Foreign Oil

[NightCrawler]

1. The US doesn't have much choice but to use some foreign oil.

2. The Arab world has a right to sell oil.

3. If the US used zero foreign oil there would still be problems because other countries use it.

4. There is only one oil market.

People who make the simply statement that we should stop using middle eastern oil really don't understand that the entire market is very connected. Right now the market is going through the roof becuase the big russian oil producer may go bankrupt.

So please stop saying we should simply stop buying middle eastern oil like it's a bad thing.

 

[conjur]

At least you didn't say it was all Clinton's fault.

 

[Tab]

The russian producer go bankrupt? Can I have some information on that? I do know we do get some more of our oil from South America.

 

[nageov3t]

I don't buy middle-eastern oil if I can help it.

Hess gas rocks

 

[NightCrawler]

Originally posted by: Tabb
The russian producer go bankrupt? Can I have some information on that? I do know we do get some more of our oil from South America.

http://news.scotsman.com/latest.cfm?id=3267293

 

[Stunt]

yeah, yukos is in rough shape. Apparently they produce 2% of the world's oil.

You can't block the mid east oil, you wouldnt want to...the MORE they supply, the more on the market and the cheaper the price. I bet we could go without mid east...but would have major negative effects for the economy as teh price of oil would be a good $60+ for sure.

You can cushion this by finding more reserves and being less dependent on the middle east.

Another option: Develop the technology to obtain the ability to extract
"300 billion recoverable barrels and another trillion-plus barrels that could one day be within reach using new retrieval methods. (By contrast, the entire Middle East holds an estimated 685 billion barrels that are recoverable.) But there's a catch. Alberta's black gold isn't the stuff that geysered up from Jed Clampett's backyard. It's more like a mix of Silly Putty and coffee grounds - think of the tar patties that stick to the bottom of your sandals at the beach - and it's trapped beneath hundreds of feet of clay and rock."

This would lower shipping costs...you could invest in new technology, and not depend on the mid east for your oil. (but still use them as a price lowering tool)
I'm sure $125billion used for the iraqw would have gone a long way in developing technology, searching for reserves, and buiding pipelines and derricks.

 

[Siddhartha]

Originally posted by: NightCrawler
1. The US doesn't have much choice but to use some foreign oil.

2. The Arab world has a right to sell oil.

3. If the US used zero foreign oil there would still be problems because other countries use it.

4. There is only one oil market.

People who make the simply statement that we should stop using middle eastern oil really don't understand that the entire market is very connected. Right now the market is going through the roof becuase the big russian oil producer may go bankrupt.

So please stop saying we should simply stop buying middle eastern oil like it's a bad thing.

Saying the US should not buy "middle eastern oil" really means:

1. Using US oil sources, drilling for oil in the US.
2. Building more nuclear power plants and the continual use of the ones currently operating.

 

[Kibbo]

Yukos is in trouble because the founder of the company was critical of the government. In a little while, it will all be sorted out and the oil will flow again. Likely owned by a friend of Putin.

Regarding the push for the US to use domestic oil sources, does this mean a subsidy for Texan oil companies? And if so, does Bush support it? And if so, does this not ring alarm bells in your ears?

 

[dmcowen674]

Originally posted by: Stunt
yeah, yukos is in rough shape. Apparently they produce 2% of the world's oil.

Gotta love how that 2% is such a catastophy that it causes the Oil prices to jump to new heights :roll:

 

[Todd33]

Oil will continue to get more scarce and the price will go up. China is developing at exponential rates and will soon be the number one consumer of oil. We need to look to research for new energy, else we risk competing for a scarce resource with billions of people in developing nations. Do we want to lead that research and sell it to the rest of the world or stay slaves to the middle east for a while and buy that technology from Japan or Europe?

 

[Kipper]

Originally posted by: Todd33
Oil will continue to get more scarce and the price will go up. China is developing at exponential rates and will soon be the number one consumer of oil. We need to look to research for new energy, else we risk competing for a scarce resource with billions of people in developing nations. Do we want to lead that research and sell it to the rest of the world or stay slaves to the middle east for a while and buy that technology from Japan or Europe?

Ford licensed hybrid technology from Toyota...

 

[Klixxer]

Originally posted by: NightCrawler
1. The US doesn't have much choice but to use some foreign oil.

2. The Arab world has a right to sell oil.

3. If the US used zero foreign oil there would still be problems because other countries use it.

4. There is only one oil market.

People who make the simply statement that we should stop using middle eastern oil really don't understand that the entire market is very connected. Right now the market is going through the roof becuase the big russian oil producer may go bankrupt.

So please stop saying we should simply stop buying middle eastern oil like it's a bad thing.

1.True
2.True
3. Well, hmmm, problems with what?
4. No, there are many national oil markets and several regional oil markets, there is only one OPEC though, if that was your point.

The big Russian oil producer is just a reason to raise the price, remember 8 years ago when there was a fire in a factory in Korea and memory prices went up because of it? Turned out they didn't produce enough memory to matter, same this time.

If the US was LESS dependant i am not sure that they could get away with that, if you HAVE a competitive situation it's kinda hard to raise prices, at this point it is an oligopol that acts like a separate industry with their own rules, anything is better than the current situation.

 

[irwincur]

Most of out oil comes from Argentina and Venizuela (sp?) - mostly the latter. It is said that the Gulf of Mexico has reserves far in excess of Saudi Arabia but environmental regulations prohibit drilling. Never mind the fact that it 'burps' up the equivilant to a super tankers worth a day eaving oil slicks hundreds of miles long.

 

[Bling]

My theory is that the US and Canada are sitting on huge oil fields and will open them up when the Mid-east oil production begins to stop.

 

[zephyrprime]

Most of out oil comes from Argentina and Venizuela (sp?) - mostly the latter. It is said that the Gulf of Mexico has reserves far in excess of Saudi Arabia but environmental regulations prohibit drilling.

You might want to check you information. Canada, saudi arabia, and mexico are usually the champs for oil imports to the US.

http://www.eia.doe.gov/neic/rankings/totimportsby_country.htm

And I really doubt the claim that the gulf of mexico has more oil than Saudi Arabia.

 

[daveshel]

Originally posted by: NightCrawler
1. The US doesn't have much choice but to use some foreign oil.

2. The Arab world has a right to sell oil.

3. If the US used zero foreign oil there would still be problems because other countries use it.

4. There is only one oil market.

People who make the simply statement that we should stop using middle eastern oil really don't understand that the entire market is very connected. Right now the market is going through the roof becuase the big russian oil producer may go bankrupt.

So please stop saying we should simply stop buying middle eastern oil like it's a bad thing.

1. The US doesn't have much choice but to use some foreigh heroin.

2. The Arab world has a right to sell heroin.

3. If the US used zero foreign heroin there would still be heroin addicts.

4. This conclusion was totally lacking in analysis in the original. I can't figure out what it even means, let alone see a viewpoint from which it could be true. It makes it sound like the global oil market is some monolithic cartel that continually acts in concert. Hmm, that is starting to sound like Bush and his buddies.

But my point is: we are getting dirty by getting too close to our pushers, who are more than happy to feed our jones. So keep on mainlining the high octane into the gas-guzzler so our enemies have a continuous source of funding.

 

[BaliBabyDoc]

Originally posted by: Siddhartha

Originally posted by: NightCrawler
1. The US doesn't have much choice but to use some foreign oil.

2. The Arab world has a right to sell oil.

3. If the US used zero foreign oil there would still be problems because other countries use it.

4. There is only one oil market.

People who make the simply statement that we should stop using middle eastern oil really don't understand that the entire market is very connected. Right now the market is going through the roof becuase the big russian oil producer may go bankrupt.

So please stop saying we should simply stop buying middle eastern oil like it's a bad thing.

Saying the US should not buy "middle eastern oil" really means:

1. Using US oil sources, drilling for oil in the US.
2. Building more nuclear power plants and the continual use of the ones currently operating.

Actually why doesn't it mean wasting less in Suburbans with one occupant? How about expanding the use of public transportation and designing pedestrian friendly communities? How about a surcharge on "excess" energy consumption for residential customers? How about subsidizing renewable sources instead of fossil fuels?

Building more (and better) nuke plants is quite reasonable but it should be done through Public Utility Cooperatives not the private sector. Why? B/C private utilities will insist they be guaranteed a profit regardless of their utility. I think most Americans have had enough of the Halliburton/Bechtel model.

 

[no0b]

We should stop buying oil, BIODIESEL