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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: J_F_Shepard who wrote (392607)	6/19/2008 4:09:17 PM
From: d[-_-]b	Read Replies (2) \| Respond to of 1577194

I'm just looking at a 40 year continuing drop in production...I'm certain drilling has been going all that time with no increase in production. There's this and any new demand for ships, rigs etc are more high paying jobs americans will do. Congress Cannot Deflect The Blame ibdeditorials.com So when Pelosi and other congressional Democrats claim the oilmen are "sitting" on all that land, under which lies an ocean of crude they are gleefully keeping from consumers, those senators and representatives are lying through their well-sharpened political teeth. Since Congress' enviro-driven 1982 moratorium, lease purchases have dwindled to a fraction of their previous level (see chart). Who, after all, wants permission to drill in a dry hole? This incompetent, irresponsible and thoroughly politicized Democratic Congress is endangering our national security and economic well-being by locking up our own energy resources. It must not be allowed to blame the companies that spend billions supplying our energy needs for its own idiotic policies.

To: J_F_Shepard who wrote (392607)	6/19/2008 5:39:51 PM
From: tejek	Read Replies (1) \| Respond to of 1577194

I'm just looking at a 40 year continuing drop in production...I'm certain drilling has been going all that time with no increase in production. And until recently all drilling rigs were in operation and all drilling ships....there is now a great rush to get more drilling ships. The worlds existing drill ships are booked for the next 5 years. See: I think there is a belief in certain circles that because its not been an issue for them, no one has been drilling for oil during the past 30 years. However, now that they are thinking about it, they just assume all those rigs sitting in storage will be brought out and employed. It doesn't dawn on them that wildcatters have been drilling like mad for years now looking for new sources of oil and that there are no rigs sitting in storage.

To: J_F_Shepard who wrote (392607)	6/19/2008 9:59:40 PM
From: combjelly	Read Replies (1) \| Respond to of 1577194

"I'm just looking at a 40 year continuing drop in production...I'm certain drilling has been going all that time with no increase in production. " It has and it hasn't. After the bust, offshore rigs were stacked up in Sabine Pass for a couple of decades. Oil prices were too low to support much drilling offshore. A lot of stripper wells were also capped. When prices get so low that a stripper well, which are often power by the natural gas in the well and have no extra costs except for maintenance are shut down, well... Drilling was much reduced. But, despite the wild claims here, it wasn't because of the Democrats or the environmentalists. It was because a lot of the proven reserves were not economic to produce at the existing prices. Exploration companies went broke as it became more and more difficult to find reserves that could be produced without losing money. If OPEC's goal was to cripple out ability to prospect and produce our own oil, they couldn't have done a better job. Forget the conspiracy theories you see bandied about here. Our production has been dropping because, until recently, producing it here didn't make a lot of sense in many cases. We have only a small fraction of the wildcatters, oil exploration, outfitters, field workers, etc. that we had 30 years ago. Now, the majors kept on shooting seismics during those years. But the little guys have all dried up and blown away. And they were the ones who actually drilled the most holes. The majors do all kinds of cost studies before they start drilling holes. And each one is carefully optimized to minimize investment. So it takes them years to make a decision. The Bust changed the oil industry in ways that, if this board is any indication, many don't understand.