also. A.N.W.R. is where a majority of birds migrate. many animals live there but will die bc of oil! they CANT! safley distract oil! look at the Gulf and they are drilling there again. in my opinion the crongresses desitions are fucked up! the oil will not lower the cost of gas bc the oils not going to us people they are selling it to china!! A.N.W.R. is life to many things and they will kill them and destroy a beautiful place like that for some extra cash in thier pocket. how patritoic?!
oils finite. it wont be long till its gone. they predicts in about 40 years there wont be enough oil. the oil in A.N.W.R. is enough for 6 months supply. if u think since bush left oils gone down imagine wat the price would be if he passed the electric cars!! we can have other sources that cost us hardly anything! SOLAR AND WIND ENERGY PEOPLE! thats not something that will disappear someday! if they drill there the natives who for centuries grew on the land would either die or become oil slaves.
God damn all human beings! who you think yourself depriving the wild life from space!!!!!!!! ANWR will remain wilderness. Thhat wilderness does not belong only to the stupid Alaskans! it belongs to all US citizens! get more oil, more jobs, more children and kill all the animals and leave trash behind! thats the legacy of human beings!. What a shame to be an American. Stupid Alaskans ice box, their brains must be frozen!
Oil is a global commodity. Oil production needs to increase enough to make a dent in world demand. If oil from Alaska went to just the US, it might make sense. Seeing how oil companies are multinational and really don't have a vested interest in driving oil cost down in the US, I would be skeptical. As for the environment, the idea that scientist have some kind of benefit from it makes no sense, when on the flip side politicians and oil companies have tons of benefit in making it not so.
Leno nailed it. The "10 yr wait" is a liberal's ruse for keeping the USA down and dependent. The "destruction of the environment" is just another ruse.
As I looked over a few of the comments below, it's clear liberals are progressively getting dumber. (Pun intended)
As I imagine a dependent-on-everybody USA, my heart mourns for the greatness of this country, which is dying in front of our eyes. It didn't take long at all, just about 4 decades.
Thanks for running the USA into the ground morons.
Stupid! Just stupid. Yeah, let's continue our addiction to oil and destruction of the environment, which ultimately leads to contamination of our other natural resources, as well as public health concerns.
@mrnd01 - It is now three weeks later and the Middle East is exploding with violence, and our gas is climbing toward $4 a gal and not stopping along with increase in food prices and we have no alternatives options for gas and oil. Will you now rethink your position on such comments?
This comment has received too many negative votesshow
MarieDevine- Keep drinking that Koolaid. Wars, immigration and all the other things are mostly driven by Greed. Oil is just necessary to transport things and make our lives better. Otherwise we would have to Digress back to the Farming Age where we all just live off the land. Do you really want to travel by Horse & Buggy?
You do know that even if an "American Oil Company" cultivates the limited sources of oil in The Artic National Wildlife Reservation that they don't have to (and probally won't) sell that oil back to the States as there is greater profit overseas in the sale of crude oil. So it doesn't matter if the oil reserves are opened for the decade it would last, you will never see any of it.
We are going the wrong way. More oil means continuing the destructive lifestyle of manufacturing, processing, packaging, and transporting that causes world problems of pollution, energy-food crisis, wars, diseases, immigration, and social security.
The Solution: The goal in life is not employment; that creates the problems. The goal is retirement in a garden paradise we create in our neighborhoods for abundant life for all. Leviticus 26: rain in due season, the promise of God to faithful.
Finding an alternate energy source that is more green takes money to research and build, and to get this money to fund this we need an economy capable of it, and to do that we need to give our economy a kick, and to do that we need to drill in ANWR. We need to give some to gain some.
Everyone who thinks more air in the tires will make more of a differance over drilling our land for oil heres an idea. Keep giving your money to terrorist and let the rest of America keep our dollar here supporting jobs for Americans buy us using oil produced and refined here buy Americans... Oh yeah, take your Prius and go to hell. I also drive American cars...
No way! Obama is right! I aired up my tires and my mileage improved, so I then over inflated them to 70 psi, double the recommended pressure and my mileage improved by 50%!! Can you image if everyone just overinflated their tires what it would do? Obama is a genius! We should all listen, admire, and worship him! Send your children to the Obama youth camps. Also, Obama's little red book is coming out soon. Better get to the book stores early as they will sell like hotcakes & you might miss out!
By the way we could have at least 20 or more solar power plants within 2 years, where as it takes the minimum of 6 to 8 years before there would be a drop of the ANWR or OCS oil in anyone's tanks. Then we would still have to export the oil for refinement.
I would have to say that if anyone is really looking at the possibility of allowing the USA to drill for oil within the regions of ANWR and the OCS, they should look into renewables; because if there was just half of the tax relief that is given to oil companies than all Americans would be able and willing to buy new cars that are plug-in hybrids. Then we can build and produce electricity from renewable green tech that is present to run more from the grid and off oil.
Ok lets get "renewable green tech" defined - not nuclear, biofuels, or anything other than completely worldly based, ie solar, wind, thermal, and wave to name a few.
You can't really have a creditable argument by name calling the counterargument.
With your argument that there 10 percent profit is based purely on the oil companies giving you such information.
The fact is that government pays most of search and drilling with tax relief which makes the oil companies more.
So how many steel mills are going to run on windmills or solar cells?
"Worldly based" -- are you a luddite?
The 10 percent is actually high, it's 7-11 percent. The oil companies pay the government much more than that in taxes.
The government makes money off the oil companies by leasing them land.
The oil companies WORK for the profits they make, the government does nothing but raid the coffers, just as they will tax profits from low energy yielding windmills and solar cells.
Just about all steel mills are coal driven, which is still outside of the scope of this discussion.
The basics are that even if we where to allow the drilling we are going to lose so much more than if we dont. Fuel prices will not change and actually get worst because the prices are set through the global market, and the time frame it would take to get a drop in anyone's tank is at least 6 years.
Either way I am done with continuing this discussion. Since I am the only one not name calling.
I never called you a name, I said you have a naive, shallow-minded position. I don't know if you are naive and shallow-minded regarding other subjects.
Our country runs on coal, at least most of the power plants do, and so absolutely are "part of the discussion" since coal is not "renewable green tech" by your definition.
Oil company execs say at least three years. But when Bush announced rescinding the offshore drilling exec. order, prices dropped instantly.
"Fuel prices will not change and actually get worst [sic] because the prices are set through the global market"
Alaskan fuel derived from Alaskan oil is all consumed here in the U.S.
The price of oil on the world market will continue to be high, mostly because the world supply of oil is declining (passed "peak oil") and demand from India and China will continue to rise.
So if 7-11 percent is "too much profit" how about taxing every company that makes such "excess profits"?
You guys seem to be forgetting that oil and fuel prices aren't necessarily set by supply and demand- that only happens in a free market. Chew on this for a while- less than 10% of all oil is traded on the open market. Why should it be? Why would a company drill it, pump it, sell it, then have to buy it back again to refine and then market it?
You are 100% correct, The price oil is traded at is mainly set by the market on the last trading day of a commodities contract. But Like I said before 90% of the oil isn't even traded. They are letting peoples fear drive prices up and they can then justify selling the rest of their oil at these outrageous prices. I'd bet that if everybody outside of the industry quite trading oil, the price would drop. Market prices nowadays are commonly driven by fear instead of competition.
It's amazing that soon after President Bush lifted the ban, and we started drilling, prices have gradually gone down. That must be the democrats' worst nightmare. lol
all the House and Senate need to do is say they are going to "take a vote" next month on drilling in ANWR and the price will dip down below $100 a barrel. Then vote and approve drilling in ANWR and we may see rices we can live with...
Pelosi and Reid know that a drilling bill could pass!They also are blocking it because there would be demands for Obama to come to Washington and vote and he would vote NO and would be hammered by Republican's and Mccain .70-percent of the nation want's drilling here and right NOW !Obama is a ELITE and think's regular American's are STUPID IDIOT'S and can't be trusted so he has to make decision's for them !Israel will be attacking Iran SOON and gas will be $8 - $9 a gallon & shortage's BIGTIME
There is 1 problem Israel will attack Iran soon ang gas will be $8 to $9 A GALLON !When it breaks loose we will be lucky to get much if any oil out of the Middle East.Thats why we need to drill inland and offshore in the United State's immediately.Russia is putting in their new state of the art Defense System to replace the old one in Iran!They will have it completed in 6 months.Israel will attack Iran soon.Plus they want to do it with Bush in because they trust him and know he's got their back
We don't get oil from Iran. Most of our foreign oil comes from Canada and and South and Central America. We only get 11% from the entire middle east... which is still too high.
I know we don't get oil from Iran!Butlast week when the news came out from Israel that Olmert had finally resigned & Israel Defense Minister had harsh words for Iran.Oil went up over $5 that day.We give 700 billion a year to other countrie's for oil a year!Pelosi wants to drain our strategic reserve thats Brilliant!We have 70 years of reserves in&around the U.SWe could do it all drill,solar,wind,research &higher standards!It will take a long time to do all that stuff but,drilling 1 1/2 to 6yrs.
Oil is a global commodity. Whatever we drill will go right into the international market. ANWR would boost global supply by less than half a percent. In about a decade. A drop of 2-3 cents, and not for at LEAST 10 years.
We'd be better off with a massive campaign to get people to inflate their tires. Seriously, we could see a 3-4% savings on that, as opposed to less than half a percent.
Isn't Leno losing his job? One would have to wonder if it's because he sounds a little Right..Hollywood needs to burn it's a Devils Den. If your not a Leftie you have no Career.
"Drilling in Alaska would make almost zero difference in the supply chain."
Right, but if we can convince Saudi Arabia to supply us half what we could get from ANWR it'd drop prices $5/barrel or more.
Well, that was Harry Reid saying that, well both of those actually were Harry. ANWR oil will never help anything, but half that much Saudi Oil would fix the problem.
Alaska would make a big difference in the supply chain.
We shipped 2.1 million barrels a day before, and now only ship 750,000 or less. That leaves capacity of 1.35 million barrels of oil a day. That is 25 million more gallons of gasoline per day for "whatever".
The big problem with the democrats and the republicans is one leader doesn't have the experience and the other candidate doesn't have the wisdom, and until the leaders of this country see that light; all you have is hope.
I guess NBC picks and chooses which clips they will allow. I tried posting Dan Carvey on Leno talking about Obama and McCain, and got a cease and desist. I'm going to change your diaper (spoken with Arnold Governator voice)
It would probably take less than 10 years considering most of the infrustructure is already in place - the site where the drilling would take place is only 74 miles from the Trans Alaska pipeline.
Supply / demand is not responsible for the ridiculous prices for oil not that anwr oil would make a difference anyway $1.40 per Barrel oil when oil hit $140 just recently? It's the banks involved in oil futures trading. They lost craploads from the housing debacle and now they are out to rape people again this with oil.
"With respect to the world oil price impact, projected ANWR oil production constitutes between 0.4 and 1.2 percent of total world oil consumption in 2030, based on the low and high resource cases, respectively.1 Consequently, ANWR oil production is not projected to have a large impact on world oil prices."
With gasoline topping $4 a gallon, President Bush urged Congress on Wednesday to lift its long-standing ban on offshore oil and gas drilling, saying the United States needs to increase its energy production. Democrats quickly rejected the idea. "Let's continue to fund those people who hate us." This is simply "terrorism" at the gas pump folks!! We need to drill in our own soil. This would keep our money within our own borders as well as lower the price at the pump. Damn those democrats!!!
No gas prices could still be in the 2 dollar range. its is price gouging. The oil companies are marking up gas prices drastically. You do not make record profits if you are only raising the price to cover added expenses. What they do is take every opportunity to raise the price even if they don't need to. After Katrina hit they rose gas prices significantly saying they needed to to offset future expenses. When the shortage came later the raised it even more for the same thing.
A price increase is the signal of diminishing supply. You also need to account for excise taxes, inflation, and government sales taxes. Government makes more money off of oil than oil producers do: is it gouging?
Prices always rise after a disaster. That's how needed resources are most likely to go to the disaster area. Read Art Carden's article, "Price Controls Create Man-Made Disasters", posted just today at the Mises Institute's website, which explains the economics of this very thing.
Drilling in Alaska would make almost zero difference in the supply chain. Supply has been pretty constant while prices have more than doubled.
We need to regulate the speculation market. Yes, it's not a perfect answer, but currently, OPEC nations can artificially raise prices all they want. Adding a negligible amount to the supply chain won't change that.
You need to do some more research on current events. China and India are sucking tons and tons of oil and their consumption is going up much faster than ours.
China and India are not going to stop, thus why supply is always been bought up and demand is going through the roof.. we are aren't the only modern industrial society using oil anymore.
The speculation market is to blame, not supply/demand. Supply and demand hasn't changed all that much in the last 4 years. Why have prices risen so dramatically?
Sorry, but the Republicans are using fuzzy math, telling us that drilling in Anwar would do anything more than drop prices by a few cents around 2025.
Our own officials even told the Saudis that the speculation market was to blame. Bush had plenty of time to fix this. He chose not to.
"Supply and demand hasn't changed all that much in the last 4 years. Why have prices risen so dramatically?"
Particle, this is what you said to Delpuckett, yet you said to me that drilling will make no difference.
You want yet another damned Leftist crippling of a necessary market factor. Speculators are betting against the price of oil. And if you get the inaction and regulation you want, watch prices and speculation do even more of what they've been doing lately. Who will you blame then?
Exactly how much oil do you think we'll be able to drill out of Alaska? Once it goes into the global supply chain, it will shave a few cents off the price of a barrel of oil. Meanwhile, prices have tripled... Explain how a couple cents/gallon will fix things.
The speculation market is completely unregulated. What's stopping OPEC nations from artificially inflating prices? Nothing. And that's what they're doing.
That was nicely timed on his part, but a lot of economists attribute it just as much to the runs on banks and visibly weakening economy... That 22 cent drop barely lasted a couple days.
There is absolutely nothing wrong with being an environmentalist and believing that the best way to get off of our foreign oil addiction is perhaps to get off of oil in general. Obviously, ANWR was set aside as a wildlife preserve for a reason. Not just because it's a big chunk of ice, things actually live there. It's typical right wing Republican lingo to chide people for actually wanting to preserve our Earth for generations to come and not exploit every single area where there are resources.
Thanks to Al Gore and his powerpoint, being an environmentalist is the cool thing to do. People just assume that when they hear, "Drilling in Alaska" that we're going to be killing off a polar bear or something. THERE'S NOTHING THERE!!!! FOR GODS SAKE THERES NOTHING THERE!!! execept for around 25 billion barrels of oil
Actually they said this 13 yrs ago in 1995, when then-President Clinton vetoed the GOP budget, which would have allowed ANWR exploration. WHAT SAY YOU, SEN. OBAMA??
WE haven't spread are selves thin at all. Simply put the damn liberals of this nation are simply riping the foundation out from under us. Basically getting in the way of proggress that would only benefit us and the rest of the world.
Where as the reactionary neocons, what to help there friends in oil make more money, (they would raise prices saying they need to cover the cost of drilling). In ten years (how long it would take for ANWR to be producing oil) we could be off oil completely. Whats the better option, reducing our need on foreign oil or eliminating it.
Exactly what energy source do you have in mind to replace the entire world power grid. Most desrt city's can't use solar panels because sand storms scratch them up making them useless. Not evrybody can live next to a hydroelectric damn. And it's not windy enough in most states to use windmills. Also right now it takes almost galllon of gas to make one gallon of ethanol wich is not only driving gas prices up but food prices also. Sounds like your talking about living in the stone age.
also. A.N.W.R. is where a majority of birds migrate. many animals live there but will die bc of oil! they CANT! safley distract oil! look at the Gulf and they are drilling there again. in my opinion the crongresses desitions are fucked up! the oil will not lower the cost of gas bc the oils not going to us people they are selling it to china!! A.N.W.R. is life to many things and they will kill them and destroy a beautiful place like that for some extra cash in thier pocket. how patritoic?!
yellotigger12 3 months ago
oils finite. it wont be long till its gone. they predicts in about 40 years there wont be enough oil. the oil in A.N.W.R. is enough for 6 months supply. if u think since bush left oils gone down imagine wat the price would be if he passed the electric cars!! we can have other sources that cost us hardly anything! SOLAR AND WIND ENERGY PEOPLE! thats not something that will disappear someday! if they drill there the natives who for centuries grew on the land would either die or become oil slaves.
yellotigger12 3 months ago
God damn all human beings! who you think yourself depriving the wild life from space!!!!!!!! ANWR will remain wilderness. Thhat wilderness does not belong only to the stupid Alaskans! it belongs to all US citizens! get more oil, more jobs, more children and kill all the animals and leave trash behind! thats the legacy of human beings!. What a shame to be an American. Stupid Alaskans ice box, their brains must be frozen!
Virginianification 8 months ago
Oil is a global commodity. Oil production needs to increase enough to make a dent in world demand. If oil from Alaska went to just the US, it might make sense. Seeing how oil companies are multinational and really don't have a vested interest in driving oil cost down in the US, I would be skeptical. As for the environment, the idea that scientist have some kind of benefit from it makes no sense, when on the flip side politicians and oil companies have tons of benefit in making it not so.
JLA6981 10 months ago
I'm glad gas is going up, maybe we'll learn not to be such over consuming assholes eventually.
AAsupreme23 10 months ago
All the oil up there will go to Japan
Millertime50107 10 months ago
Leno nailed it. The "10 yr wait" is a liberal's ruse for keeping the USA down and dependent. The "destruction of the environment" is just another ruse.
As I looked over a few of the comments below, it's clear liberals are progressively getting dumber. (Pun intended)
As I imagine a dependent-on-everybody USA, my heart mourns for the greatness of this country, which is dying in front of our eyes. It didn't take long at all, just about 4 decades.
Thanks for running the USA into the ground morons.
10com40cal 11 months ago
Stupid! Just stupid. Yeah, let's continue our addiction to oil and destruction of the environment, which ultimately leads to contamination of our other natural resources, as well as public health concerns.
mrnd01 11 months ago
@mrnd01 - It is now three weeks later and the Middle East is exploding with violence, and our gas is climbing toward $4 a gal and not stopping along with increase in food prices and we have no alternatives options for gas and oil. Will you now rethink your position on such comments?
VirgilB01 11 months ago
Leno is a moron, the USA is awesome in the fact these halftards prosper!
NTW64 1 year ago
The hard truth is when people start thinking and stop emotionally reacting, they become conservatives.
SpankBankLLC 1 year ago 3
no bighit, you're confusing him with David Letterman.
CelticVictory 2 years ago
testing
lavenderpebbles 2 years ago
Right on Jay the democrats were wrong as usual
10 yrs from now he can use the same joke,
pattaya95 2 years ago 3
Leno is a hack.
bighit006 2 years ago
Jay Leno's favorite book is "I Am A Hollywood Yo-Yo", written by David Letterman.
heartsofspace 2 years ago
you need to invent some new man made metals or composites and possibly ceramics with metal in order to drill in the arctic.
arctictubeonline 3 years ago
This comment has received too many negative votes show
MarieDevine- Keep drinking that Koolaid. Wars, immigration and all the other things are mostly driven by Greed. Oil is just necessary to transport things and make our lives better. Otherwise we would have to Digress back to the Farming Age where we all just live off the land. Do you really want to travel by Horse & Buggy?
telecom1776 3 years ago
You do know that even if an "American Oil Company" cultivates the limited sources of oil in The Artic National Wildlife Reservation that they don't have to (and probally won't) sell that oil back to the States as there is greater profit overseas in the sale of crude oil. So it doesn't matter if the oil reserves are opened for the decade it would last, you will never see any of it.
oneplusanotherone 3 years ago 2
Maybe we should drill oil in Jay Leno's chin.
DeathEaterLola 3 years ago
lol
RuellAuled 3 years ago
We are going the wrong way. More oil means continuing the destructive lifestyle of manufacturing, processing, packaging, and transporting that causes world problems of pollution, energy-food crisis, wars, diseases, immigration, and social security.
The Solution: The goal in life is not employment; that creates the problems. The goal is retirement in a garden paradise we create in our neighborhoods for abundant life for all. Leviticus 26: rain in due season, the promise of God to faithful.
MarieDevine 3 years ago
Peace Love Dope, get outta Nam
CaptRon1913 3 years ago 3
.... yes, as you are on the internet, using a computer, soaking up the electricity....
kappaluppa 3 years ago
Destructive lifestyle? go back to the 60's PINKO
snoot87 3 years ago
Finding an alternate energy source that is more green takes money to research and build, and to get this money to fund this we need an economy capable of it, and to do that we need to give our economy a kick, and to do that we need to drill in ANWR. We need to give some to gain some.
theONLYdren 3 years ago
What about the thousands of current native residents living of the wildlife in ANWR? Where will they go once the oil is gone?
oneplusanotherone 3 years ago
there is plenty of ice flows that the polar bears are not using. sheesh
LPcustom76 2 years ago
Everyone who thinks more air in the tires will make more of a differance over drilling our land for oil heres an idea. Keep giving your money to terrorist and let the rest of America keep our dollar here supporting jobs for Americans buy us using oil produced and refined here buy Americans... Oh yeah, take your Prius and go to hell. I also drive American cars...
NTW64 3 years ago 2
Do you drive an American car made in Mexico, or a japanese car made in America?
EricTokar 3 years ago 3
No way! Obama is right! I aired up my tires and my mileage improved, so I then over inflated them to 70 psi, double the recommended pressure and my mileage improved by 50%!! Can you image if everyone just overinflated their tires what it would do? Obama is a genius! We should all listen, admire, and worship him! Send your children to the Obama youth camps. Also, Obama's little red book is coming out soon. Better get to the book stores early as they will sell like hotcakes & you might miss out!
packrat76 2 years ago
@packrat76 Oh sarcasm, you actually did a good job on that comment.
CelticVictory 1 year ago
Thankyou very much!
packrat76 1 year ago
my wife says you are full of *%#@.
DaRatfink 3 years ago
By the way we could have at least 20 or more solar power plants within 2 years, where as it takes the minimum of 6 to 8 years before there would be a drop of the ANWR or OCS oil in anyone's tanks. Then we would still have to export the oil for refinement.
qc3linux 3 years ago
I would have to say that if anyone is really looking at the possibility of allowing the USA to drill for oil within the regions of ANWR and the OCS, they should look into renewables; because if there was just half of the tax relief that is given to oil companies than all Americans would be able and willing to buy new cars that are plug-in hybrids. Then we can build and produce electricity from renewable green tech that is present to run more from the grid and off oil.
qc3linux 3 years ago
That's a naive, shallow-minded position -- the oil companies paid three times as much in taxes last year as they made in profit.
Their profits were, percentage-wise, less than 10 percent, much of which they must put into drilling and searching for new sources of oil.
So in your mind, how much PERCENTAGE profit is too much?
Does your "renewable green tech" include nuclear power?
yeahlikewhatever 3 years ago
Ok lets get "renewable green tech" defined - not nuclear, biofuels, or anything other than completely worldly based, ie solar, wind, thermal, and wave to name a few.
You can't really have a creditable argument by name calling the counterargument.
With your argument that there 10 percent profit is based purely on the oil companies giving you such information.
The fact is that government pays most of search and drilling with tax relief which makes the oil companies more.
qc3linux 3 years ago
LOL
So how many steel mills are going to run on windmills or solar cells?
"Worldly based" -- are you a luddite?
The 10 percent is actually high, it's 7-11 percent. The oil companies pay the government much more than that in taxes.
The government makes money off the oil companies by leasing them land.
The oil companies WORK for the profits they make, the government does nothing but raid the coffers, just as they will tax profits from low energy yielding windmills and solar cells.
yeahlikewhatever 3 years ago
Just about all steel mills are coal driven, which is still outside of the scope of this discussion.
The basics are that even if we where to allow the drilling we are going to lose so much more than if we dont. Fuel prices will not change and actually get worst because the prices are set through the global market, and the time frame it would take to get a drop in anyone's tank is at least 6 years.
Either way I am done with continuing this discussion. Since I am the only one not name calling.
qc3linux 3 years ago
I never called you a name, I said you have a naive, shallow-minded position. I don't know if you are naive and shallow-minded regarding other subjects.
Our country runs on coal, at least most of the power plants do, and so absolutely are "part of the discussion" since coal is not "renewable green tech" by your definition.
Oil company execs say at least three years. But when Bush announced rescinding the offshore drilling exec. order, prices dropped instantly.
yeahlikewhatever 3 years ago
"Fuel prices will not change and actually get worst [sic] because the prices are set through the global market"
Alaskan fuel derived from Alaskan oil is all consumed here in the U.S.
The price of oil on the world market will continue to be high, mostly because the world supply of oil is declining (passed "peak oil") and demand from India and China will continue to rise.
So if 7-11 percent is "too much profit" how about taxing every company that makes such "excess profits"?
yeahlikewhatever 3 years ago
You guys seem to be forgetting that oil and fuel prices aren't necessarily set by supply and demand- that only happens in a free market. Chew on this for a while- less than 10% of all oil is traded on the open market. Why should it be? Why would a company drill it, pump it, sell it, then have to buy it back again to refine and then market it?
DaRatfink 3 years ago 3
Oil prices are set on the open market, not by the oil industry.
yeahlikewhatever 3 years ago
You are 100% correct, The price oil is traded at is mainly set by the market on the last trading day of a commodities contract. But Like I said before 90% of the oil isn't even traded. They are letting peoples fear drive prices up and they can then justify selling the rest of their oil at these outrageous prices. I'd bet that if everybody outside of the industry quite trading oil, the price would drop. Market prices nowadays are commonly driven by fear instead of competition.
DaRatfink 3 years ago
Nice one Jay. Keep the jokes coming. I'll miss you when you retire.
YawnXen 3 years ago
Bill Clinton denied drilling in the early 90s because he saw no reason why they should.. even though rep. pleaded that the prices would rise.
Chslosers 3 years ago
Bush Sr. was the first to deny drilling in ANWR. Also, prices rose independently of the supply/demand chain.
particle409 3 years ago
It's amazing that soon after President Bush lifted the ban, and we started drilling, prices have gradually gone down. That must be the democrats' worst nightmare. lol
drummer703 3 years ago 9
Ah..., the drilling hasn't started.
vicupstate 3 years ago
@drummer703 There hasn't been any drilling. The Arctic National Wildlife Refuge is still protected.
underthebox 1 year ago
@drummer703
I wonder what the price of a ruined and unusable planet is to humans and animals alike... lol lol lol lol lol
NemonicLee 1 year ago
all the House and Senate need to do is say they are going to "take a vote" next month on drilling in ANWR and the price will dip down below $100 a barrel. Then vote and approve drilling in ANWR and we may see rices we can live with...
BCatAZ 3 years ago 2
Pelosi and Reid know that a drilling bill could pass!They also are blocking it because there would be demands for Obama to come to Washington and vote and he would vote NO and would be hammered by Republican's and Mccain .70-percent of the nation want's drilling here and right NOW !Obama is a ELITE and think's regular American's are STUPID IDIOT'S and can't be trusted so he has to make decision's for them !Israel will be attacking Iran SOON and gas will be $8 - $9 a gallon & shortage's BIGTIME
ifyourscaredsayur 3 years ago
There is 1 problem Israel will attack Iran soon ang gas will be $8 to $9 A GALLON !When it breaks loose we will be lucky to get much if any oil out of the Middle East.Thats why we need to drill inland and offshore in the United State's immediately.Russia is putting in their new state of the art Defense System to replace the old one in Iran!They will have it completed in 6 months.Israel will attack Iran soon.Plus they want to do it with Bush in because they trust him and know he's got their back
ifyourscaredsayur 3 years ago
We don't get oil from Iran. Most of our foreign oil comes from Canada and and South and Central America. We only get 11% from the entire middle east... which is still too high.
dcrum35 3 years ago
I know we don't get oil from Iran!Butlast week when the news came out from Israel that Olmert had finally resigned & Israel Defense Minister had harsh words for Iran.Oil went up over $5 that day.We give 700 billion a year to other countrie's for oil a year!Pelosi wants to drain our strategic reserve thats Brilliant!We have 70 years of reserves in&around the U.SWe could do it all drill,solar,wind,research &higher standards!It will take a long time to do all that stuff but,drilling 1 1/2 to 6yrs.
ifyourscaredsayur 3 years ago
Oil is a global commodity. Whatever we drill will go right into the international market. ANWR would boost global supply by less than half a percent. In about a decade. A drop of 2-3 cents, and not for at LEAST 10 years.
We'd be better off with a massive campaign to get people to inflate their tires. Seriously, we could see a 3-4% savings on that, as opposed to less than half a percent.
particle409 3 years ago
2/3 of americans already inflate their tires, and ANWR oil doesn't have to go on the Global Market.
Xucalfer 3 years ago 3
Isn't Leno losing his job? One would have to wonder if it's because he sounds a little Right..Hollywood needs to burn it's a Devils Den. If your not a Leftie you have no Career.
2112beware 3 years ago 8
No He's retiring ;)
floydfanTN 3 years ago
I heard it was forced retiring
2112beware 3 years ago
I remember in 2000 they said conan will get the show in 2009
djbro16 3 years ago
"Drilling in Alaska would make almost zero difference in the supply chain."
Right, but if we can convince Saudi Arabia to supply us half what we could get from ANWR it'd drop prices $5/barrel or more.
Well, that was Harry Reid saying that, well both of those actually were Harry. ANWR oil will never help anything, but half that much Saudi Oil would fix the problem.
And then we'll be more reliant on foreign oil.
Go team Democrat.
And when did Saudi oil become magical?
gekkobear 3 years ago
Alaska would make a big difference in the supply chain.
We shipped 2.1 million barrels a day before, and now only ship 750,000 or less. That leaves capacity of 1.35 million barrels of oil a day. That is 25 million more gallons of gasoline per day for "whatever".
The big problem with the democrats and the republicans is one leader doesn't have the experience and the other candidate doesn't have the wisdom, and until the leaders of this country see that light; all you have is hope.
gerkins1 3 years ago 3
I guess NBC picks and chooses which clips they will allow. I tried posting Dan Carvey on Leno talking about Obama and McCain, and got a cease and desist. I'm going to change your diaper (spoken with Arnold Governator voice)
scottks5 3 years ago
Yeah! Go Jay!!! Wooo!
Northgrant 3 years ago 2
It would probably take less than 10 years considering most of the infrustructure is already in place - the site where the drilling would take place is only 74 miles from the Trans Alaska pipeline.
astrea79 3 years ago 2
totally true!!! they all need to die! stupid eviromentalists!
hogsonquads 3 years ago 2
Supply / demand is not responsible for the ridiculous prices for oil not that anwr oil would make a difference anyway $1.40 per Barrel oil when oil hit $140 just recently? It's the banks involved in oil futures trading. They lost craploads from the housing debacle and now they are out to rape people again this with oil.
doclsdc 3 years ago
"With respect to the world oil price impact, projected ANWR oil production constitutes between 0.4 and 1.2 percent of total world oil consumption in 2030, based on the low and high resource cases, respectively.1 Consequently, ANWR oil production is not projected to have a large impact on world oil prices."
tinyurl 45oo56
Diskwin 3 years ago
Stupid democrats
drummer703 3 years ago
With gasoline topping $4 a gallon, President Bush urged Congress on Wednesday to lift its long-standing ban on offshore oil and gas drilling, saying the United States needs to increase its energy production. Democrats quickly rejected the idea. "Let's continue to fund those people who hate us." This is simply "terrorism" at the gas pump folks!! We need to drill in our own soil. This would keep our money within our own borders as well as lower the price at the pump. Damn those democrats!!!
delpuckett 3 years ago
Leave it to socialists to do what socialism does: freeze its own assets.
LibertyVsLeftism 3 years ago
No gas prices could still be in the 2 dollar range. its is price gouging. The oil companies are marking up gas prices drastically. You do not make record profits if you are only raising the price to cover added expenses. What they do is take every opportunity to raise the price even if they don't need to. After Katrina hit they rose gas prices significantly saying they needed to to offset future expenses. When the shortage came later the raised it even more for the same thing.
noknockout 3 years ago
A price increase is the signal of diminishing supply. You also need to account for excise taxes, inflation, and government sales taxes. Government makes more money off of oil than oil producers do: is it gouging?
Prices always rise after a disaster. That's how needed resources are most likely to go to the disaster area. Read Art Carden's article, "Price Controls Create Man-Made Disasters", posted just today at the Mises Institute's website, which explains the economics of this very thing.
LibertyVsLeftism 3 years ago
Liberty,
Drilling in Alaska would make almost zero difference in the supply chain. Supply has been pretty constant while prices have more than doubled.
We need to regulate the speculation market. Yes, it's not a perfect answer, but currently, OPEC nations can artificially raise prices all they want. Adding a negligible amount to the supply chain won't change that.
particle409 3 years ago
You need to do some more research on current events. China and India are sucking tons and tons of oil and their consumption is going up much faster than ours.
China and India are not going to stop, thus why supply is always been bought up and demand is going through the roof.. we are aren't the only modern industrial society using oil anymore.
soma187 3 years ago 2
delpuckett,
The speculation market is to blame, not supply/demand. Supply and demand hasn't changed all that much in the last 4 years. Why have prices risen so dramatically?
Sorry, but the Republicans are using fuzzy math, telling us that drilling in Anwar would do anything more than drop prices by a few cents around 2025.
Our own officials even told the Saudis that the speculation market was to blame. Bush had plenty of time to fix this. He chose not to.
particle409 3 years ago
"Supply and demand hasn't changed all that much in the last 4 years. Why have prices risen so dramatically?"
Particle, this is what you said to Delpuckett, yet you said to me that drilling will make no difference.
You want yet another damned Leftist crippling of a necessary market factor. Speculators are betting against the price of oil. And if you get the inaction and regulation you want, watch prices and speculation do even more of what they've been doing lately. Who will you blame then?
LibertyVsLeftism 3 years ago 2
Exactly how much oil do you think we'll be able to drill out of Alaska? Once it goes into the global supply chain, it will shave a few cents off the price of a barrel of oil. Meanwhile, prices have tripled... Explain how a couple cents/gallon will fix things.
The speculation market is completely unregulated. What's stopping OPEC nations from artificially inflating prices? Nothing. And that's what they're doing.
particle409 3 years ago
What the hell do you know. Just Bush talking about drilling has chopped off .22 cents. You can't just repeat drivel the democrats keep regurgitating.
99steelyarm 3 years ago
That was nicely timed on his part, but a lot of economists attribute it just as much to the runs on banks and visibly weakening economy... That 22 cent drop barely lasted a couple days.
particle409 3 years ago
There is absolutely nothing wrong with being an environmentalist and believing that the best way to get off of our foreign oil addiction is perhaps to get off of oil in general. Obviously, ANWR was set aside as a wildlife preserve for a reason. Not just because it's a big chunk of ice, things actually live there. It's typical right wing Republican lingo to chide people for actually wanting to preserve our Earth for generations to come and not exploit every single area where there are resources.
GetPolitical1 3 years ago
Things live everywhere. I'm sure they used to live where you live now.
What's ironic (well, not really) is how wherever there is an oil reserve, there is a nature reserve!
Is that by design?
LibertyVsLeftism 3 years ago
Thanks to Al Gore and his powerpoint, being an environmentalist is the cool thing to do. People just assume that when they hear, "Drilling in Alaska" that we're going to be killing off a polar bear or something. THERE'S NOTHING THERE!!!! FOR GODS SAKE THERES NOTHING THERE!!! execept for around 25 billion barrels of oil
ellislighthouse 3 years ago
Actually they said this 13 yrs ago in 1995, when then-President Clinton vetoed the GOP budget, which would have allowed ANWR exploration. WHAT SAY YOU, SEN. OBAMA??
beavis408 3 years ago
We are the next example of Rome. The empire spread its self to thin on many levels. Third world living conditions, look out, here they come.
glenncookiowa1979 3 years ago
WE haven't spread are selves thin at all. Simply put the damn liberals of this nation are simply riping the foundation out from under us. Basically getting in the way of proggress that would only benefit us and the rest of the world.
AcomsRazor1776 3 years ago
Where as the reactionary neocons, what to help there friends in oil make more money, (they would raise prices saying they need to cover the cost of drilling). In ten years (how long it would take for ANWR to be producing oil) we could be off oil completely. Whats the better option, reducing our need on foreign oil or eliminating it.
noknockout 3 years ago
Exactly what energy source do you have in mind to replace the entire world power grid. Most desrt city's can't use solar panels because sand storms scratch them up making them useless. Not evrybody can live next to a hydroelectric damn. And it's not windy enough in most states to use windmills. Also right now it takes almost galllon of gas to make one gallon of ethanol wich is not only driving gas prices up but food prices also. Sounds like your talking about living in the stone age.
thebluemaggot 3 years ago 2
Thanks Demrats.
Backpackr3 3 years ago
Clinton vetoed ANWR drilling in 1994.
moekenna 3 years ago 4
Right on the button. Congress can't see beyond their next earmark. Meanwhile we (Rome) will burn.
endo1ver 3 years ago 2
Too Funny! (And rare!)
Craigbe 3 years ago