Click here for the primary post on this topic.
In Russia, 800 million BOE is located and within two months,
they’re drilling to recover this “world class oil discovery”.
Click the image and read the story:
Hat tip to Carpe Diem for the story
Here, in the Outer Continental Shelf alone, we’re sitting on 161 BILLION BOE,
and, in the lower 48, “85 percent of OCS acreage” is off limits to development.
Click the image and review the data (in the chart): 
NUTTY! JUST PLAIN NUTTY!
President Bush has lifted the executive ban on offshore drilling.
It is time for Congress to do the same!
Click here to learn more.
4 comments:
For those who deride drilling at ANWR & the Outer Continental Shelf, note the observation of Big Brother Socialist Chuck Schumer on the Senate Floor yesterday, re: the impact of elevated production in Saudi Arabia:
"If they [Saudi Arabia] produced half a million barrels more oil a day the price would come down a very significant amount and, at the same time, it would stop the speculation that keeps driving up the price of oil."
ANWR alone is projected to produce a million barrels a day. Had President Clinton not vetoed ANWR drilling 13 years ago, those million barrels a day would be available to us now, and we wouldn't be whining about $4 gas.
According to Schumer, half a million barrels a day from SAUDI ARABIA would cause the price of oil to "come down a very significant amount." Consider what a million barrels a day - produced in AMERICA through American jobs - would do.
Don’t take it from me, take it from the chairman of the Joint Economic Committee.
And am I the only one who finds it just a tad hypoctritical for Schumer - one of the loudest complainers about our dependence on foreign oil - to be lobbying for more from Saudi Arabia, while obstructing development of our own?
Readers,
Regarding the comment from JazzSlave, it appears this link is the source.
The United States can more easily address this issue than anybody. According to The Wall Street Journal, we are the ONLY nation in the ENTIRE WORLD whose government is blocking access to HUNDREDS OF BILLIONS of barrels of oil!
There is absolutely, positively NO EXCUSE for continuing this INSANITY!
sbvor:
Thanks for sourcing the Idiot Schumer stuff.
Anyone notice how crude prices have dropped this week? You have W and the oil speculators to thank.
Speculators speculate. They gamble on what they believe future pricing will be.
They listened to W and started selling the market before a thimblefull of oil had been extracted. If Congress signs off, prices will keep falling. That's what traders do - they discount the future.
Democrats have been slamming the President all week. They say it'll take a decade for the oil to make it to the marketplace (they're right); and oil prices won't decline for another decade or more(they're wrong). And they blame the speculators. This week, we've seen the real world demonstrate WHY they're wrong. McCain, Obama, Reid, Pelosi, Salazar, McCain, Obama... ALL of them; along with an American media too stupid to even understand the issue, and too lazy/agenda-driven to make an effort to explain it to anybody.
We could actually begin extracting oil off the coast of California within a year of the moratorium being lifted. The Cali deposits are under shallow water in an area that's already been explored. Drilling platforms have been there since BEFORE the moratorium. The estimate is 10 billion barrels off the Cali coast.
But hey - better to go with Idiot Schumer's plan & buy from Saudi Arabia instead of taking care of ourselves.
Jazz,
Thanks for continuing to stop by!
I have another take on the primary reason for the recent decline in prices.
Click here and learn why that is and why that trend may not last over the next year.
But, I agree that any prospect for future increases in supply also plays a part in the psychology of futures traders.
Dr. Perry, at Carpe Diem, has offered a series of posts proving that futures traders actually keep prices lower and contain volatility. The Dims are simply looking for a scapegoat rather than admitting that they are the problem.
I think I’ll create a post linking to some of Dr. Perry’s many proofs.
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