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re: Obama's Farewell Address and what you will remember him for.
Posted on 1/12/17 at 2:35 pm to TeLeFaWx
Posted on 1/12/17 at 2:35 pm to TeLeFaWx
quote:
Stifling the shale revolution when EVEN IN HIS SPEECH TONIGHT HE TALKED ABOUT HALVING DEPENDENCY ON FOREIGN OIL WHEN HE DID LITERALLY NOTHING TO HELP IT, EXTENDED ZERO FEDERAL LEASES, AND IF HE DID WE MIGHT EVEN BE COMPLETELY OFF FOREIGN OIL.
Currently, the US exports 1.6 million barrels of oil each day. The US imports about 13 million barrels of oil each day. If we increased domestic oil production by 13 million barrels of oil per day, we would not stop importing oil because that's not how markets work. The market would reach a new equilibrium, but US oil imports would not drop to 0. The US would continue to import millions of barrels of oil each day.
Are you a communist? I must ask because the only way the US could have ended its "dependence" on foreign oil is if it nationalized the oil industry. Should we follow Venezuela's example?
2
Posted on 1/12/17 at 2:45 pm to Papplesbeast
If we're going to have a world with industry and irrational consumerism, we should have more planning involved -- to be clear, this wouldn't be nationalism as gov't shouldn't exist as it exists. Big topic. Seemingly contradicting. Won't be able to explain it here.
If people are really concerned with getting off foreign oil dependency, the answer isn't more US oil -- the answer is decentralizing the energy industry. If you understand the beginnings of the oil industry and the criminal activity to make oil the primary energy product and push out better alternatives, you'd see how easy it would be to greatly reduce our oil usage.
Another angle, people complain about foreign oil dependency but don't want to understand how important the Petro Dollar is to the US economy. Most people don't know that we force other nations to buy/sell oil in US Dollars, which obviously has a huge impact on our economy.
If people are really concerned with getting off foreign oil dependency, the answer isn't more US oil -- the answer is decentralizing the energy industry. If you understand the beginnings of the oil industry and the criminal activity to make oil the primary energy product and push out better alternatives, you'd see how easy it would be to greatly reduce our oil usage.
Another angle, people complain about foreign oil dependency but don't want to understand how important the Petro Dollar is to the US economy. Most people don't know that we force other nations to buy/sell oil in US Dollars, which obviously has a huge impact on our economy.
Posted on 1/12/17 at 2:51 pm to Papplesbeast
quote:
Currently, the US exports 1.6 million barrels of oil each day. The US imports about 13 million barrels of oil each day. If we increased domestic oil production by 13 million barrels of oil per day, we would not stop importing oil because that's not how markets work. The market would reach a new equilibrium, but US oil imports would not drop to 0. The US would continue to import millions of barrels of oil each day.
Fair point. Oil is a globally traded commodity. I think my sentiment would more be appropriately explained along the lines of "dependence" on foreign oil and I conflated the concepts. My fault. However, I still contend that if the United States had a pro-oil and gas economic policy the last 8 years, our dependence on foreign oil would be much much smaller.
quote:
Are you a communist? I must ask because the only way the US could have ended its "dependence" on foreign oil is if it nationalized the oil industry. Should we follow Venezuela's example?
Not a communist. Just a petroleum engineer that believes our tax policies, off shore moratoriums, and our regulations have had a terrible impact on our energy use in this country.
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