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Would We Drill For $200 Oil?
IBD Editorials ^ | February 1, 2011 | Staff

Posted on 02/01/2011 5:52:04 PM PST by Kaslin

Energy Security: As unrest spreads in the Middle East, threatening oil transport and oil-rich kingdoms, our laughable energy policy may come home to roost. Better get those wind turbines spinning in a hurry.

Between them, the Suez Canal and adjoining pipeline transport some 4.5 million barrels of oil per day. More than 35,000 ships used the canal in 2009, about 10% of them oil tankers. The thought of the Muslim Brotherhood in control of it should give us pause. Yet that's a real possibility as the well-disciplined and ruthless mother of all Islamofascist groups lies in wait.

The street protests that began in Tunisia and have consumed Egypt have spread to Jordan, prompting King Abdullah II to sack his prime minister and ask a predecessor in that post to form a new government that would push for reforms and get ahead of the curve of unrest in the region.

Tunisia, Egypt and Jordan do not have much in the way of domestic energy supplies, but just down the road are the kingdoms of Saudi Arabia and the Gulf emirates.

The possibility of upheaval visiting their shores must be considered, especially with an ambitious and meddling Iran nearby.

Brent crude rose above $100 on Monday in London for the first time in 28 months, hitting $101.01 amid fears that spreading Mideast unrest could affect global supplies.

Eric Bolling of Fox Business Network warns that with all the instability in the Middle East, should unrest hit Saudi Arabia and the Gulf states, oil prices could rise above $200 a barrel. Even a spike to the $125-to-$150-a-barrel range could have disastrous effects on an energy-starved U.S. economy struggling to recover.

(Excerpt) Read more at investors.com ...


TOPICS: Business/Economy; Editorial; Foreign Affairs
KEYWORDS: drillbabydrill; drilling; egypt; energy; ibd; moratorium; offshoreoil; oil
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1 posted on 02/01/2011 5:52:07 PM PST by Kaslin
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To: thackney

Ping.


2 posted on 02/01/2011 5:53:05 PM PST by Army Air Corps (Four fried chickens and a coke)
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To: Kaslin

Whaen gas is 5 bucks and the economy on a par with Cuba? You betcha.


3 posted on 02/01/2011 5:53:18 PM PST by screaminsunshine (Surfers Rule)
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To: Kaslin

Not with FUBARak the Kenyan in the White House. He’s out to punish America. Two hundred dollar oil is just the beginning.


4 posted on 02/01/2011 5:55:17 PM PST by FlingWingFlyer (If ObamaCare is so great, why is Barry giving waivers to all of his friends, donors and supporters?)
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To: screaminsunshine

Be way long oil.


5 posted on 02/01/2011 5:55:54 PM PST by pingman (Price is what you pay, value is what you get.)
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To: Kaslin
What they are doing just isn't going to get any clearer, America. It's not like it's a big secret.

The 0bama-Democrat-RINO (Progressive) "No Domestic Energy Policy!"

All of that puts the U.S. in a position that war for oil or
complete economic collapse will be our only choices.
You can't frustrate every source of domestic energy
without consequences. Our enemies will blackmail us
to the extent that we are vulnerable to blackmail.

0bama, the Democrats and RINOs are leading us into a real war for oil.
A war we won't have the energy to fight.
A war we don't need to fight because we have our own resources.

It Begins… First Oil Rig Relocates From Gulf to Foreign Waters

"As a result of the uncertainties surrounding the offshore drilling moratorium, we are actively seeking international opportunities to keep our rigs fully employed," Dickerson said. "We greatly regret the loss of U.S. jobs that will result from this rig relocation."

Idled Gulf Rigs Head For Africa

It is not just Gulf operations that are being effected either.

Wait and see for Shell {Shell puts Arctic drilling plans on hold, waiting on feds}

Let's not leave the refineries out.

EPA gives final "no" to Texas refinery permits

Then there are the land-based oil leases.

Judge Grills Feds on Pulling Drilling Leases

"A federal judge on Wednesday questioned Interior Secretary Ken Salazar's justification for canceling 77 drilling leases sold by the Bush administration around national parks in Utah."

U.S. Saw Drill Ban Killing Many Jobs [ie. Obama KNEW he was destroying jobs, kept it secret]

Obama and O'Malley are Hurting the Poor in Md by Shutting Down Nuclear Power

6 posted on 02/01/2011 5:58:12 PM PST by TigersEye (Who crashed the markets on 9/28/08 and why?)
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To: FlingWingFlyer

Just throw em’ out and drill baby drill!


7 posted on 02/01/2011 5:58:19 PM PST by Renegade
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To: Kaslin
Would we drill if we "knew" that our HUGE purchases of foreign fund those who have dedicated their lives to destroying us?

(I know; we DO know this, so we are complicit in our own destruction. sigh.)

8 posted on 02/01/2011 5:58:30 PM PST by Thom Pain (November 2, 2010, Step ONE. Repeal 17th, Step TWO. 11/6/2012, Step THREE)
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To: Kaslin
Would We Drill For $200 Oil?

ONLY IF DUMBO COULD CONTROL IT LIKE CHAVEZ

9 posted on 02/01/2011 5:59:26 PM PST by Doogle ((USAF.68-73..8th TFW Ubon Thailand..never store a threat you should have eliminated))
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To: Kaslin

I’m just waiting for Bill O’Reilly to rail against the energy speculators as he did in 2008. I like his show, but he’s a dunce on economic matters.


10 posted on 02/01/2011 5:59:43 PM PST by cicero2k
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To: Kaslin

We can’t drill fast enough to solve any current crisis, but we can drill fast enough to stave off a future crisis. We should have been drilling more the last decade or so and we’d not be in this current crisis.


11 posted on 02/01/2011 5:59:49 PM PST by umgud
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To: FlingWingFlyer

Why drill for oil when you can get the same energy out of 400 dollars of clean energy?.. You have to be schooled in math to understand that 400 dollars is way cheaped than 200 dollars and it destroys the hated USA.


12 posted on 02/01/2011 6:01:20 PM PST by Goreknowshowtocheat
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To: FlingWingFlyer

Why drill for oil when you can get the same energy out of 400 dollars of clean energy?.. You have to be schooled in math to understand that 400 dollars is way cheaped than 200 dollars and it destroys the hated USA.


13 posted on 02/01/2011 6:01:20 PM PST by Goreknowshowtocheat
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To: Kaslin

would we drill it and then allow foreign multinationals to sell it on the open market?


14 posted on 02/01/2011 6:02:56 PM PST by RC one (Come get some.)
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To: Army Air Corps

Sure, in 2014.


15 posted on 02/01/2011 6:03:03 PM PST by thackney (life is fragile, handle with prayer (biblein90days.org))
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To: FlingWingFlyer
“Not with FUBARak the Kenyan in the White House. He’s out to punish America. Two hundred dollar oil is just the beginning.”

It appears to me that $4.00 gas at the pump is the upper threshold for U.S. drivers. Once gas goes about this price they get really grouchy. And, I think (hope, prey)it will be the final spike in the heart (metaphorically speaking of course) of the evil President Zero regime...

16 posted on 02/01/2011 6:03:55 PM PST by snoringbear (Government is the Pimp,)
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To: Kaslin

if oil goes to $200 a barrel— i’ll be drilling—lol


17 posted on 02/01/2011 6:03:59 PM PST by chicken head
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To: Kaslin

Does this mean it’s time to short Japan?


18 posted on 02/01/2011 6:04:29 PM PST by GOPJ (http://hisz.rsoe.hu/alertmap/index2.php - World Disaster Map)
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To: umgud

When was a nuke plant (the safest and cleanest form of energy) made in the U.S. ?


19 posted on 02/01/2011 6:04:33 PM PST by mirkwood (Palin-Bachmann 2012)
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To: umgud

We can drill, we can wake up old capped wells pumping thicker crude. We can steam inject, we can frack, we can gasify coal, we can make fuel out of corn and soybeans and switchgrass and stover and biomass.

Let them eat and drink their oil.


20 posted on 02/01/2011 6:04:42 PM PST by One Name
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To: Kaslin
"Would We Drill For $200 Oil?"

Probably not, because that would give your local, yocal, multi-energy, propane/electric company investors the revenues that they'll lose from their pensions after the government bond collapse. Always happy to bring the good news. ;-)


21 posted on 02/01/2011 6:05:15 PM PST by familyop (cbt. engr. (cbt), NG, '89-' 96, Duncan Hunter or no-vote.)
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To: FlingWingFlyer
Not with FUBARak the Kenyan in the White House.

The Sad Part of electing Republicans is that they cannot accomplish anything.

We're control, but Obama said we are being mean. What do we do now? Cower and hide.

22 posted on 02/01/2011 6:05:15 PM PST by Doe Eyes
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To: Kaslin

We don’t increase drilling now because dear reader is intent on destroying the economy.
People who support his agenda are too stupid to see the obvious.
They are puppets of the facebook, iphone, satellite TV propaganda.
The media masters tell them what to watch, who to support, and what to complain about.
When Bush was in office and gas went to +$3.00 a gallon, he and Chaney were the devil.
Just paid $2.97 a gallon for regular gas in central TX and all the TV crowd is worried about is superbowl idiots and weight loss for overeating.
Doomed I tell ya’, we’re doomed.


23 posted on 02/01/2011 6:06:18 PM PST by 9422WMR (Illegal is not a race.)
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To: snoringbear

“prey” you meant pray.


24 posted on 02/01/2011 6:06:18 PM PST by mirkwood (Palin-Bachmann 2012)
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To: Kaslin

bump


25 posted on 02/01/2011 6:06:53 PM PST by SonOfDarkSkies (I am inspired by the uprisings in Tunisia and Egypt and call for the ouster of Obama!)
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To: chicken head

Armed patriotic citizens on their own take over shut down wells and refineries and dare the feds to do something about it. Would make a decent movie. The liberal producer would make triumph of the greens when the patriots are “dealt” with. The patriot producer would have the message of defiance spread and the “greens” dealt with.


26 posted on 02/01/2011 6:07:26 PM PST by wally_bert (It's sheer elegance in its simplicity! - The Middleman)
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To: Kaslin

Get used to 5/6 dollar a gallon gas.

You voted the wrong way America. Now take it.


27 posted on 02/01/2011 6:07:36 PM PST by Tzimisce (Never forget that the American Revolution began when the British tried to disarm the colonists.)
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To: Kaslin

Just think.... If we would have started seriously going after our own supplies back in 2007, we would be just 2 or 3 years away from full production.

Remember back when all the idiots said: “Drilling isn’t a plan, because we wouldn’t see any benefit from it for 6 or 7 years”. Well... That “6 or 7 years” is fast approaching, and we haven’t done a damn thing!

The true way a nation succeeds is by taking what God gave it(raw materials) from the ground, under the ground, the Sun, and PRODUCING something with it. We have largely stopped doing so to the degree we used to, and look where it has gotten us. We have went from being an exporting nation to an importing nation. We are no longer creditors, we are debtors. The world is just passing us by, while an entire political party along with its interest groups are actively working to economically destroy us while empowering and enriching themselves in the process!

The shit has to stop, NOW!


28 posted on 02/01/2011 6:10:03 PM PST by KoRn (Department of Homeland Security, Certified - "Right Wing Extremist")
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To: screaminsunshine

I truly do not believe Obama would reconsider drilling after gas prices hit 50 dollars a gallon.


29 posted on 02/01/2011 6:10:54 PM PST by castlegreyskull
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To: Kaslin

Obama’s energy policy combined with this mess in Egypt, could mean we will soon be shivering in our darkened homes, standing in line for a ration of $5 gas and more businesses and factories closed.


30 posted on 02/01/2011 6:12:09 PM PST by The Great RJ (The Bill of Rights: Another bill members of Congress haven't read.)
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To: Kaslin

Some idiot stopped the drilling in the Gulf of Mexico! Who could that be?


31 posted on 02/01/2011 6:12:41 PM PST by lonestar
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To: Kaslin

Would We Drill For $200 Oil?

No. It would take years to get the oil to production... Isn’t that what they said about ANWAR 20 years ago.


32 posted on 02/01/2011 6:13:39 PM PST by e_castillo (Drill here drill now...)
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To: Kaslin

Is that a rhetorical question with Zero in charge?


33 posted on 02/01/2011 6:15:17 PM PST by mnehring
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To: Kaslin

Isn’t the break even point for shale oil some astronomically high figure of $35 a barrel.

I don’t think the .gov or environazis will care if it’s $2000 a barrel.


34 posted on 02/01/2011 6:15:30 PM PST by Domandred (Fdisk, format, and reinstall the entire .gov system.)
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To: pingman

Be way long oil.”

Any suggestions you would like to share?


35 posted on 02/01/2011 6:19:01 PM PST by lookout88 (.combat officer's dad)
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To: e_castillo

Every time the subject of drilling comes up, the left uses the lame excuse that it would take years to get a drop of oil. The last time they used it, was before President Bush lifted the ban on drilling


36 posted on 02/01/2011 6:22:03 PM PST by Kaslin (Acronym for OBAMA: One Big Ass Mistake America)
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To: Kaslin

http://www.youtube.com/watch?v=8pe6zm3tdHk


37 posted on 02/01/2011 6:30:40 PM PST by chicken head
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To: Kaslin

Why don’t we hear Boehner, McConnnell, Cantor or any other leaders, even Bachman talking about oil being so high? Since they get free rides and free gas, perhaps DC has blinded them already. I hope I’m wrong.


38 posted on 02/01/2011 6:40:28 PM PST by CincyRichieRich (Keep your head up and keep moving forward!)
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To: Kaslin

“Would We Drill For $200 Oil?”

There is a good chance that you may find “Barkie” at the business end of a drill bit. /Sarc but Bambi will go down as the worst President we have ever been stupid enough to elect!


39 posted on 02/01/2011 6:48:06 PM PST by WellyP
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To: Kaslin

Who know, but the united States is currently not energy starved, we are actually about 18% below our peak consumption for oil. not saying we should not build a dozen are so nuclear power plants. Actually we should!!


40 posted on 02/01/2011 7:03:18 PM PST by org.whodat
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To: lookout88

http://finance.yahoo.com/q?s=uso


41 posted on 02/01/2011 7:14:21 PM PST by upchuck (When excerpting please use the entire 300 words we are allowed. No more one or two sentence posts!)
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To: lookout88

I’m particularly fond of U.S.domestic onshore producers. They are poised to be the primary beneficiaries of spiking world oil prices while oil is still priced in USD.

Vanguard Natural Resources, LLC would be a solid pick.

And yes, my money is where my mouth is.


42 posted on 02/01/2011 7:44:52 PM PST by pingman (Price is what you pay, value is what you get.)
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To: cicero2k

‘I’m just waiting for Bill O’Reilly to rail against the energy speculators as he did in 2008. I like his show, but he’s a dunce on economic matters.’

My sister got her letter read on air by O’Reilly. She called him an economic illiterate. LOL!


43 posted on 02/01/2011 7:46:38 PM PST by Montanabound
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To: Kaslin

Bagdad Boxer posted earlier

Dear Friend:

This week I introduced the West Coast Ocean Protection Act, a bill to permanently prohibit new offshore drilling along the Pacific coast. I was joined by all the Senators from the West Coast – including my colleague from California, Senator Dianne Feinstein, and Senators Maria Cantwell (D-WA), Patty Murray (D-WA), Ron Wyden (D-OR), and Jeff Merkley (D-OR) – in offering this critical legislation to protect the 570,000 jobs and $34 billion coastal economy of our three states.


44 posted on 02/01/2011 8:21:46 PM PST by Foolsgold (L I B Lacking in Brains)
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To: KoRn
http://www.freerepublic.com/focus/f-news/2667061/posts

Every State should be working to limit Federal power.

45 posted on 02/01/2011 8:31:14 PM PST by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing.)
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To: Domandred

A lot of what is being called “shale oil” has a break even of about $60/bbl. The technology required to get to the oil and the fracking to get it out aren’t cheap. But they are effective.


46 posted on 02/01/2011 8:34:36 PM PST by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing.)
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To: Foolsgold

And yet they wonder why the West Coast States are going broke (or already there)...nothing quite like crapping in your mess kit and then claiming you can’t eat...


47 posted on 02/01/2011 8:37:53 PM PST by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing.)
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To: Smokin' Joe

$60 sounds more realistic for break even. Either way the break even is less than we are already paying.


48 posted on 02/01/2011 8:46:02 PM PST by Domandred (Fdisk, format, and reinstall the entire .gov system.)
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To: Domandred
Break even on production does not fund the next play, nor the infrastructure to transport or refine it. It doesn't keep the stockholders happy, either.

Keep in mind, too, that oil is sold on a global market, the price set by buyer bid, not the seller.

49 posted on 02/01/2011 8:56:42 PM PST by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing.)
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To: mirkwood

““prey” you meant pray.”

Thanks lurker. However, some strategic preying just may be prudent too.


50 posted on 02/02/2011 5:06:26 AM PST by snoringbear (Government is the Pimp,)
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