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Old 02-24-2011, 10:48 AM   #43
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Actually those estimates were put together by the USGS using a variety of methods too complex to go into here. You can Google USGS oil shale reserves if you're interested in learning more. You're right that it can't be done for $20 a barrel . . . yet. Royal Dutch Shell has a very interesting in situ process that is driving the cost down below $40 a barrel and that's in it's early stages. There are always further cost savings as volume increases and there are similarities between extracting oil from sand and from shale. Canada has process for sand being worked on that would be below $20 so who knows where it will end up.

Don't see the relevance of comparing Obama's job estimates with oil reserves. Seems to me to be two totally separate issues.
You will recall President Obama, prior to his election, said that his policies would, by necessity, cause the price of gas to go up dramatically. IIRC, it was "Cap & Trade" which would accomplish that end.

Well, I would rather pay $100/bbl for US oil due to extraction costs than to pay $100/bbl to countries that hate us and artificially charge that same $100/bbl.

I am convinced the President is shutting the door on our own oil to forward his agenda. You can read what ever you want in that comment.

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Old 02-24-2011, 11:40 AM   #44
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Leave it on the NYMEX but require buyers to take delivery. Id like to see a NY trader get a tanker of oil dumped in his/her front yard in the Hamptons
IN addition to that, it's my understanding that oil speculators "lock in" their price bids at 10 cents on the dollar - if the price of the crude oil they bought DROPS in value, they can default on the actual purchase payment with greatly reduced actual losses - if the price goes UP, they win the whole dollar amount profit.

Sorta like walking into a Vegas casino and playing craps where YOU only need to put up 10% of your actual bet - which is all you can LOSE - but if you WIN, you get full face value...

What a sweet deal - can't you just see the casino owners going for a deal like that?

And yeah, the speculators never SEE, transport, or refine a single DROP of the oil they buy - what a deal!
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Old 02-24-2011, 01:28 PM   #45
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Well, I would rather pay $100/bbl for US oil due to extraction costs than to pay $100/bbl to countries that hate us and artificially charge that same $100/bbl.
I'm with you 100% on that one buddy. Here is the crazy part to me. The government owns the land that 70% of the oil shale reserves are on. That means we own 1.9 trillion barrels of oil estimated to be in those reserves. If the government would extract the oil it could pay it's bills, stop importing oil, and put a whole bunch of people to work at well paying jobs.

In 2009 the CIA estimated that the US consumed about 19 million barrels of oil per day. Take that times 365 days and you're looking at close to 7 billion barrels per year. Divide 7 billion into 1.9 trillion and what do you get for number of years supply at current rates? (hint - we, our children, our grandchildren, our great grandchildren, etc. won't be around to see it run out.)

Pretty much unbelievable isn't it? It took us 10 years to go to the moon once we made up our minds. Is this any tougher?
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Old 02-24-2011, 04:37 PM   #46
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If all that works out, good times. Time will tell.
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Old 02-24-2011, 04:54 PM   #47
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Okay... You guys convinced me to buy an aircraft carrier to hold out though the oncoming storm.

The pump prices reflect what the market will bear. That's all there is to it.

They can charge whatever they want without causing substantial volume reductions. The ecomonics of this is so 101.
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Old 02-24-2011, 05:00 PM   #48
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In 2009 the CIA estimated that the US consumed about 19 million barrels of oil per day. Take that times 365 days and you're looking at close to 7 billion barrels per year. Divide 7 billion into 1.9 trillion and what do you get for number of years supply at current rates? (hint - we, our children, our grandchildren, our great grandchildren, etc. won't be around to see it run out.)
Exactly! this whole 'we're outta oil' BS, is just that. And, with this push to conserve and the tech that goes with it, we will prolly NEVER run out..
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Old 02-27-2011, 03:30 PM   #49
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It's all smoke and mirrors boys, all smoke and mirrors. It has more to do with speculation than it does supply and demand. If it all made sense we could fix it, but that isn't going to happen.
True, I watch the screen all day long.....................Up at 5:00 am check the screen, try to load before the next big jump
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Old 02-27-2011, 03:44 PM   #50
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Non of ya will have anything after me and my guns come through
All you need is trusted friends, plenty of bullets and a knowledge of farming, all the non gun owners are your new workforce
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Old 03-01-2011, 12:01 AM   #51
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I have a friend who lives in Asuncion Paraguay and right now he is paying about 1/2 of what I pay for fuel at th pumps here in Canada. I do not believe they have a well or a refinery in the whole country, but I could be wrong.

Now, will someone explain this little factoid in a way that makes sense? He tells me that the people can only afford the 50 to 60 a liter ($1.89 to $2.23 per US Gallon) they pay at the pumps. He finds it strange too that we pay so much more than they do.
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Old 03-01-2011, 09:55 AM   #52
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Taxes........and transport..


I was thinking of moving to a place called 'Margarita Island' (seriously) owned by Chavez's government... 50-80 cents (US) per gallon... course, there you wouldnt even have to have a car...
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Old 03-01-2011, 10:14 AM   #53
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Keep in mind when you read this, I'm in the LAND OF TAXES. NY

I'm going to TOOT the horn for my county SUFFOLK COUNTY IN NY. Our legislators just passed a new law. TAXES on gasoline will NOT be charged past the $3 price. It's already being done. That's NO TAX AT ALL on the portion OVER $3. Totally opposite of the run amok governments elsewhere in the news. It's not going to make me rich but it's a sign of the SUFFOLK COUNTY government doing the right thing. We're still NOT BROKE like the rest of NY. AA to AA2 ratings on our bonds.
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Old 03-01-2011, 10:25 AM   #54
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Speculation

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I have a friend who lives in Asuncion Paraguay and right now he is paying about 1/2 of what I pay for fuel at th pumps here in Canada. I do not believe they have a well or a refinery in the whole country, but I could be wrong.

Now, will someone explain this little factoid in a way that makes sense? He tells me that the people can only afford the 50 to 60 a liter ($1.89 to $2.23 per US Gallon) they pay at the pumps. He finds it strange too that we pay so much more than they do.
Take oil off the NYMEX! It's only been on since 1978, 1983 and 1984. That's for heating, then crude and finally unleaded gasoline. It's crazy.

Used to be like this. You drive up to the pump. A sign hung on the pump listed a breakdown of the gasoline price. When the governments decided to tap this CASH COW the signs disappeared. Each state has its own rate. NJ used to be far cheaper than NY just over the river. It was the taxes which made the difference. It was a significant difference.

Bring back the SIGNS. Don't let them hide the costs.
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Old 03-01-2011, 01:23 PM   #55
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Wonder why your fuel costs so much? Speculators are killing us but guess who is the biggest leech. Here's a link to ExxonMobil and their explanation about TAXES. Everybody is CONVINCED the big bad oil companies are to blame. I say they are NOT. This page is on an ExxonMobil site. Think they're lying? I don't. Then after or while reading think about the STATE'S burden and the COUNTY'S burden. The states and the county taxes you know YOU are paying but you don't see what you are paying the federal government because it is hidden. So when they, the government, says they're going to tax the heck out of the big bad oil company, remember YOU are paying it. They just pass it on. Doesn't cost THEM a dime.

This game is rigged.

The ExxonMobil page (you can verify the 10K):
Taking a look at our 10-K | ExxonMobil's Perspectives Blog
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