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In celebration of our Democrat brethren not letting us drill oil and lower gas prices I figured this is as close as we are going to get. I present Midnight Oil…
How significant would the effect on gas prices be if the U.S. increased domestic drilling? When would these “lower gas prices” come? And how long would they last for? I’m curious. Has the “oil bubble” burst in your esteemed opinion?
I’ll comment tomorrow when I’m not drunk.
I can’t wait.
You begin your comment by insulting me. That’s always a good way to get a response. So deciders you want to know what…
So here goes. Your questions are in order. I am far from an expert so if you want links to where I have found this info please just ask and I will go back and edit this post.
1. How significant would the effect on gas prices be if the U.S. increased domestic drilling?
According to BP (British Petroleum), they estimated the current production at 36 billion barrels a day (roughly) and need is at 37 billion barrels. Opening up our VAST oil fields to the world market will increase the amount of oil available thus reducing the price. That’s called “Supply & Demand”. Look it up sometime.
2. When would these “lower gas prices” come?
President Bush merely mentioning opening drilling lowered prices. I know, I know, it was more complicated than that with Olmert stepping down, US consumption down and tensions with Iran. However there is no doubt that these prices would drop significantly over the next 5 – 10 years given that some estimates put US oil at equal or higher quantities as the Middle East and South America. Doubling that 36 billion barrels a day would cut the cost of oil to nearly half.
3. And how long would they last for?
They would last until a viable form of energy that is acceptable for use given today’s technology, being backwards compatible with gasoline powered engines and can be leeched onto by the environmental wackos that have caused us to be in today’s situation of not having built nuclear power stations or any new refineries in nearly 30 years.
4. Has the “oil bubble” burst in your esteemed opinion?
Who cares. Like I said before, if drilling your grandmother would lower the cost of gas for me I would do it in a heart beat. Gas will go up and down. Just like your Nana would.
Drill Here, Drill Now, Pay Less.
Or better yet, my neighbor who is a Nuclear Engineer at Palo Verde Power Plant outside of Phoenix had a great solution. How about we just do this. Every time OPEC raises the price of oil or refuses to increase their production how about we increase the cost of a bushel of corn and wheat from $8.25 a bushel to $250 a bushel for the world market. That should change a few things. Our farmers can’t afford the gas for their tractors thus lowering production thus affecting supply and demand.
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