Gas prices will go down

[Mark Kerr]

I think this is all it will take for Saudi Arabia to increase oil production.

Bush asks Congress to clear way for offshore oil drilling

WASHINGTON (CNN) -- President Bush asked Congress Wednesday to permit drilling for oil in deep water off America's coasts to combat rising oil and gas prices

"There is no excuse for delay," the president said in a Rose Garden statement.

Bush also renewed his demand that Congress allow drilling in Alaska's Arctic National Wildlife Refuge, or ANWR, clear the way for more refineries and encourage efforts to recover oil from shale in areas such as the Green River Basin of Colorado, Utah and Wyoming.

Bush said that the basin potentially contains more than three times as much recoverable oil as Saudi Arabia's proven reserves, and that the high price of oil makes it profitable to extract it.

"In the short run, the American economy will continue to rely largely on oil, and that means we need to increase supply here at home," said Bush, adding there is no more pressing issue than gas prices for many Americans.

The White House estimates there are 18 billion barrels of oil offshore that have not been exploited because of state bans, 10 billion to 12 billion in the Alaska National Wildlife Reserve, and 800 billion barrels of recoverable oil in the Green River Basin.

However, much of the U.S. oil is difficult or impossible to extract under current law.

As for gas prices, resuming offshore exploration would not be a quick fix.

"If we were to drill today realistically speaking we should not expect a barrel of oil coming out of this new resource for three years, maybe even five years, so let's not kid ourselves," said Fadel Gheit, oil and gas analyst with Oppenheimer & Co. Equity Capital Markets Division.

But it almost certainly would be profitable.

Candida Scott, an oil industry researcher at Cambridge Research Associates, said oil needs to be priced at $60 a barrel or more to justify deep-shelf drilling. With oil now selling for $134 a barrel, companies are almost assured of profiting from offshore drilling, Scott said.

"For years, the president has pushed Congress to expand our domestic oil supply, but Democrats in Congress have consistently blocked such action," White House Press Secretary Dana Perino told CNN before Bush spoke.

She added, "As with several existing Republican congressional proposals, he wants to work with states to determine where offshore drilling should occur, and also for the federal government to share revenues with the states. The president believes Congress shouldn't waste any more time."

Congressional Democrats last week introduced a bill to compel oil companies to begin utilizing federal land they already lease.

"Oil companies are sitting on 68 million acres they have already leased from the American people for the purpose of oil and natural gas production," said Sen. Bob Menendez, D-New Jersey.

"It is about time they use these resources already at their disposal instead of waiting for more federal handouts and pushing to drill in the Arctic National Wildlife Refuge or up and down our coasts," he added.

Bush's request came a day after presumed Republican presidential nominee John McCain issued the same call at a campaign event in Houston, Texas.

"We have proven oil reserves of at least 21 billion barrels in the United States," he said. "But a broad federal moratorium stands in the way of energy exploration and production. And I believe it is time for the federal government to lift these restrictions and to put our own reserves to use."

[Stu]

I'm not reading all that but I hope you are right!

Bump for Free Gas!

[240 is Back]

it'll take 4 years for those rigs to start pumping.

exxon will raise prices to pay for those rigs.

enjoy your lower prices in 2017.

[Paul Allen]

it'll take 4 years for those rigs to start pumping.

exxon will raise prices to pay for those rigs.

enjoy your lower prices in 2017.

as opposed to $20/gallon in 2017?  i'll take it.

[Mark Kerr]

it'll take 4 years for those rigs to start pumping.

exxon will raise prices to pay for those rigs.

enjoy your lower prices in 2017.

If they don't do anything, these gas prices will bankrupt the country. This is also a great political move. It will make the countries in the middle east take a look at increases their oil production. They don't want to lose money in the long run over price gouging. It's good to see something is being done about it.

[Epic_Monster]

If they don't do anything, these gas prices will bankrupt the country. This is also a great political move. It will make the countries in the middle east take a look at increases their oil production. They don't want to lose money in the long run over price gouging. It's good to see something is being done about it.

How's the training going Mark?

[local hero]

your gettn it easy in the states, were payin almost double what your paying, as we get a massive tax added on too... the prices are rising because of the clever fuckers gambling in the city,,, the production will and always will be just ahead of demand, only thing thats changed is the current market

[y19mike77]

Dont worry if Obama gets his way and that moron Gore gets his way. Taxes on gas will go thru the roof.
And we will be paying as much as you.

[y19mike77]

it'll take 4 years for those rigs to start pumping.

exxon will raise prices to pay for those rigs.

enjoy your lower prices in 2017.

If dems in congress(and people with ur type of logic) didnt stop us 10 years ago it would be done already.

Oh yeah and say thanx to the environmentalist wackos too.

[240 is Back]

If dems in congress(and people with ur type of logic) didnt stop us 10 years ago it would be done already.

So um, why didn't the repub controlled congress do it from 2000 til 2006?

Zinggggggggggggggggg

[no one]

How's the training going Mark?

shut up, stupid.

[The Coach]

So um, why didn't the repub controlled congress do it from 2000 til 2006?

Zinggggggggggggggggg

When the Dems took over almost 2 years ago, Polosi promised they would see to it gas went down. Since then it's gone almost $2.00 per gallon.

There is 19mil acres set aside in Anwr, the Oil companies only want to drill on 2000 acres and libs are stopping it.

[240 is Back]

When the Dems took over almost 2 years ago, Polosi promised they would see to it gas went down. Since then it's gone almost $2.00 per gallon.

There was 19mil acres set aside in Anwr, the Oil companies only want to drill on 2000 acres and libs are stopping it.

Why didn't the republicans drill it from 2000 til 2006?

Look, we all know dems are pussies about drilling, Bush knows it too.  Why the hell didn't he start drilling when he had the power to push the legislation thru?

If the dems had prevented it for 7 years, I'd agree here.  But it was the repub senate that killed the bill over and over from 00 to 06.  You expect dems to do that... but repubs?

[Stu]

it'll take 4 years for those rigs to start pumping.

exxon will raise prices to pay for those rigs.

enjoy your lower prices in 2017.

Jesus man, your always so negative about everything..just bury your fucking head in the sand like the rest of us!

[Tre]

If they don't do anything, these gas prices will bankrupt the country. This is also a great political move. It will make the countries in the middle east take a look at increases their oil production. They don't want to lose money in the long run over price gouging. It's good to see something is being done about it.

What will happen is that, if enough Americans revolt against Washington, a non-oil President will turn Saudi Arabia into the next Afghanistan. 

[Bast000]

revolt against Washington

revolt how?

[GigantorX]

Why didn't the republicans drill it from 2000 til 2006?

Look, we all know dems are pussies about drilling, Bush knows it too.  Why the hell didn't he start drilling when he had the power to push the legislation thru?

If the dems had prevented it for 7 years, I'd agree here.  But it was the repub senate that killed the bill over and over from 00 to 06.  You expect dems to do that... but repubs?

Bill Clinton pushed through a 30 moratorium on drilling in ANWR, that would be something very tough indeed to push aside. Environmentalists are quite vocal and well funded plus they have some powerful voices with the media machine. Face it, in this country politics is a job and getting elected/re-elected trumps everything..even common sense, foresight and doing something that is right but unpopular. Besides, back then who cared about exploiting our own resources and truly becoming energy independent? It wasn't a "hot button" issue that people cared about, gas was cheap and it wasn't going to get anyone any cheap political points and no-one cared b/c gas was so cheap. Now it seems like a real no-brainer because people care now that it effects them, and with that, the politicians can get re-elected.

Although the Repub. congress from 2000-06 wasn't exactly "good" or "conservative", since the Dems promised all sorts of stuff like a "solid, common sense plan" to bring gas prices down (it sounds so easy when they say it!!) gas has gone up to the stratosphere and the best "ideas" they can bring to the table have been suing OPEC, having quaint populist show trailer with the oil Execs (Chairman Mao would be so proud!) and still be vehemently against domestic energy production and exploration.

Both sides have fumbled the ball horribly, no doubt about that...

[Tre]

revolt how?

With arms and tax dollars, my friend.

[Zaphod]

What will happen is that, if enough Americans revolt against Washington, a non-oil President will turn Saudi Arabia into the next Afghanistan. 

lol at "non-oil president"

Brutal 4th grade view of the petroleum based worldwide economy.

[suckmymuscle]

I think this is all it will take for Saudi Arabia to increase oil production.

  U.S.A continues to search for new oil sources like a retard, instead of eliminating the root of the problem: the dependency on oil in the first place. It is amazing that in 2008 the U.S still continues to use massively an energy source from the 19th Century. The burning of oil prduces far more carbon monoxide than the burning of alchols, for instance, and yet the U.S refuses to utilize that energy source because it requires a large initial investement, even though it becomes very cost-effective once you have the refineries installed for processing. Americans' colossal greed and stupidity will destroy Planet Earth. This single country with only 4% of the World's population is responsible for one third of all toxic wastes expelled into the air, oceans, rivers and ground.

SUCKMYMUSCLE

[Zaphod]

  U.S.A continues to search for new oil sources like a retard, instead of eliminating the root of the problem: the dependency on oil in the first place. It is amazing that in 2008 the U.S still continues to use massively an energy source from the 19th Century. The burning of oil prduces far more carbon monoxide than the burning of alchols, for instance, and yet the U.S refuses to utilize that energy source because it requires a large initial investement, even though it becomes very cost-effective once you have the refineries installed for processing. Americans' colossal greed and stupidity will destroy Planet Earth. This single country with only 4% of the World's population is responsible for one third of all toxic wastes expelled into the air, oceans, rivers and ground.

SUCKMYMUSCLE

Give in to your HATE! Embrace the dark side!

[tweeter]

My truck gets great gas mileage!

[TechnoViking]

your gettn it easy in the states, were payin almost double what your paying, as we get a massive tax added on too... the prices are rising because of the clever fuckers gambling in the city,,, the production will and always will be just ahead of demand, only thing thats changed is the current market

What is your average drive time round trip to work?

[GigantorX]

  U.S.A continues to search for new oil sources like a retard, instead of eliminating the root of the problem: the dependency on oil in the first place. It is amazing that in 2008 the U.S still continues to use massively an energy source from the 19th Century. The burning of oil prduces far more carbon monoxide than the burning of alchols, for instance, and yet the U.S refuses to utilize that energy source because it requires a large initial investement, even though it becomes very cost-effective once you have the refineries installed for processing. Americans' colossal greed and stupidity will destroy Planet Earth. This single country with only 4% of the World's population is responsible for one third of all toxic wastes expelled into the air, oceans, rivers and ground.

SUCKMYMUSCLE

The U.S. and the world is doing this as we speak, better cars, nuclear power, solar, wind new sources of biofuels...the list goes on. In the mean time the U.S. must exploit its domestic sources to be able to purchase oil not from state owned OPEC companies but from U.S. firms from U.S. sources. I know it is a global market and the price will be the same whoever you buy it from, but we will be buying domestic. This will cut our trade deficit (400 billion dollars from imported oil or 50% of our total trade deficit) strengthen our dollar and will even provide jobs sourced from local sites and hired nationally for this endeavor. Hell, our natural gas deposits could be used to replace imported oil in the short and intermediate term until nuclear and other green and sustainable sources are developed.

You know, it would be cute to say "hey, forget the oil and do something else man!!!" and then snap your fingers and magically we are energy independent but that is an amateurish and naive way to look at it. You can't be energy independent without producing more domestically, that means oil and electricity.     

[Mark Kerr]

This is the best speech I've seen from Bush. F*ck the middle east. They have been a thorn in the worlds ass since the beginning of time.

http://www.cnn.com/2008/POLITICS/06/18/bush.offshore/index.html#cnnSTCVideo