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Obama: Anyone who says we can lower gas prices by more drilling (2 Viewers)

timschochet

Footballguy
Obama took to the stump today to lash out at his critics and claimed that they are celebrating the rising gas prices. He pointed out that oil production since he became President has nearly quadrupled under his watch, and it lowered under Bush. He went on to say that we can't lower prices by increased drilling, and anyone who says otherwise is not telling the truth. "There is no silver bullet," he says.

Is he right?

 
2 days ago Goldman Sachs released a statement warning about rampant oil speculation and questioning whether supply and demand were even a factor.

When Goldman starts covering their butt in anticipation of a major price spike you know things are dirty. Holder is a disaster as an AG. No one fears him cause he does nothing. He truly is a potted plant.

 
If oil doesn't come down soon, the recession is directly around the corner. I think it's pretty clear that oil moves pretty independently of who is president in the US.

Think it's bad here? Brent is at an all time high in euros.

 
Are some of you really that ignorant about what is going on in Iran and Libya right now, and the concept of OPEC?

 
Newt Gingrich, like Michelle Bachmann before him, pledged to bring gas prices below 2.50 per gallon if he is elected. But I don't understand how he will accomplish this.

 
Are some of you really that ignorant about what is going on in Iran and Libya right now, and the concept of OPEC?
Prince Faud has said repeatedly over the last 5 yrs that he would like gas prices in the US to be between 2.50 and 2.75. The price that his advisors have assured him would preclude any forays into alternative energy. Who can forget him walking hand in hand with Bush telling the American public to fix their own house?At this point I believe him more than any shill on Wall st. Supply and demand arguments have been immaterial for years.
 
Are some of you really that ignorant about what is going on in Iran and Libya right now, and the concept of OPEC?
Prince Faud has said repeatedly over the last 5 yrs that he would like gas prices in the US to be between 2.50 and 2.75. The price that his advisors have assured him would preclude any forays into alternative energy. Who can forget him walking hand in hand with Bush telling the American public to fix their own house?At this point I believe him more than any shill on Wall st. Supply and demand arguments have been immaterial for years.
More recently the Saudis have indicated to other OPEC members that they think $100/barrel is a good number.They've made promises to increase production to meet any shortfall from Iran.
 
Are some of you really that ignorant about what is going on in Iran and Libya right now, and the concept of OPEC?
Prince Faud has said repeatedly over the last 5 yrs that he would like gas prices in the US to be between 2.50 and 2.75. The price that his advisors have assured him would preclude any forays into alternative energy. Who can forget him walking hand in hand with Bush telling the American public to fix their own house?At this point I believe him more than any shill on Wall st. Supply and demand arguments have been immaterial for years.
More recently the Saudis have indicated to other OPEC members that they think $100/barrel is a good number.They've made promises to increase production to meet any shortfall from Iran.
The Saudis have consistently dealt with projectable numbers designed to calm business markets. Yet they get no credit because we can't rein our people in.Hence my utter contempt for Eric Holder.
 
Are some of you really that ignorant about what is going on in Iran and Libya right now, and the concept of OPEC?
Prince Faud has said repeatedly over the last 5 yrs that he would like gas prices in the US to be between 2.50 and 2.75. The price that his advisors have assured him would preclude any forays into alternative energy. Who can forget him walking hand in hand with Bush telling the American public to fix their own house?At this point I believe him more than any shill on Wall st. Supply and demand arguments have been immaterial for years.
More recently the Saudis have indicated to other OPEC members that they think $100/barrel is a good number.They've made promises to increase production to meet any shortfall from Iran.
The Saudis have consistently dealt with projectable numbers designed to calm business markets. Yet they get no credit because we can't rein our people in.Hence my utter contempt for Eric Holder.
Not sure I understand you here. What specifically would you like Holder to do?
 
In 2008 Barack Obama told us he liked gasoline prices at $4 per gallon. Obama thought that along with destroying the coal industry, high oil prices would push us to use less energy and to drive electric cars and travel more by bicycle. In December 2008, when Obama was putting together his White House team, Dr. Steven Chu was selected to become Secretary of Energy. Prior to the General Election, Chu was even more enthusiastic about raising gasoline prices than was Obama, "Somehow we have to figure out how to boost the price of gasoline to the levels in Europe," Mr. Chu, who directs the Lawrence Berkeley National Laboratory in California, said in an interview with The Wall Street Journal in September.

http://m.lubbockonline.com/interact/blog-post/may/2011-03-05/4-gasoline-was-obama%E2%80%99s-plan

 
Obama did more today to raise the price of oil than to combat it. Even the appearance that the Administration is going to open up drilling will stir the speculators and prices would fall; instead the President speech pandering to all sides causes doubt that will fuel speculation. His message that the other side applauds bad news is comical, when just after he made this statement, he goes on to say that anyone thinking we're going to drill our way out of this mess is clueless, which was followed by applause from the crowd. :lmao:

 
In 2008 Barack Obama told us he liked gasoline prices at $4 per gallon. Obama thought that along with destroying the coal industry, high oil prices would push us to use less energy and to drive electric cars and travel more by bicycle. In December 2008, when Obama was putting together his White House team, Dr. Steven Chu was selected to become Secretary of Energy. Prior to the General Election, Chu was even more enthusiastic about raising gasoline prices than was Obama, "Somehow we have to figure out how to boost the price of gasoline to the levels in Europe," Mr. Chu, who directs the Lawrence Berkeley National Laboratory in California, said in an interview with The Wall Street Journal in September.

http://m.lubbockonli...%E2%80%99s-plan
Assuming that this was their goal, why did oil production actually nearly quadruple under their watch? That doesn't make any sense.
 
Don't really think so. It would make sense for OPEC to decline their production as soon as we increased ours.
OPec yes, Saudis no. They talk about shared goals often but flout production levels all the time. And their business partners understand the political realities they face. It's a long term strategy designed to help all of opec partners.Honestly, since the early 70's when OPEC was formed and these countries started flexing their economic muscle the Saudis have been more than reasonable in smoothing out the rough edges. There's reason our politicians never have a bad word for them, they dont deserve it.
 
It would be tough to lower gas prices with more drilling. All of the cheap oil has already been drilled and is being produced.

I am working as a petroleum engineer up in north dakota, one of the hottest places for new oil production. These wells have millions of dollars worth of costs associated with them that oil wells in years past did not have. They drill down to the reservoir, then they drill horizontally through the reservoir for 2-3 miles. This horizontal drilling is not cheap as it effectively doubles the drilling time.

Even after a wells exposing 2 miles of reservoir the well will not produce very much oil, it has to be fracked, and fracking greatly increases the cost of the well.

To greatly ramp up oil production means we will be drilling in more remote areas, that require even more expensive technology.

America can produce alot of oil at 100 dollars a barrrel, but we are running out of the cheap stuff.

 
Last edited by a moderator:
In 2008 Barack Obama told us he liked gasoline prices at $4 per gallon. Obama thought that along with destroying the coal industry, high oil prices would push us to use less energy and to drive electric cars and travel more by bicycle. In December 2008, when Obama was putting together his White House team, Dr. Steven Chu was selected to become Secretary of Energy. Prior to the General Election, Chu was even more enthusiastic about raising gasoline prices than was Obama, "Somehow we have to figure out how to boost the price of gasoline to the levels in Europe," Mr. Chu, who directs the Lawrence Berkeley National Laboratory in California, said in an interview with The Wall Street Journal in September.

http://m.lubbockonli...%E2%80%99s-plan
Assuming that this was their goal, why did oil production actually nearly quadruple under their watch? That doesn't make any sense.
First there is nothing to assume. He said it.

 
In 2008 Barack Obama told us he liked gasoline prices at $4 per gallon. Obama thought that along with destroying the coal industry, high oil prices would push us to use less energy and to drive electric cars and travel more by bicycle. In December 2008, when Obama was putting together his White House team, Dr. Steven Chu was selected to become Secretary of Energy. Prior to the General Election, Chu was even more enthusiastic about raising gasoline prices than was Obama, "Somehow we have to figure out how to boost the price of gasoline to the levels in Europe," Mr. Chu, who directs the Lawrence Berkeley National Laboratory in California, said in an interview with The Wall Street Journal in September.

http://m.lubbockonli...%E2%80%99s-plan
Assuming that this was their goal, why did oil production actually nearly quadruple under their watch? That doesn't make any sense.
First there is nothing to assume. He said it.
OK. But how would you answer my question?
 
In 2008 Barack Obama told us he liked gasoline prices at $4 per gallon. Obama thought that along with destroying the coal industry, high oil prices would push us to use less energy and to drive electric cars and travel more by bicycle. In December 2008, when Obama was putting together his White House team, Dr. Steven Chu was selected to become Secretary of Energy. Prior to the General Election, Chu was even more enthusiastic about raising gasoline prices than was Obama, "Somehow we have to figure out how to boost the price of gasoline to the levels in Europe," Mr. Chu, who directs the Lawrence Berkeley National Laboratory in California, said in an interview with The Wall Street Journal in September.

http://m.lubbockonli...%E2%80%99s-plan
Assuming that this was their goal, why did oil production actually nearly quadruple under their watch? That doesn't make any sense.
First there is nothing to assume. He said it.
OK. But how would you answer my question?
Oil wells are permitted and planned out years in advance. The oil wells being drilled now were permitted under a republican president.
 
In 2008 Barack Obama told us he liked gasoline prices at $4 per gallon. Obama thought that along with destroying the coal industry, high oil prices would push us to use less energy and to drive electric cars and travel more by bicycle. In December 2008, when Obama was putting together his White House team, Dr. Steven Chu was selected to become Secretary of Energy. Prior to the General Election, Chu was even more enthusiastic about raising gasoline prices than was Obama, "Somehow we have to figure out how to boost the price of gasoline to the levels in Europe," Mr. Chu, who directs the Lawrence Berkeley National Laboratory in California, said in an interview with The Wall Street Journal in September.

http://m.lubbockonli...%E2%80%99s-plan
Assuming that this was their goal, why did oil production actually nearly quadruple under their watch? That doesn't make any sense.
First there is nothing to assume. He said it.
OK. But how would you answer my question?
I'll answer your question- oil production hasn't nearly quadrupled under their watch, not even close.
 
...he says that we can't lower prices by increased drilling, and anyone who says otherwise is not telling the truth...
I think he's right--because the program Sucks. The oil companies sell our oil to China and then we buy it for inflated prices from somewhere else.The oil companies are no longer American--why the hell do we want to give them more of our oil?? :hot:
 
In 2008 Barack Obama told us he liked gasoline prices at $4 per gallon. Obama thought that along with destroying the coal industry, high oil prices would push us to use less energy and to drive electric cars and travel more by bicycle. In December 2008, when Obama was putting together his White House team, Dr. Steven Chu was selected to become Secretary of Energy. Prior to the General Election, Chu was even more enthusiastic about raising gasoline prices than was Obama, "Somehow we have to figure out how to boost the price of gasoline to the levels in Europe," Mr. Chu, who directs the Lawrence Berkeley National Laboratory in California, said in an interview with The Wall Street Journal in September.

http://m.lubbockonli...%E2%80%99s-plan
Assuming that this was their goal, why did oil production actually nearly quadruple under their watch? That doesn't make any sense.
First there is nothing to assume. He said it.
OK. But how would you answer my question?
Oil wells are permitted and planned out years in advance. The oil wells being drilled now were permitted under a republican president.
It still doesn't really answer the question. Whatever Obama's motivations were, we have more drilling now than we did when he took office. Yet oil prices keep rising. This at least suggests that there is no correlation between increased oil drilling and prices, no?
 
In 2008 Barack Obama told us he liked gasoline prices at $4 per gallon. Obama thought that along with destroying the coal industry, high oil prices would push us to use less energy and to drive electric cars and travel more by bicycle. In December 2008, when Obama was putting together his White House team, Dr. Steven Chu was selected to become Secretary of Energy. Prior to the General Election, Chu was even more enthusiastic about raising gasoline prices than was Obama, "Somehow we have to figure out how to boost the price of gasoline to the levels in Europe," Mr. Chu, who directs the Lawrence Berkeley National Laboratory in California, said in an interview with The Wall Street Journal in September.

http://m.lubbockonli...%E2%80%99s-plan
Assuming that this was their goal, why did oil production actually nearly quadruple under their watch? That doesn't make any sense.
First there is nothing to assume. He said it.
OK. But how would you answer my question?
I'll answer your question- oil production hasn't nearly quadrupled under their watch, not even close.
I saw that figure reported on CNN. Do you have information which suggests otherwise?
 
In 2008 Barack Obama told us he liked gasoline prices at $4 per gallon. Obama thought that along with destroying the coal industry, high oil prices would push us to use less energy and to drive electric cars and travel more by bicycle. In December 2008, when Obama was putting together his White House team, Dr. Steven Chu was selected to become Secretary of Energy. Prior to the General Election, Chu was even more enthusiastic about raising gasoline prices than was Obama, "Somehow we have to figure out how to boost the price of gasoline to the levels in Europe," Mr. Chu, who directs the Lawrence Berkeley National Laboratory in California, said in an interview with The Wall Street Journal in September.

http://m.lubbockonli...%E2%80%99s-plan
Assuming that this was their goal, why did oil production actually nearly quadruple under their watch? That doesn't make any sense.
First there is nothing to assume. He said it.
OK. But how would you answer my question?
Because he can't mandated ME oil output from Washington, like he can mandate the gulf of Mexico drilling would be my guess.
 
In 2008 Barack Obama told us he liked gasoline prices at $4 per gallon. Obama thought that along with destroying the coal industry, high oil prices would push us to use less energy and to drive electric cars and travel more by bicycle. In December 2008, when Obama was putting together his White House team, Dr. Steven Chu was selected to become Secretary of Energy. Prior to the General Election, Chu was even more enthusiastic about raising gasoline prices than was Obama, "Somehow we have to figure out how to boost the price of gasoline to the levels in Europe," Mr. Chu, who directs the Lawrence Berkeley National Laboratory in California, said in an interview with The Wall Street Journal in September.

http://m.lubbockonli...%E2%80%99s-plan
Assuming that this was their goal, why did oil production actually nearly quadruple under their watch? That doesn't make any sense.
First there is nothing to assume. He said it.
OK. But how would you answer my question?
Oil wells are permitted and planned out years in advance. The oil wells being drilled now were permitted under a republican president.
It still doesn't really answer the question. Whatever Obama's motivations were, we have more drilling now than we did when he took office. Yet oil prices keep rising. This at least suggests that there is no correlation between increased oil drilling and prices, no?
I thought i covered this in a previous post. It costs more to produce oil now. Horizontal drilling, fracking, deeper depths, and drilling into geothermic regions that require expensive drilling fluid systems.Not to mention new regulations on cleaning up and disposing drill cuttings that didnt exist a decade ago.

All of these add to the cost of oil.

 
Does anyone know what percentage of our domestic drilling is exported overseas?

 
Last edited by a moderator:
Are some of you really that ignorant about what is going on in Iran and Libya right now, and the concept of OPEC?
Prince Faud has said repeatedly over the last 5 yrs that he would like gas prices in the US to be between 2.50 and 2.75. The price that his advisors have assured him would preclude any forays into alternative energy. Who can forget him walking hand in hand with Bush telling the American public to fix their own house?At this point I believe him more than any shill on Wall st. Supply and demand arguments have been immaterial for years.
More recently the Saudis have indicated to other OPEC members that they think $100/barrel is a good number.They've made promises to increase production to meet any shortfall from Iran.
The Saudis have consistently dealt with projectable numbers designed to calm business markets. Yet they get no credit because we can't rein our people in.Hence my utter contempt for Eric Holder.
Not sure I understand you here. What specifically would you like Holder to do?
Announce in the WSJ that his office was going to look hard into the oil markets and prosecute any speculators that were guilty of wrong doing or the appearance of market manipulation.The threat of investigation is more than enough to dampen enthusiasm in market manipulation.Look at it this way, as a small business man just the threat of an IRS audit is enough to make a crooked man fly straight. A clean operation pays a lot to get thru the process so it's expensive either way. Inviting that cost? Foolhardy.So he wakes up every morning with this power, given by the citizenry to protect their interests and he does nothing. Potted plant.
 
I'll answer your question- oil production hasn't nearly quadrupled under their watch, not even close.
I saw that figure reported on CNN. Do you have information which suggests otherwise?
Try googling US Oil production by year. Or, use common sense- does it sound right to you that we've quadrupled the amount of oil produced in just 3 years?
 
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