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/showp...97&postcount=1

[Klaus von Ausburg]

Originally Posted by 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/showp...97&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.