[David70]

Originally Posted by Fundguy1

Numbers are correct but once ban is lifted i do see us being oil independent and potentially low balling Russia etc if they don't stay in line.

We don't "low ball Russia", price goes up and down and the world producers deal with it, they are selling in the same market as we are, similar to a corn producer. We also export and import oil now and I really don't see "oil independent" being a great accomplishment, we will still export/import when it makes sense. As long as we have the oil in the ground we will be ok as any drastic shift if policy (OPEC) or demand and the resulting higher prices and we have the ability to produce more ourselves. One could argue we are better off having a mix of our and others oil and not going through our reserves so quick.

I and the oil producers in the U.S. do far better when world oil prices are up, at $4 a gallon I make more money than the gas in my car costs me.

We don't need more land to produce oil from as a huge numbers of wells aren't running right now.

https://www.eia.gov/todayinenergy/detail.php?id=27932

DUCs are wells that have been drilled by producers, but have not yet been made ready for production. The full completion process involves casing, cementing, perforating, hydraulic fracturing, and other procedures to make the well ready to begin producing oil or natural gas. Following the large decline in oil prices since mid-2014, new drilling and completion activity slowed, and the number of DUCs in oil-dominant regions increased. A high inventory of DUCs has implications for the size and timing of the domestic supply response to changes in oil prices, with or without significant changes in the number of active drilling rigs.

U.S. politicians love to talk about all of the things they can control but the reality is they can't do much about world oil prices.

[Fahrvergnügen]

I found top tier 93 for $2.56 where I am (DFW). It has been steadily increasing from ~$2.10 since last fall.

[Fundguy1]

Originally Posted by David70

We don't "low ball Russia", price goes up and down and the world producers deal with it, they are selling in the same market as we are, similar to a corn producer. We also export and import oil now and I really don't see "oil independent" being a great accomplishment, we will still export/import when it makes sense. As long as we have the oil in the ground we will be ok as any drastic shift if policy (OPEC) or demand and the resulting higher prices and we have the ability to produce more ourselves. One could argue we are better off having a mix of our and others oil and not going through our reserves so quick.

I and the oil producers in the U.S. do far better when world oil prices are up, at $4 a gallon I make more money than the gas in my car costs me.

We don't need more land to produce oil from as a huge numbers of wells aren't running right now.

https://www.eia.gov/todayinenergy/detail.php?id=27932



U.S. politicians love to talk about all of the things they can control but the reality is they can't do much about world oil prices.

Right now Russia is supplying the oil and natural gas in europe. Xthey have been holdinf europe energy hostage for a decade and their sales of oil and natural gss is the knly thing keeping their economy afloat. If we were to threaten with lower priced contracts we could use this as leverage against russia. Same as with the arab countries. As for our reserves, we have plenty. ANWR alone has enough reserves to cover our use of saudi oil for 80 years. And it would take an oil drilling area the size of a football field to get it.

Do you realize the more macro view than what you are talking about? Really? Obama purposefully shut down these areas, cutting off 33% of the worlds oil reserves in an attempt to raise oil prices to over $100 a barrel to try to force the US to cut back and go to hybrids and electrics. If worked but it backfired. When we hit 75$ it made fracking viable. Our fracking infustry exploded in the dakotas and canadian tar sands also exploded. This took a huge bite out of opecs profits. So opec decided to try to shut down the frackers by flooding the world eith oil to get it below $50 and put them out of production. That didn't work. They suffered for a bit but developed techniques to make it more efficient. Now they are having economic problems tooo as well as Russia as they have lost huge profirs selling oil for much less but having their economies built on higher prices. They can't last long at these prices. Now with trump abke to reopen more and cheaper pools, he can at will devistate both opec an d russias economies. They don't want that. So he can use this as leverage to get them to do what we want. I do not think he will flood the world with oil. That would be a mistake. But che could use the abiity to do so to bend those governments to do our biding and simultaneously stabilize relatively the oil prices long term at a level that benefits us and keeps them in check.

[Fundguy1]

Would you rather this, or rather have the US be held hostage the other way around and our enemies filling their coffers with our hard earned money like Obama had set it up?

[David70]

Originally Posted by Fundguy1

Right now Russia is supplying the oil and natural gas in europe. Xthey have been holdinf europe energy hostage for a decade and their sales of oil and natural gss is the knly thing keeping their economy afloat. If we were to threaten with lower priced contracts we could use this as leverage against russia. Same as with the arab countries. As for our reserves, we have plenty. ANWR alone has enough reserves to cover our use of saudi oil for 80 years. And it would take an oil drilling area the size of a football field to get it.

Lowering prices with government funding or letting free enterprise work? Free enterprise has lowered the price of oil for both us and the Russians to a point that we have lowered our production (see below). They aren't selling their oil and natural gas to Europe at above market prices and they are producing the same products we are and there is plenty of private land to produce oil from. We aren't short on available oil reserves now, opening up more public land won't change it. Also, December of 2015 Obama signed a bill allowing us to export oil after a 40 year ban. Assuming you actually thought this was a good thing. Until then we couldn't sell our crude to other countries.

Do you realize the more macro view than what you are talking about? Really? Obama purposefully shut down these areas, cutting off 33% of the worlds oil reserves in an attempt to raise oil prices to over $100 a barrel to try to force the US to cut back and go to hybrids and electrics. If worked but it backfired. When we hit 75$ it made fracking viable. Our fracking infustry exploded in the dakotas and canadian tar sands also exploded. This took a huge bite out of opecs profits. So opec decided to try to shut down the frackers by flooding the world eith oil to get it below $50 and put them out of production. That didn't work. They suffered for a bit but developed techniques to make it more efficient. Now they are having economic problems tooo as well as Russia as they have lost huge profirs selling oil for much less but having their economies built on higher prices. They can't last long at these prices. Now with trump abke to reopen more and cheaper pools, he can at will devistate both opec an d russias economies. They don't want that. So he can use this as leverage to get them to do what we want. I do not think he will flood the world with oil. That would be a mistake. But che could use the abiity to do so to bend those governments to do our biding and simultaneously stabilize relatively the oil prices long term at a level that benefits us and keeps them in check.

Again, we are on a world market, Obama or any one country doesn't control oil prices. Crude oil prices hit $155 June of 2008 Obama took office Jan. 2009, they are now at about $54 a barrel. This has to do with oil demand in the world as well as fracking. Obama didn't create either of these market drivers.

Shutting off the reserves only matter when you need the production, we aren't using all of the areas that are currently open so it doesn't matter much, drilling activity is still moving forward but at a slow pace because prices are pretty low.

I agree on OPEC flooding the market to cut out fracking but never understood how this would work long term, either way as prices go back up fracking increased and as you said they have made it more efficient but not nearly as low cost as how they get their oil.

Originally Posted by Fundguy1

Would you rather this, or rather have the US be held hostage the other way around and our enemies filling their coffers with our hard earned money like Obama had set it up?

Oil production almost doubled from 2008 until 2015 (when oil prices dropped dramatically), I am interested in hearing more about how Obama caused this. He didn't believe that some public lands should be used for oil production, turning this into your idea that he wanted us to be held hostage and fill our enemies coffers is an opinion not supported by facts.

If his master plan was to cut our production, he obviously had no ability to make it happen.

2008 - 5000 barrels a day
2015 - 9415 barrels a day
2016 - 8874 barrels a day

Data/facts make the current political story difficult to follow.

[Fundguy1]

Here it is. The run up in price was free market speculation. As you can see the long term price prior to the short term runup was in the $25 a barrel range.

[Fundguy1]

Here it is. The run up in price was free market speculation. As you can see the long term price prior to the short term runup was in the $25 a barrel range. Bush took steps to combat this as it was a perception and temporary equipment failures that were the root causes of the spike. By the time he left office it was at $40 a barrell and dropping fast. The general consensus at the time was it would long term settle down at about $35 a barrel.

Obama was at war with the energy industry. Here's a list of his attacks
http://naturalresources.house.gov/roadblocks/

Of particular note is 1/6/2010, blocking off the federal lands. Also his closing off the gulf after BP incident which sent oil rigs to the north sea. As you know drim being in the oil field this takes years to do and undo.

I'm not saying trump will manipulate prices. Im saying he could unfetter oil exploration and drown the market with oil if he wants getting us back to $35 a barrel where it would cripple the Russian and opec economies.

[Efthreeoh]

Originally Posted by David70

Lowering prices with government funding or letting free enterprise work? Free enterprise has lowered the price of oil for both us and the Russians to a point that we have lowered our production (see below). They aren't selling their oil and natural gas to Europe at above market prices and they are producing the same products we are and there is plenty of private land to produce oil from. We aren't short on available oil reserves now, opening up more public land won't change it. Also, December of 2015 Obama signed a bill allowing us to export oil after a 40 year ban. Assuming you actually thought this was a good thing. Until then we couldn't sell our crude to other countries.



Again, we are on a world market, Obama or any one country doesn't control oil prices. Crude oil prices hit $155 June of 2008 Obama took office Jan. 2009, they are now at about $54 a barrel. This has to do with oil demand in the world as well as fracking. Obama didn't create either of these market drivers.

Shutting off the reserves only matter when you need the production, we aren't using all of the areas that are currently open so it doesn't matter much, drilling activity is still moving forward but at a slow pace because prices are pretty low.

I agree on OPEC flooding the market to cut out fracking but never understood how this would work long term, either way as prices go back up fracking increased and as you said they have made it more efficient but not nearly as low cost as how they get their oil.



Oil production almost doubled from 2008 until 2015 (when oil prices dropped dramatically), I am interested in hearing more about how Obama caused this. He didn't believe that some public lands should be used for oil production, turning this into your idea that he wanted us to be held hostage and fill our enemies coffers is an opinion not supported by facts.

If his master plan was to cut our production, he obviously had no ability to make it happen.

2008 - 5000 barrels a day
2015 - 9415 barrels a day
2016 - 8874 barrels a day

Data/facts make the current political story difficult to follow.

It's a good discussion here, but my intent of this post was not to get into a political discussion. However, I've stated in the past that oil pricing is political and politicians can influence oil prices. I wish it were a true market economy for oil, but it's is not. I'm not sure how old you are, but I'm old enough to remember the OPEC oil embargos of the 1970's (there where two). There were gas lines at gas stations and rationing in effect, where one could only buy fuel every other day, and that's if one could find a gas station with gasoline. The embargos devastated the US car industry because the price of gasoline doubled practically overnight and far faster than the US industry could switch to more fuel efficient vehicles. It's an impact to the US economy we still feel today and it still affects US elections (re: Trump).

I've yet to believe any reasoning why oil prices rapidly went over $100 a barrel during Bush's era, but chalking it up to higher demand in India and China didn't fly with me.

[KingOfJericho]

Originally Posted by Efthreeoh

I've yet to believe any reasoning why oil prices rapidly went over $100 a barrel during Bush's era, but chalking it up to higher demand in India and China didn't fly with me.

You had economic expansion domestically and a surge in demand from new markets like China and India. Concurrently, production hadn't increased meaningfully and domestic production actually declined (it increased significantly under Obama).

[David70]

Originally Posted by Efthreeoh

It's a good discussion here, but my intent of this post was not to get into a political discussion. However, I've stated in the past that oil pricing is political and politicians can influence oil prices. I wish it were a true market economy for oil, but it's is not. I'm not sure how old you are, but I'm old enough to remember the OPEC oil embargos of the 1970's (there where two). There were gas lines at gas stations and rationing in effect, where one could only buy fuel every other day, and that's if one could find a gas station with gasoline. The embargos devastated the US car industry because the price of gasoline doubled practically overnight and far faster than the US industry could switch to more fuel efficient vehicles. It's an impact to the US economy we still feel today and it still affects US elections (re: Trump).

I've yet to believe any reasoning why oil prices rapidly went over $100 a barrel during Bush's era, but chalking it up to higher demand in India and China didn't fly with me.

No discussion on future oil prices can leave politics out of it, I just don't believe the new administration will drastically lower prices or drastically increase the amount we drill (outside of the normal market) unless we are talking about subsidies to the producers, mainly because of where prices need to be for them to go get the oil. I believe we are at the point where we should drastically cut the government subsidies to oil production. These cuts would probably decrease some amount of production and possibly increase the price some but could also go to paying for other things we want but can't figure out how to pay for.

I was alive during the embargo, OPEC controlled most of the world's supply and cut it off and we were out of luck. Luckily we have proven oil reserves and the ability to get to them when needed and because of this and a lot of other countries that have oil and aren't in OPEC no one organization or country can control oil prices to the same level they could in the past.

I also think some level of regulations helps control the demand side in the U.S. (how much we use). We drove big, gas hogs right before the embargo and then when faced with the shortage it took many years to get to smaller, efficient cars. If we had realized the possibility of what eventually happened we could have planned ahead for it and reduced the pain we felt. I feel the same about our supply of water, once an area starts to run short we then start worrying about how to not use so much in this area.

[Fundguy1]

Originally Posted by KingOfJericho

You had economic expansion domestically and a surge in demand from new markets like China and India. Concurrently, production hadn't increased meaningfully and domestic production actually declined (it increased significantly under Obama).

True but the run up in '08 was mostly due to perception. There was a refinery fire, hurricanes, and a short term shortage. Speculators ran up the price. Then bush relessed the reserves and it dropped. Domestic production is up because of the fracking i listed above. Not because obama wanted it up.

[KingOfJericho]

Originally Posted by Fundguy1

True but the run up in '08 was mostly due to perception. There was a refinery fire, hurricanes, and a short term shortage. Speculators ran up the price. Then bush relessed the reserves and it dropped. Domestic production is up because of the fracking i listed above. Not because obama wanted it up.

Never implied that Obama had anything to do with it, but production did increase while he was President. Speculators certainly ran up the price in 2008 but those high prices remained for pretty much the next eight years.

[Efthreeoh]

Originally Posted by Fundguy1

True but the run up in '08 was mostly due to perception. There was a refinery fire, hurricanes, and a short term shortage. Speculators ran up the price. Then bush relessed the reserves and it dropped. Domestic production is up because of the fracking i listed above. Not because obama wanted it up.

Speculation is the only answer that fits for me. At the time they blamed it on consumption/transportation increases in China and India. However stock prices for the industrial supply of oil consuming and oil supply industries did not have a similar jump in price years a head for lead time. Oil consumption increases at a level that basically increased the barrel price by 100% has to have precursors such as oil rigging surges, road building increases, tanker ship building, refinery building and expansion. To my knowledge, none of that occurred; oil just somehow became more popular to consume.

[Fundguy1]

Once peope realized it was a short term effect and speculation, prices plummetted back to a $40/barrel normal. Then the obama regs kicked in jacking them back up. Removing them we should settle in the 40-50 range.

[David70]

Originally Posted by Fundguy1

Once peope realized it was a short term effect and speculation, prices plummetted back to a $40/barrel normal. Then the obama regs kicked in jacking them back up. Removing them we should settle in the 40-50 range.

What Obama regs kicked in to drive up the price up of oil around the world and when did this happen?

We produced 9415 thousand barrels a day in 2015, the highest amount since 1970, then 8874 in 2016. Production of crude oil in the U.S. went up significantly during O'bama's term (nothing to do with him).

You keep trying to pin the price of oil (on the world market) on the President but I can see little that he does to control it.

[Fundguy1]

Originally Posted by David70

What Obama regs kicked in to drive up the price up of oil around the world and when did this happen?

We produced 9415 thousand barrels a day in 2015, the highest amount since 1970, then 8874 in 2016. Production of crude oil in the U.S. went up significantly during O'bama's term (nothing to do with him).

You keep trying to pin the price of oil (on the world market) on the President but I can see little that he does to control it.

I posted a link to them with the charts.

[Fundguy1]

Here you go.

Costing American Jobs, Increasing Energy Prices
Since taking office, President Obama and his Administration have actively blocked, hindered and delayed American energy production. With gasoline prices quickly headed to $4 per gallon, the Obama Administration must abandon their policies and regulations that are costing American jobs, increasing energy prices, hurting families, harming our economy and threatening our national security by deepening our dependence on foreign energy.

Quick Links: 2009 | 2010 | 2011 | 2012 | 2013

2009:
February 4th Withdrew areas offered for 77 oil and gas leases in Utah that could cost American taxpayers millions in lost lease bids, production royalties, new jobs and the energy needed to offset rising imports of oil and natural gas. According to a Uintah County commissioner, this prevented the creation of approximately 3,000 jobs.
February 10th Delayed for six months the development of the new 5-year leasing program for offshore drilling that would have created new jobs, produced more American-made energy, and made us less dependent on foreign oil.
February 25th Delayed the new round of oil shale research, demonstration, and development (RD&D) leases that would help advance American technology and create high-tech jobs in Colorado, Wyoming and Utah. According to a study prepared for The National Energy Technology Laboratory, over 350,000 jobs would be created by the development of our oil shale resources.
February 26th Introduced a budget that contains page after page of taxes on American energy totaling more than $31 billion and included a cap-and-trade national energy tax that could cost the average American family over $3,100 a year.
April 17th Listed carbon dioxide as a hazardous pollutant, opening the door for the regulation of all CO2 emissions under the Clean Air Act.
April 27th The Environmental Protection Agency ordered the cancellation of a permit for a Navajo Nation power plant that Navajo leadership called the most important development project the tribe has ever undertaken. The plant was expected to create 400 permanent jobs and generate $50 million per year in revenue.
June 29th The Interior Department established new solar reserve areas under the premise of prioritizing solar development, but the actual result was the closing of all but two percent of federal lands from renewable energy development. This was done without public comment. The Department left open only 670,000 acres of the nearly 30 million acres of land with solar potential.
July 20th Blocked new uranium mining for two years on one million acres of land in Arizona.
October 8th Issued a final report on the Utah oil and natural gas leases, offering only 17 of the 77 leases. In November, the Institute for Energy Research found that the Administration has leased less acreage than any other on record. (See February 4, 2009)
October 20th Announced a new round of oil shale RD&D Leases that included job-destroying variable terms, royalty rates, and lease sizes. (See February 25, 2009)
2010:
January 6th Implemented numerous new hurdles to the leasing and development of new oil and natural gas on onshore federal lands.
January 26th MMS announced it would delay the Virginia offshore lease sale scheduled for November 2011.
January 28th Announced the results of the most recent round of oil shale RD&D leases, which resulted in an 85% reduction in industry interest under the terms proposed by the Department. (See October 20, 2009)
February 1st Released the FY 2011 budget proposal that included nearly $40 billion in direct tax and fee increases on American energy production, which would increase gasoline and energy prices for American families and businesses.
February 17th Department of Energy notified Congress that it would reprogram $115 million Congress appropriated to continue the Yucca Mountain licensing process, and instead use it to terminate the only national repository for spent nuclear fuel under current law.
March 3rd Department of Energy filed a motion to permanently abandon Yucca Mountain – the nation’s repository for high-level spent nuclear fuel under current law – jeopardizing the future of nuclear energy.
March 12th Withdrew 61 oil and natural gas leases in Montana as part of a lawsuit settlement over climate change.
March 31st Ignoring statutory law, the Bureau Of Land Management agreed to settle a lawsuit out of court regarding the use of an “extraordinary circumstances” provision when using “categorical exclusions” for new oil and gas leases as defined by Section 390 in the Energy Policy Act (EPAct) of 2005.
March 31st Announced a new offshore drilling plan that closed large portions of our offshore areas from future energy production.
May 6th Issued a moratorium on all new drilling in the Gulf of Mexico, creating further economic devastation and costing up to 12,000 jobs according to the Administration’s own estimates.
May 17th Bureau of Land Management finalized rules, first announced by Secretary Salazar on January 6, 2010, to establish more government hurdles to onshore oil and natural gas production on federal lands.
May 28th Officially lifted the moratorium on shallow water drilling – yet continued to slow-walk the issuing of permits, creating a de facto moratorium. (See May 6, 2010)
June 15th In an Oval Office address on the Deepwater Horizon oil spill, President Obama continued to push for implementation of a job destroying cap-and-trade national energy tax.
July 12th Issued a new moratorium on deepwater drilling after the first moratorium was struck down in federal court. (See May 6, 2010)
July 19th President’s Ocean Policy Taskforce issued final recommendations on implementing a Federally-controlled system of ocean zoning that could lock up huge areas of the ocean to energy development.
October 12th Lifted the deepwater drilling moratorium – yet continued to keep the de facto moratorium in place by slow-walking the issuing of permits. (See May 6, 2010)
October 14th Bureau of Ocean Energy Management issued an interim safety rule for the Gulf of Mexico, which stated that OPEC could offset a decrease in Gulf of Mexico deepwater production as a result of the Administration’s de facto moratorium.
November 18th An Interior Department presentation showed that they plan to postpone new lease sales in the Gulf of Mexico until 2012.
November 30th Interior Department announced it would consider proposals to regulate hydraulic fracturing on public lands – a technique currently regulated by states that is responsible for tremendous growth in natural gas production.
December 1st Effectively reinstated the ban on offshore drilling, placing the entire Pacific Coast, the entire Atlantic Coast, the Eastern Gulf and parts of Alaska off limits to future energy production until 2017 at the earliest.
December 23rd Interior Department announced a new “Wild Lands” Secretarial Order that could place hundreds of millions of acres of public lands off-limits to American energy production.
2011:
January 14th Retroactively pulled a permit for a West Virginia coal mine, costing 250 American jobs.
February 2nd Federal Judge finds the Interior Department in contempt of court for continuing to slow-walk Gulf of Mexico drilling permits. (See October 12, 2010)
February 14th Released the FY 2012 budget proposal that includes over $60 billion in direct tax and fee increases on American energy production, which would raise gasoline and energy costs for all Americans.
February 15th Announced further delays to U.S. oil shale production by deciding to re-review the current rules for commercial oil shale leasing.
February 17th Federal Judge orders the Obama Administration to act on five pending deepwater permits within 30 days.
February 28th Issued a token deepwater permit, over four months after the moratorium was officially lifted. But continued to slow-walk permits, keeping the de facto moratorium in place and leaving thousands of Americans out of work.
March 4th Rather than end the de facto moratorium, the Administration filed an appeal to a Federal Court ruling that ordered them to act on stalled deepwater permits. (See February 17, 2011)
June 20th Announced six-month extension of a ban on uranium mining in Arizona. The mining of this land could have produced thousands of high paying, family wage jobs. The U.S. currently remains 90% dependent on foreign sources of uranium.
October 26th Secretary Salazar announces plan to merge BLM and OSM, an action that could move the coal mining industry one step closer to extinction and cause energy costs to skyrocket.
2012:
January 9th Imposed 20-year ban on uranium mining on one million acres of Federal land. The mining of this land could have produced thousands of high paying, family wage jobs. The U.S. currently remains 90% on foreign sources of uranium. (See June 20, 2011)
January 12th Released draft action plan to move forward with the President’s goal of mandatory ocean zoning. The policy could place huge portions of the ocean off limits to commercial and recreational activity.
January 16th Rejected TransCanada’s application to build the Keystone XL Pipeline. This project would have created tens of thousands of jobs and transported nearly a million barrels of oil a day into the U.S.
February 3rd Announced a draft Bureau of Land Management plan to close over a million acres of public land in Colorado, Utah and Wyoming to oil shale development.
February 13th Released a FY 2013 budget that includes $45 billion in tax and fee increases on American energy production and shows declining revenues from offshore drilling.
March 16th Energy Secretary Steven Chu issued a memorandum to the Bonneville Power Administration (BPA) and all other Power Marketing Administrations (PMAs) that includes directives that could increase the cost of energy for millions of American families and small businesses.
March 28th Announced postponement of a Virginia drilling lease sale until at least 2018 – seven years after it was supposed to happen. According to a study, the Virginia lease sale, which is included in House Republican’s bipartisan energy plan, will create 2,000 jobs and produce 750 million barrels of oil, 6.65 trillion cubic feet of natural gas.
May 4th Announced new proposed regulations on hydraulic fracturing on federal and Indian lands that will cost American jobs and stand in the way of American energy production.
June 28th Announced its new 2012-2017 off shore drilling lease plan that closes 85 percent of America’s offshore areas to energy production.
November 20th Announced move to implement mandates in Energy Secretary Chu’s March 16 memorandum that could raise electricity rate for small businesses and 40 million American families.
2013:
January 18th Announced new and onerous EPA regulations on Arizona’s coal-fired Navajo Generating Station, which employs hundreds of Navajo and Hopi tribal members, and provides affordable electricity and water to millions of Americans.
February 21st Finalized plans to lock up over half of the National Petroleum Reserve-Alaska (NPR-A) from energy production.
March 22nd Announced onerous regulations that will discourage production of 1.5 trillion barrels of American oil shale.
April 10th Released a FY 2014 budget that imposes billions of dollars of new taxes and fees on American energy production.
April 16th Released the final implementation plan for the National Ocean Policy and mandatory ocean zoning initiative. If implemented, this will inflict red tape and economic damage both onshore and offshore across a wide-range of activities including energy production.
May 16th Released proposed regulations of hydraulic fracturing on federal and Indian lands that duplicate successful efforts of the states

[Meeni]

What red-tape. Oil production has been higher and prices have been lower under Obama than they had been in years under previous presidents of any inclination. Domestic production declined only mildly in '16 because the OPEP states have flooded the market in an attempt to underprice competition (and that backfired pretty badly for them), and certainly not because of any imaginary redtape.

Now, starting wars here and there in the middle east, that may drive prices up. So I make no prediction about future prices. Maybe stable, maybe even declining barring some new war starting there.

[David70]

Originally Posted by Meeni

What red-tape. Oil production has been higher and prices have been lower under Obama than they had been in years under previous presidents of any inclination. Domestic production declined only mildly in '16 because the OPEP states have flooded the market in an attempt to underprice competition (and that backfired pretty badly for them), and certainly not because of any imaginary redtape.

Now, starting wars here and there in the middle east, that may drive prices up. So I make no prediction about future prices. Maybe stable, maybe even declining barring some new war starting there.

Agree completely, production in the U.S. sky rocketed from 2009 until now.

I don't believe Obama should be credited with it but if his goal was to limit it he did a really poor job of making it happen.

[Fundguy1]

His idea was to make it skyrocket and it didn't work. Thank god or the economy would've been even worse.

[rainfall]

Originally Posted by semclane

Here in the Bay Area all three grades are cursently over $3 a gallon and Governor Moonbeam has the the flunkies in the state legislature lined up to slap further $0.12 a gallon tax on gas to "fix the roads". Something they have done before (slap a tax on gas, not actually spend the money on fixing roads)

I find incredible how California loves to tax everything and everyone.
OMFG lol

it would be cool to see how much money Californians are getting out of their tax buck. Like... state income tax, property tax, etc, etc.

[Fundguy1]

Not much. Subtract the huge cost of illegal aliens leaching off the tax payers, then the fact that government output per doller input is abysmal and you're getting the royal screw. Not only are the taxes extra high, but the benefit is below average. Add in wacky gun laws, wacky emissions laws, etc., etc., etc. Lucky you guys.