserves

[C Nash]

Don't know how true it is but worth reading. Don't think our gov wants low price gas for Americans. 3.44 here so the prices are making us stay in one place longer. Last fillup on MH was 3.51 a gallon. Americam dream is getting dimmer for us.

http://www.usgs.gov/newsroom/article.asp?ID=1911

 

[akjimny]

Re: Oil reserves

Amen to that, Nash. I figure it's going to cost me somewhere between $3000 and $3500 in gas alone for the trip to Alaska this year. The oil companies charge what they do because they can, and we can't do anything about it. :angry: :angry: :angry:

 

[H2H1]

Re: Oil reserves

Jim and Nash yes we can change it. coming in Nov we must put more competent people in office who will work for us. Also in Nov 2012 we must vote out the most incompetent president we have ever had and that include Carter. I am not saying what party to vote for, but just vote to get in new fresh blood who will work for the people who voted them in. Sorry just had to buy some gas

 

[TexasClodhopper]

Re: Oil reserves

akjimny - 3/7/2011 11:44 AM ... The oil companies charge what they do because they can, and we can't do anything about it...

That's just not true. There is a lot of competition in the gasoline production industry. Of course, each company controls it's own prices ... what business doesn't?

The problem we have is with supply, not demand. Why don't we elect someone that will change the supply side of the equation? That would be two things: 1. Increase refining capacity, 2. Drilling for oil.

We have woefully inadequate refining capacity. That means refining oil into gasoline. We need the government out of the way of the refiners.

The last time we had this spike in world oil prices, President Bush made the commitment and announcement that we would increase our drilling. There was an immediate drop in the world oil price. Immediate.

Why doesn't our current so-called President do this? Instead he's considering dumping our strategic reserves onto the market. We have 30 days of reserves. That's not going to do anything. We already experienced that dumping operation during Katrina. The price dropped about $5 per barrel.

And here's another brilliant plan. Drill for more oil in the USA, but don't require that the new oil we drill for be sold here in the USA. Guess where it will go. It will go to the highest bidder on the market. If we don't require our own oil be sold and consumed here, then nothing will change for us. Nothing.

 

[H2H1]

Re: Oil reserves

Tex you are right, when Bush said let drill everyone took notice. However everyone in the USA was yellling drill now baby, I don't hear anyone doing that now, just complaining how high gas has gotten. We need a move to start complaining about high gas.

 

[Triple E]

Re: Oil reserves

Tex I need your help on this but I believe the last oil refinery built in the US was back in 1979. Is that correct?

 

[H2H1]

Re: Oil reserves

her you go Steve US appears to have built its last refinery 12-06-01 No new refineries have been built in the US in the past 25 years. And petroleum industry experts say anyone would have to be crazy to launch such an effort -- even though present refineries are running at nearly 100 % of capacity and local gasoline shortages are beginning to crop up. Why does the industry appear to have built its last refinery? Three reasons: Refineries are not particularly profitable, environmentalists fight planning and construction every step of the way and government red-tape makes the task all but impossible. The last refinery built in the US was in Garyville, Louisiana, and it started up in 1976. Energy proposed building a refinery near Portsmouth, Virginia, in the late 1970s, environmental groups and local residents fought the plan -- and it took almost nine years of battles in court and before federal and state regulators before the company cancelled the project in 1984. Industry officials estimate the cost of building a new refinery at between $ 2 bn and $ 4 bn -- at a time the industry must devote close to $ 20 bn over the next decade to reducing the sulphur content in gasoline and other fuels -- and approval could mean having to collect up to 800 different permits. As if those hurdles weren't enough, the industry's long-term rate of return on capital is just 5 % -- less than could be realized by simply buying US Treasury bonds. "I'm sure that at some point in the last 20 years someone has considered building a new refinery," says James Halloran, an energy analyst with National City Corp. "But they quickly came to their senses," he adds. Source: Investor's Business

 

[Triple E]

Re: Oil reserves

Thank you hollis. Also on Tex point about the highest bidder. Follow the oil from the Alaska Pipeline. We are not seeing that at a reduce priced, are we?

Did you know that when a Super Tanker fills up with oil on US soil that tanker cannot not unload on US soil. It has to unload on a foreign soil, Japan, reloaded and then ship back to the US soil. Maritime Law.

 

[H2H1]

Re: Oil reserves

we just need to change some of our own laws. We have law makers in office who just don't have a clue how the rest of us live.Vote them all OUT