No. Keeping it open would reduce our need for foreign oil.

The reason for America now being the top producer in the nation is out in West Texas, not Alaska.

2 ...

Report Post

Posted by Hog on the Hill

Member since Jun 2009

13389 posts

Posted on 1/26/15 at 5:03 pm to Hawgeye

quote:
No. Keeping it open would reduce our need for foreign oil.

The reason for America now being the top producer in the nation is out in West Texas, not Alaska.

So you're arguing that a reduction in supply does not increase prices when demand remains the same? BRB, rewriting economics 101 textbooks. I think that, in principle, you can agree with me that it should raise prices, even if only slightly.

If you're going to argue that the effect is minimal, then that diminishes your own point that it helps us reduce our dependency on foreign oil.

0 ...

Report Post

Posted by Killean

Port Charlotte, FL

Member since Nov 2010

4669 posts

Posted on 1/26/15 at 5:07 pm to Hawgeye

quote:

Not really. Since 2007, shale states added 1.36 million jobs.

And they're going to keep 80% of them and the rest of the economy will be adding over 200k jobs a month..

quote:

No. Drilling is currently going on in the portion of Alaska Obama is trying to make a wildlife refuge. Our country does not need to be dependent on foreign oil.

Our country does not need to be dependent on OIL period. Cheap oil is bad for that as well.

quote:
Of course they are the problem. They control the oil market all across the world. Oil cartels are worst than Mexican drug cartels.

There is oil all throughout Mexico. Why do you think America has done its part in not allowing any exploration in Mexico?

Are you serious? They don't control shite now. Frankly, large oil companies have more say geopolitically speaking than most oil producing nations.

The ENTIRE GDP of Saudi Arabia in 2013 was 745 billion dollars.

The revenue of Exxon-Mobil in 2013 was 394 billion dollars.

quote:
Yes, we are now the worlds #1 producer of oil. It hasn't always been like that, though. Which is why Saudi still is trying to control the market by driving oil prices down.

Saudi oil companies can break even around $15/bbl. Where US oil companies break even point is around $40/bbl.

US Oil companies break even lower than $40. Most SHALE production breaks even at $40. Only a few of the pricier ventures in shale don't break even at that level. It just cuts down on exploration. It's not like there's any risk of the company going out of business.

quote:
My problem with this is that at some point we need to separate ourselves from the Saudi's and control our own market.

It's a global market and we have more input than the Saudis. Frankly though as I pointed out.. we're a consumer nation and lower oil prices benefit every single level of our economy EXCEPT for the oil producers. Oil prices are basically a VAT.

quote:

Sure they will, at some point. Until then, these families will be on some sort of government assistance until the jobs pick back up.

Or you know, get jobs, since the economy is going quite well. It would make sense though that oil workers would immediately look for government assistance.. after all, it's what their companies do