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Post by magellan on May 30, 2012 17:00:35 GMT
magellan: With shale oil etc, the US now has over 38% of the worlds fossil fuel reserves. The question will be....can we get it out of the ground. The term "proven reserves" is a legal term. It has nothing to do with how much oil exists. So whenever some politician or environut parrots the mantra "the U.S. has 2% of the world's reserves" they are either lying or ignorant. The technology is already here; has been for quite some time. The testing has been proven. It is the government putting the clamps on it with endless red tape and delay tactics. Sometime in the past year or so I gave multiple links to the technical humps now overcome. Reading the news headlines for example, one would think fracking is a new technology when in fact it has been used for at least 50 years. On a different note, coal-to-gas was profitable at $45/bbl and that has dropped as well, to below $20 IIRC. Oh it is there and it can be extracted, well below $100/bbl. Investors are nervous because of Obama and EPA. Obama has referred to oil as "the fuel of the past"; that doesn't give investors much confidence. Presidents can have a great effect on market behavior and this is no exception, so if we are to see a nationwide boon in the energy sector, it will require a political restructuring meaning boot out the enviro-Liberals/Rinos and the current Marxist president, then reign in the EPA. I would also like to remind people the cost of oil today has much to do with the fall of the dollar. People that don't understand or believe that is the case should learn why they are wrong. There's a reason why China, Japan, Russia and others are going to dump the dollar and trade directly. Once it happens with oil, $150/bbl will be cheap. If that trend continues, the party is over for the U.S. economy regardless of who is president or Fed chairman. Why? Because as we devalue our currency by printing dollars with no abandon, doing that devalues other currencies around the world and those countries are tired of supporting our unlimited credit limit. |
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Post by dontgetoutmuch on May 30, 2012 17:43:16 GMT
I would also like to remind people the cost of oil today has much to do with the fall of the dollar. People that don't understand or believe that is the case should learn why they are wrong. There's a reason why China, Japan, Russia and others are going to dump the dollar and trade directly. Once it happens with oil, $150/bbl will be cheap. If that trend continues, the party is over for the U.S. economy regardless of who is president or Fed chairman. Why? Because as we devalue our currency by printing dollars with no abandon, doing that devalues other currencies around the world and those countries are tired of supporting our unlimited credit limit. He is right about that. Right now, Bernanke/Obama are essentially inflating the world with dollars. The time is coming when the rest of the world will not play our game. The Fed has been printing dollars for years, it WILL catch up with us. My guess (not prediction) is that it will happen within 24 months. Probably next winter if Obama wins. The wildcard is what happens to the EU, I just can't figure out what happens when the EU augers in... The US will be the safe haven, and that could actually help us out... Or not, I really don't know what will happen, but the next five years are going to be... interesting. Chinese proverb interesting... |
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Post by glennkoks on May 30, 2012 22:01:43 GMT
"How can you even say that? Obama has made it clear his goal is to bankrupt the coal industry which supplies 50% of our electricity."
Magellan, I said the current admin "is not as anti-natural gas as some are making it out to be". Natural gas is at least five times cleaner than coal, and this admin is certainly not "coal friendly".
The fact is oil production is at decadal highs and we have drilled so much natural gas there is a glut on the market. Over the last several years I have drilled well all over the United States.
Mr. Obama may not be the "oil president" but he certainly is not "doing everything he can to block production".
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Post by glennkoks on May 30, 2012 22:12:04 GMT
[glow=red,2,300][/glow][glow=red,2,300][/glow]I would also like to remind people the cost of oil today has much to do with the fall of the dollar. People that don't understand or believe that is the case should learn why they are wrong. There's a reason why China, Japan, Russia and others are going to dump the dollar and trade directly. Once it happens with oil, $150/bbl will be cheap. If that trend continues, the party is over for the U.S. economy regardless of who is president or Fed chairman. Why? Because as we devalue our currency by printing dollars with no abandon, doing that devalues other currencies around the world and those countries are tired of supporting our unlimited credit limit.
Strange claim. Considering that the European debt issues have people flocking to the "safety" of the dollar. The increased demand has 10 year notes at a record 1.62 %
We certainly have long term fiscal issues but I seriously doubt China, Russia and Japan are going to dump the dollar anytime soon.
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Post by glennkoks on May 30, 2012 22:16:32 GMT
Magellan, Just when is this apocalyptic dumping of the dollar going to take place? Weeks, months, years?
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Post by glennkoks on May 30, 2012 22:33:01 GMT
This from the Houston Chronicle.
The number of rigs in U.S. oil fields has more than quadrupled in the past three years to 1,272, according to the Baker Hughes rig count. Including those in natural gas fields, the United States now has more rigs at work than the entire rest of the world.
More rigs than the rest of the world combined! Highest oil production in decades, Natural-Gas glut. Yet many of the regulars on this site would have you believe Obama is the energy boogie man when the facts clearly dont show it.
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Post by glennkoks on May 30, 2012 22:37:22 GMT
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Post by sigurdur on Jun 9, 2012 20:22:21 GMT
Production continues to increase in the Bakken area. With the find of a 1/3 deep oil field, it now appears that production will continue to increase. Not sure if ND will catch up to Texas, but it just might happen in another 4-5 years.
The continued economic activity is very good for my state.
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Post by magellan on Jun 9, 2012 22:14:31 GMT
This from the Houston Chronicle. The number of rigs in U.S. oil fields has more than quad�rupled in the past three years to 1,272, according to the Baker Hughes rig count. Including those in natural gas fields, the United States now has more rigs at work than the entire rest of the world. More rigs than the rest of the world combined! Highest oil production in decades, Natural-Gas glut. Yet many of the regulars on this site would have you believe Obama is the energy boogie man when the facts clearly dont show it. Go ahead Glennkoks, name the oil fields that Obama's regime blessed that are in operation today. Name them. |
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Post by flearider on Jun 9, 2012 22:54:32 GMT
I would also like to remind people the cost of oil today has much to do with the fall of the dollar. People that don't understand or believe that is the case should learn why they are wrong. There's a reason why China, Japan, Russia and others are going to dump the dollar and trade directly. Once it happens with oil, $150/bbl will be cheap. If that trend continues, the party is over for the U.S. economy regardless of who is president or Fed chairman. Why? Because as we devalue our currency by printing dollars with no abandon, doing that devalues other currencies around the world and those countries are tired of supporting our unlimited credit limit. He is right about that. Right now, Bernanke/Obama are essentially inflating the world with dollars. The time is coming when the rest of the world will not play our game. The Fed has been printing dollars for years, it WILL catch up with us. My guess (not prediction) is that it will happen within 24 months. Probably next winter if Obama wins. The wildcard is what happens to the EU, I just can't figure out what happens when the EU augers in... The US will be the safe haven, and that could actually help us out... Or not, I really don't know what will happen, but the next five years are going to be... interesting. Chinese proverb interesting... because the oil was going to be traded in euros ..from places like iran and russia the powers that be (money men) have decided to kill the euro .. hence why so many euro countrys are starting to buckle.. follow the money trail ..make the euro worth less than the dollar so no one would want to trade with it .. glad the uk still has the pound ..within 2yrs uk will leave europe and prosper for a while .. then well we will see it all happen again .. |
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Post by sigurdur on Jun 9, 2012 23:38:08 GMT
What I find amazing is how the EU has large shale natural gas reserves, yet is not developing them.
I understand their huge desire for "Green energy". The money behind this fiasco is/was huge. Now that Spain is a basket case, Italy to follow, and Greece there.....the EU is bound for the ash heap.
I look across the pond and wonders never cease as to the stupidity that continues.
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Post by flearider on Jun 9, 2012 23:52:41 GMT
What I find amazing is how the EU has large shale natural gas reserves, yet is not developing them. I understand their huge desire for "Green energy". The money behind this fiasco is/was huge. Now that Spain is a basket case, Italy to follow, and Greece there.....the EU is bound for the ash heap. I look across the pond and wonders never cease as to the stupidity that continues. yep they tried it round where i live and the local gov shut them down .. was causing small quake like tremors .. once you remove the gas everything starts to settle even if you pump in water/steam and depending on how thick the shale is you get big drop in land ..plus the big companys can't buy there way into local areas like they do in the states .. want a piece of land buy a govener is a no no here .. |
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Post by magellan on Jun 10, 2012 0:18:19 GMT
He is right about that. Right now, Bernanke/Obama are essentially inflating the world with dollars. The time is coming when the rest of the world will not play our game. The Fed has been printing dollars for years, it WILL catch up with us. My guess (not prediction) is that it will happen within 24 months. Probably next winter if Obama wins. The wildcard is what happens to the EU, I just can't figure out what happens when the EU augers in... The US will be the safe haven, and that could actually help us out... Or not, I really don't know what will happen, but the next five years are going to be... interesting. Chinese proverb interesting... because the oil was going to be traded in euros ..from places like iran and russia the powers that be (money men) have decided to kill the euro .. hence why so many euro countrys are starting to buckle.. follow the money trail ..make the euro worth less than the dollar so no one would want to trade with it .. glad the uk still has the pound ..within 2yrs uk will leave europe and prosper for a while .. then well we will see it all happen again .. The U.K. debt to GDP is approaching 1000%!! If/when eyes are focused on the U.K., say bye bye. flearider, the U.S. dollar is the world's reserve currency, not the Euro. Iran and Russia were going to dump the dollar, not because of any special love for the Euro. The Euro is dying because of.....Europe. Don't worry though, Obama said we should follow the European economic model, and that's what he's been doing with expediency. The same will happen in the U.S. (already downgraded, first time in history) as in Europe unless extraordinary measures are taken to reign in runaway spending. Exiting as the reserve currency is not a pretty sight. Keep in mind Europe is the U.S.' largest importer. And Greece? Consider Greece imports its food, energy and medicine. If it leaves the Euro, it will become third world status in a few short months. Since the Greek population sucking off the public teet refuse to accept reality, their country is doomed. The problem with Socialism is eventually you run out of other people's money. |
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Post by flearider on Jun 10, 2012 1:14:42 GMT
The U.K. debt to GDP is approaching 1000%!! If/when eyes are focused on the U.K., say bye bye.
flearider, the U.S. dollar is the world's reserve currency, not the Euro. Iran and Russia were going to dump the dollar, not because of any special love for the Euro. The Euro is dying because of.....Europe. Don't worry though, Obama said we should follow the European economic model, and that's what he's been doing with expediency.
The same will happen in the U.S. (already downgraded, first time in history) as in Europe unless extraordinary measures are taken to reign in runaway spending. Exiting as the reserve currency is not a pretty sight.
Keep in mind Europe is the U.S.' largest importer.
And Greece? Consider Greece imports its food, energy and medicine. If it leaves the Euro, it will become third world status in a few short months. Since the Greek population sucking off the public teet refuse to accept reality, their country is doomed.
The problem with Socialism is eventually you run out of other people's money.
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reserve currency hmm not quiet the dollar was forced upon people to trade oil this is what the usa has built everything on ..
if this was to be taken away it would colapse .. the moneymen( Bilderberg Group,Rockefellerand the rest) know this and do everything in there power to stop it happening ..they pick the goverments to do what they need ..iran after building its off shore oil terminal said it wanted to trade in euros same with iraq ..iraq was taken care of iran being bigger they took another route .. uranium..
myself i look at the us as another germany your rights have been given away in the name of protection ... look at history to see whats next ..
but hey if ya want to keep going lets start another thread ..
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Post by sigurdur on Jun 10, 2012 3:15:40 GMT
flearider:
You are spot on when it comes to the idea of the monied interests being behind the "terrorists" etc.
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