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re: Obama's Farewell Address and what you will remember him for.
Posted on 1/12/17 at 2:51 pm to Papplesbeast
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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Posted on 1/12/17 at 3:32 pm to TeLeFaWx
quote:
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.
Maybe. When the government subsidizes something, you get more of it. That's why farmers grow so much corn. If the government subsidized the oil and gas industries, oil and gas prices would be lower, but enough to make our "dependence" on foreign oil much, much smaller? I'm skeptical. The Saudis have flooded the international oil market with cheap oil for the last few years. That did far more to slow down domestic oil production (particularly shale) than anything Obama ever did.
As for the gas industry, I don't like fracking. I'm not an environmentalist, but I'd kill anyone who fracked land near enough to me to cause any problems. And if I feel that way about my land, I assume most other people feel that way about their land. If you want to frack, find places that aren't anywhere near peoples' homes, then I couldn't care less. If you bribe politicians to get permission to frack near my land despite my objections, then I won't just kill you, I'll kill your entire family.
quote:
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.
A petroleum engineer? Now your perspective makes more sense. It's a shame you entered an industry that's in decline. I'm an electrical engineer (with a MS in Power) who figured it wouldn't be a good idea to pigeonhole himself. I've got experience working with solar, wind, coal, and gas (no nuclear, unfortunately). It's nice to not feel the need to lobby for government subsidies to keep the industry I work in from dying.
I don't see this "terrible impact on our energy use". That's probably because I'm not a petroleum engineer.
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