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Posted: 6/4/2008 5:25:42 AM EST
We all know there is available oil here in the good ole US & surronding waters yet we continue to ignore our own supplies. The oil supply overseas has been tapped for far longer than anything here & I seem to remember reading that they could have reached peak oil sometime ago.

Do you think our fearless leadres had the foresight to utilize all the oil there before we tap our own? Seeing that oil is pretty much thier only source of cash, I don't think it would take long to reduce them to a tribal civilization once thier only marketable resource has been depleted.

This is wishful thinking of course, I don't really think our leaders could have formulated & stuck to a plan such as this.

Thoughts?
Link Posted: 6/4/2008 6:39:48 AM EST
no
Link Posted: 6/4/2008 9:07:32 AM EST
Look, It was a thought brought on by about 4 beers. I didn't say it was a great one.

Could work out that way though.
Link Posted: 6/4/2008 9:08:33 AM EST
We'll use up theirs and then won't tap our own.
Link Posted: 6/4/2008 9:10:28 AM EST
Yes. We were the first with an SPR.

Domestic will always be more expensive when our labor costs (real and implied) are also high.
Link Posted: 6/4/2008 9:12:25 AM EST

Originally Posted By FRIGID:

Do you think our fearless leadres had the foresight...


NO
Link Posted: 6/4/2008 9:12:50 AM EST
Use theirs up first and then send them back to 100 years ago.
Link Posted: 6/4/2008 9:31:00 AM EST
well then, who here thinks it may work out that way anyway?
Link Posted: 6/4/2008 9:35:05 AM EST
That's what I always thought we should do. Why sell our oil for $100 a barrel when we could wait 10-20 years when it'll be worth $1000 a barrel.

Who knows why we really have the reserves but that's what I like to think.
Link Posted: 6/4/2008 9:45:28 AM EST
It's simply cheaper, that's what it boils down to, the Ghawar field in Saudi Arabia had production costs under $2 a barrel for light, sweet crude for decades, now that field is down to scrubbing operations and requires barrels of seawater to be pumped in and out again for every barrel of oil. North sea Brent is almost depleted also.

We will continue to use whatever is most cost effective, as fields like Ghawar shut down we'll tap more and more expensive sources until we're down to shale, sand and coal.

And at that point we will be the exporter, but that's a ways off as there's still a lot of oil in Russia and so on. This process is obvious to everyone, which is one of the reasons we're having so much trouble with oil producing nations right now, they want to get what they can for what's often their only resource.
Link Posted: 6/4/2008 10:11:25 AM EST

Originally Posted By Keith_J:
Yes. We were the first with an SPR.

Domestic will always be more expensive when our labor costs (real and implied) are also high.


If you think labor costs are much different when drilling in the Congo vs Texas, you don't know how the oil industry works.


Anybody that thinks the US is ignoring our reserves (outside of some protected land) is painfully ignorant. Just about any find is being developed and produced nowadays. The problem is there simply isn't much oil in the US. Even out on the water, the shelf is almost dry, the move now is deepwater but that is much more expensive to explore develop and produce.
Link Posted: 6/4/2008 10:13:27 AM EST

Originally Posted By FRIGID:
Look, It was a thought brought on by about 4 beers. I didn't say it was a great one.

Could work out that way though.


Never.. Ever.. formulate any US economic or energy policy on anything less than a 12 pack..
Link Posted: 6/4/2008 10:18:04 AM EST

Originally Posted By FRIGID:
Seeing that oil is pretty much thier only source of cash, I don't think it would take long to reduce them to a tribal civilization once thier only marketable resource has been depleted.


They will own many of our banks, and businesses by the time the fields are empty. All your factories are belong to them...
Link Posted: 6/4/2008 10:19:11 AM EST
[Last Edit: 6/4/2008 10:19:44 AM EST by scrum]
politicians and foresight - you're killing me here. next you're going to talk about them having hidden, secret integrity!
Link Posted: 6/4/2008 10:37:41 AM EST
We would rather ship it across on ships rather than pipes from our own supplies.
Link Posted: 6/4/2008 10:40:14 AM EST
good point. there havebeen quite a few bailouts already. we may be closer than we think....


could be a real conspiracy theory type thingy here!
Link Posted: 6/4/2008 10:46:29 AM EST

Originally Posted By pdg45acp:

Originally Posted By FRIGID:
Look, It was a thought brought on by about 4 beers. I didn't say it was a great one.

Could work out that way though.


Never.. Ever.. formulate any US economic or energy policy on anything less than a 12 pack..

[US Economic Policy Maker]Hold my beer and watch this.[/US Economic Policy Maker]
Link Posted: 6/4/2008 10:47:48 AM EST

Originally Posted By DriftPunch:

Originally Posted By FRIGID:
Seeing that oil is pretty much thier only source of cash, I don't think it would take long to reduce them to a tribal civilization once thier only marketable resource has been depleted.


They will own many of our banks, and businesses by the time the fields are empty. All your factories are belong to them...


Don't forget ports and tollroads....
Link Posted: 6/4/2008 11:04:54 AM EST

Originally Posted By Keith_J:
Yes. We were the first with an SPR.

Domestic will always be more expensive when our labor costs (real and implied) are also high.


Would you rather that money be spent here or by some guy in Saudi who wants to hand it to bin Laden or another cause?
Link Posted: 6/4/2008 11:13:57 AM EST

Originally Posted By Rocksarge:

Originally Posted By Keith_J:
Yes. We were the first with an SPR.

Domestic will always be more expensive when our labor costs (real and implied) are also high.


Would you rather that money be spent here or by some guy in Saudi who wants to hand it to bin Laden or another cause?


Understand the dynamics of money? What do we export? Food? How can other countries afford to import that food? With the money they get by selling us oil.

When they run out of oil, what will they buy food with? Everyone has to eat. Not everyone needs to drive.

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