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Old 05-23-2009, 09:30 AM   #1
LSUKNUT
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Ready for $10.00 a Gallon Gas?

The main stream media is finally starting to see this. You can let go of "The evil oil comapnies" tag and put the blame where it belongs. By the end of this year the price of gas will be outrageous and you can say you heard it here first.


Offshore Oil Suffers From Obama Restrictions on New Drilling


ABOARD THE NOBLE PAUL ROMANO Almost 140 miles off the Louisiana coast, aboard the drill ship Noble Paul Romano, workers punch an 8-inch steel pipe four miles under the ocean in search of America's next barrel of oil.

"If we don't increase our own oil production in the U.S., our dependence on foreign oil won't go down," said Marathon Oil executive Woody Pace.

The drill ship is the size of a football field. Twelve anchors the size of an average living room hold the rig in place while a synthetic-diamond cutting blade bores deep into sand and rock.

Like other oil explorers, Marathon is being forced farther and farther out into the Gulf to find oil. Deeper water means more expensive oil.

"We may spend anywhere from $100 to $200 million just to find out if we have commercial hydrocarbons," Marathon Vice President Annell Bay told FOX News.

Marathon is a Houston-based oil company than not only explores for oil and natural gas, but refines oil as well.

Marathon dumped $230 million into developing the Droshky oil field, which it acquired in 2007, but expects to spend more than $1.3 billion when it begins pumping next year, about the time the economy is expected to recover.

And while every drop counts, many fear it won't be enough.

"We all have hope for green energy, but it is going to take time and in the meantime, oil and natural gas will have to be the bridge to the energy future," says Cathy Landry, a spokeswoman for the American Petroleum Institute.

Congress lifted its 27-year moratorium on drilling off Florida and the East and West Coast last year, but billions of barrels of that oil remains untouched and off-limits because the Obama administration has postponed development there.

The Obama administration favors green energy and provides generous tax subsidies to wind and solar. By contrast, this week the oil industry complained that Obama proposed hiking their taxes by $70 billion over 5 years, including a $122 million on leases the administration considers non-producing.

"If you penalize oil and gas, and add taxes, it is going to make it much more difficult and more expensive. That means U.S. jobs are exported and we won't get the revenues from royalties," said Landry.

Oil executives fear the lesson of $5-a-gallon gasoline is lost, and that American consumers will pay the price, vulnerable to shortages in the short term and a continued dependence on foreign oil for decades to come.
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Old 05-23-2009, 09:41 AM   #2
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This worries me....cause i know this is your field..
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Old 05-23-2009, 09:47 AM   #3
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gas as gone up here in stamford,CT three times this month its up to $2.65 ther are some areas here that has it $2.90
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Old 05-23-2009, 10:40 AM   #4
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dont worry all my car will be running the mr fusion reactor ala back to the future 2 garbage disposal in the back.
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Old 05-23-2009, 10:42 AM   #5
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Subscribing so at the end of the year I can come back and post the normal gas price
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Old 05-23-2009, 10:42 AM   #6
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Old 05-23-2009, 10:42 AM   #7
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This worries me....cause i know this is your field..
+100000
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Are boobs and hands polarly charged, thus causing the inevitable joining of the two? If so are some breasts simply charged backwards?

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Old 05-23-2009, 10:46 AM   #8
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Subscribing so at the end of the year I can come back and post the normal gas price
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Old 05-23-2009, 11:01 AM   #9
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it will happen, just a matter of time...
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Old 05-23-2009, 11:06 AM   #10
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Don't we get most of our oil from Canada and Mexico? If so, why would there be such a huge increase in price if US produced oil accounts for a very small % of the total oil we get from else where?
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Old 05-23-2009, 11:10 AM   #11
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some analysts say we wont hit $4.

edit: or maybe big oil could keep it at $4 instead of $10, and only post a few 100 million a quarter instead of billions!!!??? no way that would happen tho, cuz ppl are getting FAT in oil at the expense of the american ppl
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Old 05-23-2009, 11:40 AM   #12
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Time to switch to LPG after all...
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Old 05-23-2009, 11:47 AM   #13
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Oil goes up because of these reasons...

Speculation, weak dollar, then supply/demand issues. In that order. All other variables are minor events in the grand scheme.

Besides, obama will save us because he'll tap into the national stockpiles.
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Old 05-23-2009, 12:10 PM   #14
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article has way to much rhetoric... look at current oil prices, and price of fuel at the pump. Here I'm paying $1.20 a liter for 92 and it should be around $0.80 a liter. I will always maintain "fuk oil companies". Biggest crooks next to the government.
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Old 05-23-2009, 12:34 PM   #15
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Don't we get most of our oil from Canada and Mexico? If so, why would there be such a huge increase in price if US produced oil accounts for a very small % of the total oil we get from else where?
do you live under a rock? We get the vast majority of our oil from middle eastern imports
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Old 05-23-2009, 12:40 PM   #16
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do you live under a rock? We get the vast majority of our oil from middle eastern imports
Do you live under a rock? Look at the facts.

http://www.eia.doe.gov/pub/oil_gas/p...nt/import.html
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Old 05-23-2009, 12:54 PM   #17
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speculators are getting back into oil. thats why its going back up. has nothing to do with oil restrictions. supply isnt a problem since oil companies have literally been hoarding oil for months.
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Old 05-23-2009, 12:59 PM   #18
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Originally Posted by Silviacrazed View Post
do you live under a rock? We get the vast majority of our oil from middle eastern imports
Silviacrazed is correct and those of you that think everything is OK are seriously not paying attention.


As the price of oil is on the rise and Americans are seeing a reflection of that at the pumps virtually all drilling on the shelf in The Gulf of Mexico, drilling on land in Louisiana and the state of Texas has come to a complete stop. ache Corp. (The biggest lease holder in The Gulf) for the first time in 14 years has stopped all drilling until 2010. Drilling stopped much earlier on almost all land rigs in Louisiana and Texas. I deal with many salesmen who say this is the worst they have ever seen it and all of the companies they work for are going through huge layoffs. No one is able to see a light at the end of the tunnel for the first time ever, even in the 80's there was some hope. There was local news out of Baton Rouge this morning that there was a sudden 2% spike in unemployment claims in Louisiana - This is due to the oilfield shutting down and is expected to get much worse. It's like someone just turned off the light switch.

With the oil and gas companies not drilling, the rig contractors are steadily moving their rigs over sea's. Last year there were 175 rigs in The Gulf, right now there are 87 and only 58 have contracts as of May 1st but most of those aren't drilling. That number will be much lower with Apache shutting down by the end of the month. The rig contractors are in a win, win situation moving their rigs over sea's and more and more rigs are leaving everyday. More work, a higher day rate, cheaper labor, and a tax credit to boot. So even if Congress gave the oil companies permission to drill wherever they wanted, there aren't enough rigs left in the U.S. Add this to the fact Hugo Chavez has seized control of the Venezuela oil fields, all the equipment associated with them and has nationalized the Venezuelan oil market. You probably won't be hearing what an evil dictator he is for awhile since Venezuela is the 3rd largest importer of oil to the U.S. Also the fact we were getting 2 million barrels of oil a day from Mexico a year ago and right now we are getting less than 500,000 a day, by years end analysts say that number could easily be zero.
What I have heard first hand from the CEO's of these oil companies is that the shut down is due in large part to Obama and this new administration. They are fearful of him and really want to wait this out and see what he's going to do, how much more in debt he will put this country in, and how many more bills he's going to pass that penalize oil companies for drilling here in the U.S. Add all this information up and tell me how you don't see a very serious energy crisis on the horizon for the U.S. because those of us on the front line know it's only a matter of time now. It will not be long before we are totally dependent on foreign oil from countries like Saudi Arabia, Nigeria, Venezuela, Mexico, Iran and Iraq. We are about to be cut off from Mexico, Chavez hates us but will now have a serious Ace in the hole to use against us, Nigeria is in the middle of a brutal civil war and we aren't exactly the best of friends with Iran right now. Now maybe people understand why we need a government friendly to U.S. interests in power in Iraq.

As I said before, I'm all for alternative energy sources but you cannot phase out one energy source without having another one in place.
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Old 05-23-2009, 01:09 PM   #19
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Quote:
Originally Posted by LSUKNUT View Post
Silviacrazed is correct and those of you that think everything is OK are seriously not paying attention.


As the price of oil is on the rise and Americans are seeing a reflection of that at the pumps virtually all drilling on the shelf in The Gulf of Mexico, drilling on land in Louisiana and the state of Texas has come to a complete stop. ache Corp. (The biggest lease holder in The Gulf) for the first time in 14 years has stopped all drilling until 2010. Drilling stopped much earlier on almost all land rigs in Louisiana and Texas. I deal with many salesmen who say this is the worst they have ever seen it and all of the companies they work for are going through huge layoffs. No one is able to see a light at the end of the tunnel for the first time ever, even in the 80's there was some hope. There was local news out of Baton Rouge this morning that there was a sudden 2% spike in unemployment claims in Louisiana - This is due to the oilfield shutting down and is expected to get much worse. It's like someone just turned off the light switch.

With the oil and gas companies not drilling, the rig contractors are steadily moving their rigs over sea's. Last year there were 175 rigs in The Gulf, right now there are 87 and only 58 have contracts as of May 1st but most of those aren't drilling. That number will be much lower with Apache shutting down by the end of the month. The rig contractors are in a win, win situation moving their rigs over sea's and more and more rigs are leaving everyday. More work, a higher day rate, cheaper labor, and a tax credit to boot. So even if Congress gave the oil companies permission to drill wherever they wanted, there aren't enough rigs left in the U.S. Add this to the fact Hugo Chavez has seized control of the Venezuela oil fields, all the equipment associated with them and has nationalized the Venezuelan oil market. You probably won't be hearing what an evil dictator he is for awhile since Venezuela is the 3rd largest importer of oil to the U.S. Also the fact we were getting 2 million barrels of oil a day from Mexico a year ago and right now we are getting less than 500,000 a day, by years end analysts say that number could easily be zero.
What I have heard first hand from the CEO's of these oil companies is that the shut down is due in large part to Obama and this new administration. They are fearful of him and really want to wait this out and see what he's going to do, how much more in debt he will put this country in, and how many more bills he's going to pass that penalize oil companies for drilling here in the U.S. Add all this information up and tell me how you don't see a very serious energy crisis on the horizon for the U.S. because those of us on the front line know it's only a matter of time now. It will not be long before we are totally dependent on foreign oil from countries like Saudi Arabia, Nigeria, Venezuela, Mexico, Iran and Iraq. We are about to be cut off from Mexico, Chavez hates us but will now have a serious Ace in the hole to use against us, Nigeria is in the middle of a brutal civil war and we aren't exactly the best of friends with Iran right now. Now maybe people understand why we need a government friendly to U.S. interests in power in Iraq.

As I said before, I'm all for alternative energy sources but you cannot phase out one energy source without having another one in place.

This is Scary, i see why gas went up 3 times this month in my area
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Old 05-23-2009, 01:11 PM   #20
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a year ago there was more demand, also, we are getting more oil from canadian oil sands now
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