Posted on 12/04/2007 8:13:50 PM PST by Flavius
For what it was worth, we recently had a GOP Congress and a GOP President.
What it was worth was not much, except for marginal tax relief and maybe some judges, the accounting of which will be ongoing for many years.
“
ie, It [Drilling] awaits a GOP Congress.
For what it was worth, we recently had a GOP Congress and a GOP President. “
Yes, and we had over 50 votes for ANWR drilling but almost all Democrats and a few RINOs were against it. It was stopped only because of a Senate filibuster, 2 votes shy. ANWR is a big deal, the oil there is now worth over $1 trillion and it could cut our trade deficit by $30 billion a year for 2 decades! Frustating how close we got, but still couldnt do it, all because the eco-extremists have the Democrats in their pocket.
Still, the GOP Congress made some progress on offshore drilling.
Now, with the Democrats in control, we are going BACKWARDS on these same issue. Democrats want to close off federal land drilling, bash oil companies with their absurd ‘windfall profits’ taxes, and try to take away exploration credits. They are idiots.
Steve Forbes has been quite vocal on this subject and has been consistently wrong for quite a while. From listening to Mr. Forbes it is very clear that he does not understand the flow rate aspects of reservoir mechanics even at the most basic level.
There is , a distinct possibility that oil could go back down and remain below the $50 or $60 dollar level or even lower. However if you think this is what you want, be careful what you hope for. IMO the most likely scenario for that sort of occurrence is an extremely nasty global recession, not a sharp rise in production.
I think the article’s 2 million in new non OPEC production for 2008 is dubious. I did not see a source and assuming a very low decline from existing production, that sort of number would imply more than 5 million in new OPEC and Non OPEC projects.
The number of identified new large projects coming on line in the next few years is not enough to boost excess capacity and may not be enough to keep up with the declines in existing fields. BTW, Right Whale has IIRC declared that peak oil is happening now. I am a little less certain, but as I have written, things do not look good.
I KNOW!
Damn slippery thing's just like Global warming, a warm winter is a symptom of global warming, and our really cold winter last year was a result of global warming. Now we have falling prices as a result of supply and demand coming back into balance, and sure as the planet is heating up, the result is a nasty global recession.
Speaking of Global Warming, here is a list of the 600 things that Global Warming has caused thus far:
"A complete list of things caused by Global Warming"
http://www.freerepublic.com/focus/f-news/1932534/posts
BTW, Right Whale has IIRC declared that peak oil is happening now. I am a little less certain, but as I have written, things do not look good.
This is VERY surprising. Usually I hear that Peak Oil isn't going to happen for another few years, as you hedged. However, this is bad news as you present it.
It's not bad news. It's good news. Finally, we're getting THAT pesky Peak Oil thing behind us and we can get back to saving the planet. Full time job, that Global Warming.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.