Large Oil discovery in North Dakota

[Melidan]

http://www.commerce.nd.gov/news/detail.asp?newsID=29

Strange that I didn't hear about this till last night on the radio (date shows April).. 4 billion barrels heh? Go get it! Oh wait, Demoracts in Congress or the Environuts will probably put the kabosh on drilling to protect the fornication habits of field mice or sumtin.. Aw well, BOHICA.

[Pimptastic]

meh wont effect me when i move out im building a 10k watt solar farm on my roof so ill get an income of about 3 pounds a day from that after my usage and then the cost of the panels will be displaced by the savings on various taxes as ill be A* energy rating

No need for a car either take the train 100% electric here

[Klaus von Ausburg]

Yeah, honestly... let it go... because any other tap of oil will just distract America from getting away from oil to begin with...

[Imperial]

Oil shale, fun. It is still like giving a sinking ship an extra 5 minutes to evacuate.

[Lincongrad]

Yeah, not using alternative sources is dumb. But there's about six people in both dakotas, and possibly three bears, and that's about all. So we can just move those bears and then they'll be able to drill to their heart's content.

[Melidan]

DAMNT PEOPLE! All I keep hearing is oil bad, oil bad! Stop using it! Everyone is bitching about high gas prices, and something comes along which could lower them everyone ignores it and says invest in alternative energy. No kidding! BUT IN THE MEAN TIME we can be drilling and flooding the market with more supply, therefore LOWERING the price WHILE WE PREFECT alternative technologies.

I knew when I made this post that would be the only responses I get... GEEEEEEEZ.

[Klaus von Ausburg]

But adding oil to the market isn't going to lower it... the issue with the prices is that these companies have banned together to screw us for every penny we are worth. If you want to fix oil prices what we need to be doing is demanding our government pull a Theodore Roosevelt and start trust busting the oil industry.

[Lincongrad]

While in an ideal situation I'd support flooding the market, our government is so controlled by automobile and oil lobby groups that unless alternative energy research is FORCED, it won't happen.

[Melidan]

Adding supply, doesn't lower the price..? I think I learned the opposite in my Econ 101 class.

Oil companies aren't to blame for prices. The market sets the price, not the oil industry. Increased demand from China and India, coupled with low refining capacity in the United States and supply interruptions... This has been decades in the making. Any economist will tell you that.

If you want to blame a specific group, you can blame oil speculators for driving up oil market futures. But there wouldn't be any interest in the oil market from these speculators and hedge funds if the demand wasn't so damn high from China/India, who are the midst of their industrial revolution.

http://www.avelegio.net/forums/showpost.php?p=51897&postcount=1

[Klaus von Ausburg]

Adding supply, doesn't lower the price..? I think I learned the opposite in my Econ 101 class.

Oil companies aren't to blame for prices. The market sets the price, not the oil industry. Increased demand from China and India, coupled with low refining capacity in the United States and supply interruptions... This has been decades in the making. Any economist will tell you that.

If you want to blame a specific group, you can blame oil speculators for driving up oil market futures. But there wouldn't be any interest in the oil market from these speculators and hedge funds if the demand wasn't so damn high from China/India, who are the midst of their industrial revolution.

http://www.avelegio.net/forums/showpost.php?p=51897&postcount=1

But that isn't true... there is a steady supply of oil constantly leaving the oil fields. Oil companies very much are at blame... record high profits in the billions are showing they are charging more and more over the actual price of oil. And if the true spirit of '[state] capitalism' was actually being follwed, why doesn't one company suddenly lower their prices and make up for any 'loss' in the sheer volume purchessed. Instead every gas station in a region have the exact same prices no matter what company owns it. That is because there is no real competition... it is based off of who has more spots opened in their lot. This is exactly what the rail road companies tried to do when TR shut them down, and it is what the oil companies where doing almost exactly 100 years ago when they got split up for forming trusts.

Econ 101 is a happy rainbows and unicorn farts world where capitalism actual works and the spirit of competition actually takes place. Understand, Capitalism is just as unlikely as Communism, because in its true form law and money are synonymous. These oil companies are not competing anymore. Supply will only lower the price if the company actually lowers the price. The whole issue is due to the fact that we are only now starting to get anywhere with alternate fuels, when we should have started decades ago.

[Melidan]

Oil shale, fun. It is still like giving a sinking ship an extra 5 minutes to evacuate.

It's actually light sweet crude, not shale.

And Klaus.. I think we are just going to have to agree to disagree.. If oil companies are fucking with the price, then they should be strung up.. literally. But with the dog and pony shows congress is pulling by bringing these execs in there, and not finding anything.. Idk when that is going to happen.

[Klaus von Ausburg]

If oil companies are fucking with the price, then they should be strung up.. literally. But with the dog and pony shows congress is pulling by bringing these execs in there, and not finding anything.. Idk when that is going to happen.
When we the people remember who the government is supposed to answer to... is it oil execs... no... We have a 2nd Amendment for a reason...

[The Corporal]

But that isn't true... there is a steady supply of oil constantly leaving the oil fields. <snip>

You hit the nail on the head. The supply has been steady - OPEC nations refuse to pump more because they A) hate America and B) it makes them more money. OPEC still controls the vast majority of oil reserves and unless they are broken or get their heads out of their butts, we're going to be paying through the nose no matter how many discoveries are made by American companies. The social disease I like to call blame-corporations-itis does not nor ever will help bring down commodity prices.

Also, even if we could get all 4 billion barrels out of the ground and magically refined (which won't happen because of rampant NIMBYism against oil refineries) it would only help prices for about a year, and that's assuming every drop of it stays in the U.S. The U.S. used well over 8 billion barrels just last year. Another 4 isn't going to mean anything, especially considering how long it will take to pump it out and refine it.

[Izubibbywutz]

I SAY ATTACK THEM!!!

[Great Lakes Union]

DAMNT PEOPLE! All I keep hearing is oil bad, oil bad! Stop using it! Everyone is bitching about high gas prices, and something comes along which could lower them everyone ignores it and says invest in alternative energy. No kidding! BUT IN THE MEAN TIME we can be drilling and flooding the market with more supply, therefore LOWERING the price WHILE WE PREFECT alternative technologies.

I knew when I made this post that would be the only responses I get... GEEEEEEEZ.

Meli ol' buddy, most of our bitching about gas prices (now I exclude you from this in advance because of how it effects you line of work) is the same about bitching about having to get a flu shot or clean the leaves out of the gutters; it sucks but effectually will pay off. The market is just starting to make alternative energies viable because of gas prices. In the long run we will be
better off for it. If oil is always cheap there will be no real pressure to come up with real alternatives.

However, that said, if the oil can be extracted without a ton of environmental damage I am fine with doing it.

[Great Lakes Union]

You hit the nail on the head. The supply has been steady - OPEC nations refuse to pump more because they A) hate America and B) it makes them more money. OPEC still controls the vast majority of oil reserves and unless they are broken or get their heads out of their butts, we're going to be paying through the nose no matter how many discoveries are made by American companies. The social disease I like to call blame-corporations-itis does not nor ever will help bring down commodity prices.

Also, even if we could get all 4 billion barrels out of the ground and magically refined (which won't happen because of rampant NIMBYism against oil refineries) it would only help prices for about a year, and that's assuming every drop of it stays in the U.S. The U.S. used well over 8 billion barrels just last year. Another 4 isn't going to mean anything, especially considering how long it will take to pump it out and refine it.

Actually, several of the OPEC nations are either at capacity or having their capacity drop. Not defending them, however we are getting to the point were simply pumping more will work.

[Lincongrad]

I SAY ATTACK THEM!!!

We did that already. Haliburton much?

[hockeyD13]

Well, WAt if we start a war like dumb old george bush

[Pimptastic]

just accept the truth that you will be billed for everything you ever do and there is nothing you can do about it, you wish to have oil you will get a bill, you drink water you will get a bill, you wish to use the sun give it time you will get a bill, did you know that everything has been billed at sometime somewhere in the world

[tom the pit leader]

Well, increasing supply would lower the price in a normal world. However, if the oil industy has more oil in the ground, they don't have to increase production, becasue they have no incentive to increase supply to the consumers.

Also, for perfecting the technology, necessity is the mother of invention. If there was suddenly zero oil in the world, then I bet it would take less than 3 months to compleatly redo the automotive industries. There is no innovation because all of the people with the ability to really innovate gain nothing right now from finding somthing new and certianly not by making it cheap. The only real way for there to be a gain for the consumers is if someone (hopefully me) does make the breaktrough for electric cars and decides to stick it to the oil and car industries. But even then the fact that our government has been bought by the oil industry would seriously undermine anyone who could make that change unilaterlaly.

[IronsightSniper]

Lets admit it guys. China and India are probably to blame for most of our economic problems. About 5 years ago, I could remember eating Steak 3 times a week and eggs 6 times a week. Now a days, it's Steak once every 2 or weeks, and eggs every 2 days of the week. Why? Before we had a large supply of excess foods, that drove the price down, now a days, China and India are switching to our diets and eating what we eat, driving the prices up. Same goes for oil.

[Pimptastic]

Well, increasing supply would lower the price in a normal world. However, if the oil industy has more oil in the ground, they don't have to increase production, becasue they have no incentive to increase supply to the consumers.

Also, for perfecting the technology, necessity is the mother of invention. If there was suddenly zero oil in the world, then I bet it would take less than 3 months to compleatly redo the automotive industries. There is no innovation because all of the people with the ability to really innovate gain nothing right now from finding somthing new and certianly not by making it cheap. The only real way for there to be a gain for the consumers is if someone (hopefully me) does make the breaktrough for electric cars and decides to stick it to the oil and car industries. But even then the fact that our government has been bought by the oil industry would seriously undermine anyone who could make that change unilaterlaly.
Also since car showrooms became franchised to the car makers and can only supply that make of car or risk being sewed and shut down in the event of someone making a perfectly amazing car there would be nowhere to sell it, the same goes for lots of things for example them coca cola fridges in shops if a shop has them and puts non coca cola brand things in it they risk a huge fine and even losing licences to even be a shop as large corperations have such a grasp over goverments.

[Klaus von Ausburg]

For those that want to see the math; the United States uses roughly 20.5 million barrles of oil each day. The North Dakota find would last the United States 200 days. I suggest finding a long-term solution.

[The Corporal]

For those that want to see the math; the United States uses roughly 20.5 million barrles of oil each day. The North Dakota find would last the United States 200 days. I suggest finding a long-term solution.

And that's assuming we can get it all out and refined into a usable form immediately. Based on refining capacity alone, it will take a while to get product out of it. But...if we open up new fields along continental shelves and other places that we know to have oil (meaning, not ANWR) and get some more refining capacity we can have a solution that will relieve the pressure oil prices put on the economy.