Glenn Beck: $200 per barrel oil?
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@mentalarson That Alaskan oil would be a drop in the bucket on the world market. Maybe less than that. Those reserves are now estimated to yield a mere 896 million barrels. The USA consumes 21 million a day! Now, some morons are going to build a pipeline from the northern Alberta oil sands ALL THE WAY TO THE GULF OF MEXICO. Albertan oil sands take the equivalent of 2 barrels of energy to yield 3. The fact is, the oil industry's grip on energy policy is selling us short we have to go nuclear.
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@retrop75 Your concept is valid in theory. However, oil companies are not allowed to explore, drill and pump oil in the US as you suggest. A few months ago, after $4 billion in investment in exploration and permitting, the EPA denied Shell permission to being production on a large field in Alaska. Your suggestion that oil companies get whatever they want is preposterous.
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What Glenn either doesn't take into account or refuses to admit is that oil companies are supposed to do the exploring for new sources of oil. When oil prices are high, they report record profits. SO, they are supposed to SPEND untold amounts of money to explore for more oil to lower the prices, which will hurt their profits. The oil industry can have WHATEVER IT WANTS!
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what about supply and demand
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No, we don't touch those fields for security reasons, if we run out of oil first, then we are at the mercy of international premiums to keep our economy from going into the stone age
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I cant believe what a shameless tool Beck really is
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the reason we don't have the drilling equipment is that the drilling equipt. fabricators haven't had any new orders from oil production companies. Why? It is not that they can't find a place to drill. There are over 80 million acres onshore/offshore already under lease in areas with even more available reserves than ANWR (National Oil Reserve Alaska) and/or the deep gulf leases they already hold. The oil industry simply wants to keep the market tight and prices high.
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glenn beck wouldn't know the real story if it kicked him in the ass. he keeps screaming about "drilling here and drilling now" (the john mccain mantra) and congress "neeeds to go into session now so republicans can have an up/down vote on a bill that includes drill here and drill now." the facts are that we can't drill here and drill now because we don't have the available onshore/offshore drilling equipment.
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If you test an area and find the oil is either not there or is very costly to extract, it may still be under lease...that doesn't make it accessible. Other areas are schedule for active drilling, but are tied up in environmental litigation. It's just like the left to insist on wind and solar, but block the installation of high voltage power lines to the production fields. GET THE HELL OUT OF OUR WAY!!!
netstepinc 3 years ago