The Biggest Oil Discovery In 50 Years?

The Economic Collapse ^ | July 23rd, 2013 | Michael Snyder

[2ndDivisionVet]

Comments?

[wastoute]

Libturds! They make ridiculous assertions and God laughs!

[Excellence]

How can 0bama sabotage this?

[Popman]

Impossible....the libtards have been pushing “Peak Oil” for years so isn’t about time mother earth ran out....already ?

Thankfully libtards are never wrong...

[McGruff]

Sounds like someone's found some black gold.

[The Working Man]

Australia is a lot more stable than the middle east,then I add in China’s new thirst for petroleum. Next I stir in a much shorter shipping route to China. To my mind that makes Australia’s oil a very tempting morsel for China over the next century.

[Bullish]

So let’s get it.

[Popman]

According to libtards...we will invading Australia to steal their oil....as soon as we have a conservative potus....

[Jimmy Valentine]

Well Instead of Arabic we will have to learn how to speak Australian!

[FroggyTheGremlim]

Can we start to make real cars again?

[riverrunner]

Well mate oil seems to be peaking on the high end instead of the low end.

[ClearCase_guy]

[Neidermeyer]

This is actually quite humorous , Coober Pedy , the town near the find is where the Mad Max movies were filmed and of course their subject matter was finding oil/gas in a world that is a wasteland... The locals of Coober Pedy were many of the actors in the film ,, yes they are that bizarre .. it is an area so hot that almost every building is underground.. It’s also the opal capitol f the world ,, many people find enough opals just digging out their houses to pay for the construction.

[central_va]

Maybe they can build the Keystone Pipeline in Australia.

[central_va]

Why does that Nip have a Tommy gun?

[SatinDoll]

“...To my mind that makes Australia’s oil a very tempting morsel for China over the next century.”

Exactly what I was thinking.

[ClearCase_guy]

Who can fathom the inscrutable mind of the yellow peril?

[GreenAccord]

So the bottom line is that we have plenty of energy resources. We do not need to be importing oil from OPEC or anyone else.

Well, that's not how free markets work. Unless the author is making a stand for nationalizing the oil production (Hello, Venezuela.), the private enterprises that extract the oil would/should be able to sell the fruits of their economic risk and labor on the world market. It's a misconception (and an error in economics) to think that since the oil sits under our geopolitical boundaries, it would only get used within our borders.

In short, oil is a world market commodity. To restrict trade would only cause abnormal price inflation.

[central_va]

This is what a Nip submachine gun looked like in WWII:

[MuttTheHoople]

Anything to keep down Islamic Arab influence in the U.S. Much rather buy oil from old friends in Australia.