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#213475 - 02/20/12 03:03 PM US Oil Gusher Blows Out Projections
Chuck Howard Offline
old hand

Registered: 09/17/01
Posts: 6723
Loc: Philly 'burbs
Link to source

The number of rigs in U.S. oil fields has more than quad­rupled in the past three years to 1,272, according to the Baker Hughes rig count. Including those in natural gas fields, the United States now has more rigs at work than the entire rest of the world.

Let me see if I understand this. In 2008, candidates McCain and Palin chanted "drill, baby drill." They lost the election. And now for the past three years (under you know who), we've been "drilling, baby drilling."

So, we have increased supply, decreased demand and, therefore, should be experiencing falling prices. But that's not happening. The question is why. The GOP will tell us that it's the President's fault. Who knows? Maybe it is. Especially if you're predisposed to blaming the President. On the other hand, there's this:

Speculators and Iranians...

#213477 - 02/20/12 03:46 PM Re: US Oil Gusher Blows Out Projections [Re: Chuck Howard]
numan Offline

Registered: 08/06/08
Posts: 10853
Loc: What! Me Worry?
The United States consumes 19 million barrels of petroleum each day, or about 7 billion barrels per year. 500 million barrels per year are wasted in the military boondoggles of the American War Machine.
So the civilian consumption is 6.5 billion barrels per year. The half-a-billion barrels wasted by the military represent a month's supply of civilian consumption.

Imagine what gas prices would be if the wastage of the war profiteers were curtailed.
The ultimate result of shielding men from the effects of folly is to fill the world with fools -- Herbert Spencer

#213479 - 02/20/12 03:50 PM Re: US Oil Gusher Blows Out Projections [Re: numan]
Chuck Howard Offline
old hand

Registered: 09/17/01
Posts: 6723
Loc: Philly 'burbs
Hey, it's a bitch running an empire!


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