crude oil speculation

[Clay Henry]

The Dems are finallystepping up...lets see if they can get anything accomplished...

Lawmakers look to rein in crude oil speculation | Reuters

[Justinlw]

It's been tried, but we'll see what happens. The govt get's a tax cut from those high profits, so who says they want the price/bbl down? Working in the oilfield, and seeing things first hand, we have never and will not be for a long time short on oil.

[Clay Henry]

Originally Posted by Justinlw

Working in the oilfield, and seeing things first hand, we have never and will not be for a long time short on oil.

Funny you say that, i was just talking to a guy recently who has been in the oil industry for 30 years and he said exactly the opposite..."we are running out of oil".

[Justinlw]

Correct, in current production locations we are. There is tons of it offshore in the US and Mexico that has been verified by seismics, but Pemex doesn't allow US companies to drill, and the US doesn't allow drilling in those areas offshore. If the Jack 2 location ever gets online, there is as much as spindletop there. By the way, last I heard spindletop still produced oil from stripper wells 100 years later. In 1985 the quantities that were logged added up to almost 200,000,000 barrels.

[MrJohnWayne]

to Justin

[choctaw]

I think the running out of oil thing can be attributed to the massive media hype over the last several decades. I am sure we don't have as much as we used too, but I think there is enough for my grandkids-grandkids. Anyway I thought oil was a renewable resource, just takes along time?

[Justinlw]

Also, I work with Saudi Aramco on a daily basis. The media says their production has slowed drasticly.........that's because last year they had 2 full tankers sitting on the coast that they couldn't sell because no one has the refining capacity. It's been said the mess we're in right now is due to a refining shortage, not an oil shortage.

[Clay Henry]

Originally Posted by choctaw

Anyway I thought oil was a renewable resource, just takes along time?

LMAO....yeah, only a couple million years and a couple million dead dinosaurs... haven't seen many of them around lately...maybe alligators would work.

[Justinlw]

Originally Posted by choctaw

I think the running out of oil thing can be attributed to the massive media hype over the last several decades. I am sure we don't have as much as we used too, but I think there is enough for my grandkids-grandkids. Anyway I thought oil was a renewable resource, just takes along time?

It is (arguably) renewable, the problem lies in pulling it out quicker than it can renew. Alot of debate surrounds how long it takes for oil to become oil. Which also opens the door to a creation/evolution debate. How long has the world been here? Millions of years, or less than 5000?

[Justinlw]

Originally Posted by CHenry

LMAO....yeah, only a couple million years and a couple million dead dinosaurs... haven't seen many of them around lately...maybe alligators would work.

Some have been working on a theory that the abundance of oil in offshore waters is because it can come from decomposition of any organism. I read somewhere, I think in the offshore primer, that someone has been trying to prove that decomposition of microscopic organisms on the seabed are responsible for alot of it, and produces faster due to the hydrostatic pressures above.