World Oil Supply Debate

[Rex Kramer]

Musberger,

Hofmeister is a Dem. He's not the Drill Baby Drill prototype you might think he is.

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[Rex Kramer]

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[Rex Kramer]

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[mcbrett]

Rex

I'm sure someone appreciates your off the cuff analysis. Uh, gasoline is over $5 for premium today, in California and Hawaii. You're saying this will never happen- it already did.

If you care to take the stand that gas prices won't rise significantly over the lifetime of a car (about 7 years), would you please PM me so we can make a bet and put it on a real enforceable contract? Please do take that bet with me, really. $7.50 cents/gallon AVERAGE over 2012-2018 is pretty conservative I think.

Since you work in oil you should be familiar with Midland, Texas, If so, drive around and ask the farmers there earning royalty payments about their royalty payments. Then, tell us with a straight face that they don't earn royalty payments. Factor in the basic concept that wind farms exist all over the country and world- and yeah, there are easily millions of royalty payments being made.

Great Analysis there Rex, love your use of the words "bull ****" in your critique. Puts things in perspective for everyone. I don't care if you work at an oil company, it just appears to make you route for your sector at the expense of reality. My uncle is a senior engineer at Exxon and we joke about this stuff all the time, as he quite familiar with the bigger picture unlike yourself.

 

[dheiman]

GE will save the VOLT

Not sure how to get people to drive Volts? Force them! GE will buy 12,000 corporate volts and if you choose not to drive it, then you pay for everything. GM will double annual sales with this one PO. Win win for two of the current admin's favorite companies.

 

[majorwhiteapples]

PM me and I will bet you, you internet bully!!!!

 

[CottonEyedHorn]

Oil is an addiction? Really?

Get real with its role in the world economy and maybe we will arrive at the appropriate long term solution. Applying such labels is nothing but a ploy for public sympathy to "green energy".

 

[Rex Kramer]

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[BrntOrngStmpeDe]

ShinerTX-
I can buy into the logic of creating jobs and reducing our outflows to other countries but if those are our primary arguements for opening up the spigot here, wouldn't we be better off making jobs in sectors that are in their infancy and not in sectors like oil that are about to tap out. The new technology you speak of, almost invariably means more cost. In order to make tapping this new or previously unreachable oil worth extracting, the price of crude has to be high enough to warrant the drilling/exploring expense. The price of crude has to stay north of $100 for much of this oil to be worth extracting because the deep water and more technologically driven extraction processes cost a lot more money.

If that is the case, wouldn't we be better off spending our time and resources developing options that aren't doomed to run out in less than 5 yrs anyway.

From what I've read, our proven reserves only add up to about 3.5 yrs of production.

 

[Uninformed]

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