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Politics : Politics for Pros- moderated

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To: Nadine Carroll who wrote (255966)	6/28/2008 5:21:09 PM
From: Triffin	Read Replies (3) of 793843

Answer: of course we can. Oil is expensive because the global market is tight: supply is outpacing demand. If the US brought 4 or 5 million barrels per day online (heck, if it even announced its intention to do so ASAp), don't you think that would affect world markets? It would be a significant percentage bump to global world supply! Nadine .. the prices are where they are because there is no readily exploitable additional supply !!! You saw the impact to prices from the KSA announcement that they would raise production by 200,000 bpd didn't you ?? We've got to bring online an additional 3-4 million barrels per day per year just to offset depletion from existing fields .. Extraction rates are a geologically limiting factor .. We've been on a production plateau since 2005 at about 85 million barrels per day .. Want lower prices ??? REDUCE DEMAND .. or get the FEDs to open the SPR .. It's not coming from additional supply ...... Triff ..

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