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Obama's Self-Serving Falsehood on Oil...

Discussion in 'Politics, Elections & Legislation' started by bgf, Jul 1, 2012.

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  1. bgf

    bgf Active Member

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    Obama

    N. Dakota Oil Boom Exposes Obama’s ‘Self-Serving Falsehood’ as reported by Insider Report at Newmax.com:

    North Dakota is experiencing such a boom in revenues from oil production that voters actually considered a measure to abolish the state’s property taxes.

    Although the measure was defeated in the June 12 vote, the fact that it was even considered points to the incredible economic opportunities enjoyed by North Dakota residents due to unfettered oil production.


    “It turns out that, yes, we can drill our way out of our problems,” Investor’s Business Daily (IBD) observes in an editorial.

    “If you can see a pattern here, you're way ahead of President Obama. His argument is that we can't drill our way out of high energy prices let alone out of debt and the need for higher taxes. But it's about to be exposed once again as the self-serving falsehood it is.”

    North Dakota in March pumped oil at the rate of 575,490 barrels per day, replacing California as the nation's No. 3 oil-producing state behind Texas and Alaska. At its current rate of production growth, North Dakota will likely surpass Alaska sometime this year.

    Continental Resources, which operates 10 percent of the drilling rigs in North Dakota, estimates there are more than 900 billion barrels of oil in place.

    Only 27 billion to 45 billion barrels are actually recoverable using today's technology, but that amount will grow as technology advances.

    Thanks to the energy boom, North Dakota has the nation's lowest unemployment rate at just over 3 percent, and Williams County — at the center of the drilling boom — boasts the lowest jobless rate in the country at just 0.7 percent.

    Oil revenues in the state generated some $840 million in fiscal 2011 and are expected to deliver more than $2 billion over the next two years. State per-capita income is $4,000 above the national average.

    “The North Dakota oil boom has occurred on private and state lands, unfettered by federal edict that has placed out of reach much of the estimated 200-year supply of oil within our borders,” IBD stated, noting that 94 percent of federal onshore lands and 97 percent of federal offshore lands are off-limits to oil and gas drilling.

    As the Insider Report disclosed earlier, the Green River Formation, a largely vacant area where Colorado, Utah, and Wyoming come together, contains about as much recoverable oil as all the rest of the world's proven reserves combined.

    But most of the oil is beneath federal land overseen by the Department of the Interior's Bureau of Land Management, and the government has "locked up" development of the huge resource, critics charge.

    “Critics will say North Dakota is a small state and its success couldn't be replicated nationwide,” IBD concludes. “Oh, yes it can.

    “We can cut taxes, boost employment and jump-start economic growth if we tap into that 200-year supply of oil and back oil-extraction technology with as much enthusiasm as the Obama administration backs electric cars and high-speed rail.”


    I for one, concur...

    Bernie
     
  2. Brian in Oregon

    Brian in Oregon Well-Known Member

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    We're awash in oil. The economy is tanked so bad that transportation use is down, and the average Joe is cutting back on using the family belchfire.
     
  3. Stl Flyn

    Stl Flyn Well-Known Member

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    How much does a Barrel of oil cost to produce in North Dakota? What happens when a barrel of oil drops below that cost? Will they stop production like OPEC, and allow the consumption to catch up with supply. How much will it help you and I, if all of this oil is flooding the markets? And as asked above, why would these companies do this, if it actually cuts into, or eliminates profit margins? Of the 2 Billion dollars in revenue, how much of that is taxed income?

    That is great news for North Dakota, but I live in Wisconsin. Will North Dakota spread the wealth and pay all of our property taxes. Or will the profits from oil extracted on our lands (Public), be used to all of our benefit and reduce our taxes. I would bet not!

    Anyone have an idea, or knowledge of what the actual percentage of profit, goes to the land owners? Granted these oil fields are creating very high paying jobs currently, and boosting the economy. Once these oil fields are all developed, what do you think will happen to those jobs, and economy? North Dakota is beautiful if you are not looking over the oil fields, don't get me wrong, but once all of those transients are unemployed, I think they will be moving on. Anyone out there really know what these jobs consist of as far as working, living and overall life conditions. The amount of hours required to work straight, along with the weeks straight before time off is allowed is pretty crazy. I would think that most people would not last more than a year.

    How can WE be sure that the price of oil will drop, along with gasoline in order to make a difference to you and I, not living in North Dakota?

    If you take away the political BS, will it actually make a difference in our lives? The quest really is not becoming less dependent on foreign oil, it is being less dependent on oil, period. Most of our oil is not being used here. It is being sold and shipped on the world markets, just like foreign oil. Does not matter where the oil comes from. The more oil we produce, the less OPEC produces. How long can we supply the world with oil. Once we start falling behind, or run low on supply, what do you think OPEC would do to our balls in hand?

    I am not saying we should not do this development. Political BS aside, it really will not matter as far as prices go for you and I, at the pump. It will however make a difference if some world market supply catastrophe happens and we use our oil to supply us, but at that point I think it really won't matter. Jon
     
  4. halfmile

    halfmile Well-Known Member

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    Uninformed supposition, there, flyn. China is getting oil from us. How does that equate with foreign dependence? North Slope oil has been going to Japan for a long time, too.

    They want to cram the Chevy Volt up our butts while we send petrol to our economic enemies.

    Way too many ostriches around here.

    HM
     
  5. Stl Flyn

    Stl Flyn Well-Known Member

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    HM,

    What??????? Did you miss this sentence? "Most of our oil is not being used here." The dependence on foreign oil statement, is the political BS I was talking about! That being the reason for more oil drilling on our lands. It's BS.

    Please inform me, how the Volt was crammed up your butt? That has to feel worse than the typical constipation.
     
  6. Johnny

    Johnny Active Member

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  7. halfmile

    halfmile Well-Known Member

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    You're right about most of our oil not used here.

    At one time I asked why we sent the North slope oil to Japan, and the answer I got was it had too much sulphur in it for our usage. I am unable to verify that. It still doesn't make sense to me. What are refineries for?

    As far as when we run out, it seems to me that if an when petrol gets scarce, that's the time other methods will emerge.

    If this oil is flooding the markets, how come we just tapped the Strategic Reserve?

    "The U.S. and its partners in the International Energy Agency have decided to release a total of 60 million barrels of oil onto the world market over the next 30 days to offset the disruption in the oil supply caused by unrest in the Middle East," the White House just announced.

    Of that, 30 million barrels will come from the United States' Strategic Petroleum Reserve. (this was last June)

    Something is rotten in Denmark.

    Moaning about oversupply from one corner, and shortage bugaboos from the other.

    Today's news: White House grants China and Singapore an exemption (from the sanctions) to buy Iranian oil.

    Sanctions be damned, hey? Iran is laughing all the way to the bank. They have removed transponders from their tankers, and they change country of origin flags on the high seas.(reported on fox) I think the financial freeze is hurting them a lot more than the oil sanctions.

    Curiouser and curiouser.


    HM
     
  8. Catpower

    Catpower Well-Known Member

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    Typical libs, we can't drill our way out of this it will take ten years to develop, well if we would have start 4 years ago we would be 6 years from drilling our way out of it

    If we can't drill our way out of it why is natural gas trading for about $2 per million btu, when it used to be close to $10 per million

    Sounds like drilling works
     
  9. RobertT

    RobertT Active Member

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    We are still a free market based system. Crude oil, whether produced here or procurred from elsewhere is refined and shipped to the highest bidder. It's when foreign producers hold the world hostage to high crude prices that we all suffer. Off with there heads! Produce our own at whatever cost and foreign leverage is reduced making their oil cheaper for all.

    Robert
     
  10. Stl Flyn

    Stl Flyn Well-Known Member

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    Natural gas is a totally different ball game. It is not sold on world markets, due to the fact that it is not economically feasible to ship worldwide. The natural gas abundance was a unintended benefit to consumers, and oil drilling companies, but caused the actual natural gas drillers and suppliers to shut down their wells, because it cost more for them to produce than what the market was selling. I wonder if the natural gas producers lobbied against these new oil fields?

    I think your pricing info is a little exaggerated.
     
  11. HSLDS

    HSLDS Well-Known Member

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    yeah, here you go. Cheap oil to be used by our military - it's 'green' too.

    Saving your tax dollars too, only $26 per gallon (no, that's not a typo).

    Let's see: 900,000 gallons, mixed with regular fuel (about 3.65 a gallon).

    "Fill her up" takes on a whole new meaning.
     
  12. G550

    G550 TS Member

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    For example let's just say that Japan has a contract with Mexico for oil. It's cheaper to ship Alaska oil from Valdez to Japan, trade contracts, and ship the Mexican oil from the Gulf to the US. Happens all over the world. Now if there were a Trans Canada pipeline from Alaska and we had any refineries left.....but I digress!

    RCH
     
  13. Catpower

    Catpower Well-Known Member

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    Stlflyn they do ship it world wide as LNG, and those prices are right
     
  14. Setterman

    Setterman Well-Known Member

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    Every time I see Stl Flyn post, I think "here comes another liberal bias off the wall remark!"
     
  15. slic lee

    slic lee Member

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    Flyn, your nerve to say N Dakota should pay your state taxes and SHARE THE WEALTH, KMA!
    What natural gas expert are you? Libs like you should be flushed!
    If Mitt has brains,I doubt it, he will demand at least 4 or 5 gas plants to be built in the USA to turn natural gas into liquid. That will make world markets.
    Four at least refineries oil to gasoline and the hell with those make believe saviors of our lands.
     
  16. Stl Flyn

    Stl Flyn Well-Known Member

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    That did not take long to make this section exciting again. Maybe you can all let go of each others willy's, stop standing around, and maybe make an intelligent remark, or get into a meaningful conversation. How is that for liberal? LOL
     
  17. John Galt

    John Galt TS Member

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  18. crusha

    crusha TS Member

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    "Natural gas is not sold on world markets"


    Wow, that's a whopper. What an idiot. You ever consider reading something other than Daily Kos for your information?
     
  19. 527varmint

    527varmint Member

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    I don't know where they get 200 years of oil reserve.

    If america stopped importing any oil at today's rate of consumption there is 3.5 years of oil, including the reserves that have not yet been developed. I get my figures from the USGS and college courses in Geology. Hmm my teacher has been a Geologist for 40 years and spent 10 years working for chevron. Its called SCIENCE, check it out sometime. The news and politicians are a really lousy place to get your scientific data.If you want to know about Geology, consult a Geologist and Geology text book. If you want to find out whats wrong with your car would you take it to a mechanic, politician, or a news reporter?

    For the record, I got a crap load of guns and a 4x4 truck that sucks down gas like its going out of style. I go hunting all the time.I love global warming because i'm sick of sleeping in a tent and freezing to death hunting in January.
     
  20. Stl Flyn

    Stl Flyn Well-Known Member

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    Buzzy,

    How much of our (LNG) are we now exporting into the world markets? Natural gas must be liquefied to ship in major quantites, making it more expensive. Again, how much natural gas are we transporting overseas at the current time? How much natural gas is even leaving our borders? Maybe you should do some reading before you call someone an idiot, idiot.

    Here is a quote from the article link.

    "Natural gas trading currently occurs in separate markets around the globe. That is, there’s no one unified global price for natural gas. Markets remain isolated due to a lack of infrastructure uniting them." Just so you know, global means basically the same thing as world.

    Galt, or what ever you are,

    Good to see you back down in this section, as you had seemed to be wandering into the other sections with more uselessness. At least you are back where useless is more useful. Thanks.
     
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