The Great Offshore Oil Debate

Well the Texas Congressman doesn't get it. Public opinion on drilling off the shelf of Texas,California and the Gulf has a growned consenus. Why should the holier than thou Democrats put this country at risk with thier control freak playing theatrics with the public? When thier own apporval rating would get them fired from most private sector companies as poor leaders. But the psychology of drilling is sinking in. Even in this sate Democratic Senator Canidate Ronnie Musgrove has come and stated the he's against drilling in Anwar. Now get this the Eskimos are in favor of drilling becouse of jobs. It appears the Democrats need a wakeup call like getting voted out of office and find themselves in the unemployment line. The only time we should use the National Oil Reserves if there is a severe threat to the supply and demand. The Texas Congressman should get a ribbing from his own constiutents on this issue. Well he deserves it.

Oh let's just tap into offshore soverign wealth funds

The interest in offshore drilling at a time when it would be most responsible for our children to get off petro shows who owns this station. It's as if Fox studied Wal-mart and figured if they hire people with an IQ LESS than 115- but able to present themselves ? They can control them much better. I don't even know if Alexis knows she's being used by the oil companies while working at Fox Business News - don't forget the LLC part now !

Well,well I get the impression that Mr Greedom doesn't understand the oil business. Or does he want more of his fellow americans to pay higher gas prices? Or does he relish in attacking Fox? Well it doesn't serve a purpose. I doubt if Fox Business is being manupated by the oil companies. Why not do your own research on the topic and you might learn a thing or two about business. For instance did u know that jobbers have thier hand in the gas prices too? And that some attempt to block public trade corporations like Super Walmart and Kroger from coming into thier marketplaces? As for off shore wealth funds there are tax havens in the caribbean and europe. These havens are being closely scrutiinized by the IRS.

Two thoughts on this;wouldn't opec just cut production.How much money would america receive for this oil?

Dear Chuck...............Please stop. Just stop it already with the "blame the Democrats" idea. What don't people like you understand? Do you HONESTLY believe that with the last 8 years of leadership that we have had in this country, you couldn't see high oil and pump prices coming? Especially with GWB (an oil man) and his cronies calling the shots. Heck they had ALL 3 branches of Government for several years and still.....people like you want to blame the dems?????????????? Please...........The people who elected GWB have only themselves to blame - the guy has been "bailed" out of EVERY business he has ever been in. He FAILED at all of them! Get ready to see changes in November............Republicans have had their turn. Like father / like son........2 of the worst Presidents EVER. PS.......I DO want to thank GWB..........he exceeded even my expectations of his INEPTITUDE and I'm just fine.

DECREASE GASOLINE EXPENSES BY 50%! Drive 50% fewer miles. What don't you understand?

Well, Greedom, how's that job at Wal Mart treating you? Getting off of Petrol isn't something that will happen overnight. The technology isn't there yet and will likely take a couple of years. The government will have to subsidize some research into green technologies, but that is no reason to spend our kid's college funds filling our gas tanks, paying for fuel oil and fossil fuel produced electricity today. I don't know if you were watching, but just the statement that the president made about lifting the executive ban on off-shore drilling DROPPED oil prices. Drilling for new oil isn't what oil companies want. Think about it, if you had a ready supply of something, would you rather sell that item at a higher price or would you rather have to spend the money to find, drill for, move, refine, and distribute additional barrels? Big Oil has been reporting record profits, there is no current need for them to find more oil, they are getting rich now. Drilling companies and the oil services industry is another story... It isn't a party-line issue either, according to priceofoil org: This finding holds even within the parties: House Democrats who voted against clean energy proposals accepted 6.7 times more oil money than those who voted for the public interest. House Republicans who voted against clean energy proposals accepted 2.4 times more oil money than those who voted in the public interest. If we don't allow drilling in the US, there are plenty of other countries that are allowing it: Brazil and Russia come to mind. Nothing like increasing dependance on foreign oil when we could be drilling our own. We need lower oil prices now, supported by increased drilling, or at least an open door to it, and a strong government initiative to find cleaner alternatives. Too bad there is rarely anything good that comes from a government initiative, but that is another thread.

Do Not open the SOR untill the potential Iran / Israel conflict is resolved. If Israel bombs the nuke manufacturing sites in Iran it may turn into an all out war in the OPEC heartland. Oil prices will then skyrocket. The Strategic Oil Reserves are for EMERGENCIES ONLY. And the USA has no good way of refining the poorer crude oil at this time...

Alexis, Comments by Greedom reflect the sorry state of our country. It appears that some think we cannot even broach a subject without being labeled as biased or worse. Weaning ourselves from oil as fuel is the right thing to do. However, expecting it to be done overnight is unreasonable. We need honest debate regarding alternate energy not wacko opinions that offer little else but passion and name-calling.

Greedom, From the basis of your comment, it appears as though you should look in the mirror to find someone with an IQ of less than 115. Your ignorant comment is exactly what is wrong today. You think that we can just jump to some "alternative" form of energy. It will take much longer for any "alternative" energy to become economically viable than it will for us to tap into to any continental shelf oil, or even the ANWR oil. The world is driven by oil. It is in nearly every single product that is made (in some form or another). The infrastructure is already there off the California coast, and we could have that oil refined in a little over a year. It is amazing how you liberals claim that you "care" so much about blue-collar workers and low income families, yet you always, ALWAYS do everything you can to actually stand in the way of what will actually help people. We just had a US Geological Survey report that there is 90 BILLION barrels of oil in the Arctic, with a third of that under Alaska alone. Now, please give a good, logical, rational reason why we should not be tapping into this oil. Why Greedom? Why? It is obvious that there is not a good, logical, or rational reason and you know it. You environmentalist, liberal lunatics only want to stifle the American economy and the American dream. You call yourselves "progressives," yet you only stand in the way of true progress. It would be great to one day be able to extremely cut our use of oil, but that will not be for decades simply because of the cost of alternative energies. Instead of having the government subsidize certain energy research and development, giving them false backing and support, get government out of the way and let the market take care of it. If an "alternative" energy source is viable, it will make it. The market proves this every time when left to do what it does best, create competition and spawn innovation. Government does neither. It only takes and takes away from everything it possibly can. It gives nothing back. If you want an alternative energy, maybe you should get a catalytic converter to convert all that hot air and excrement that comes out of your mouth into energy for the rest of us, Greedom.

The SPR was not designed to help further manipulate the oil markets; it was designed to meet emergency situations where no petroleum was available. The Congress just doesn't get it; the current policies on finding and harvesting new petroleum sorces will bankrupt this country. We have to drill now off-shore, in the Gulf and in ANWR to get the petroleum we need for the near-term and mid-term future. The specific date that new oil might become available is irrelevant to the futures market; the mere fact that additional oil will be available in the future will have a dramatic impact on the price. At the same time, we need to speed the permitting process for new refineries and we need to begin building new nuclear power plants. We also have to begin to look at wind power and what else might be possible for long-term energy needs.

"Think about it, if you had a ready supply of something, would you rather sell that item at a higher price or would you rather have to spend the money to find, drill for, move, refine, and distribute additional barrels? Big Oil has been reporting record profits, there is no current need for them to find more oil, they are getting rich now. Drilling companies and the oil services industry is another story…"---Basscat Basscat, What you do not seem to understand is that while the oil companies are making record profits in "dollar" terms, it is still only about 8 on the dollar per gallon (8%). Tell me, how is that a windfall profit? What business can realistically survive on an 8% profit. I know that mine cannot. If Congress is going to tax an 8% profit as a windfall profit, then I and every other small business owner is in deep trouble. They (the oil companies) are making several billion in profit, but you know what? They spend ten times that in exploration and extraction. It costs them billions to even find where the oil is in any given area, and then billions more to get that oil out. Yet, they are still making pennies on the dollar profit per gallon. The only windfall profit being made in this industry is by the government. The government(federal, state, and local) make, on average, around 60 cents per gallon in taxes, nearly double that of the oil companies. What has the government done to deserve any of it? What research and/or development did the government do? Please, tell me. It has done nothing except stand in the way of the exploration and extraction of oil, making it even that much more expensive. The oil companies even sat in front of the congressional hearings (talk about a circus and a waste of time and taxpayer money) and testified that THEY WANT TO DRILL FOR OIL!!! The oil companies are in the business of drilling oil. That is what they do! The more oil they are allowed to drill, the better. They don't care how expensive or cheap the oil is or will be. They just want to do their freaking job, and we must let them do it! Do you want the US, and US oil companies, to drill the oil in the Gulf and the Arctic, or do you want our close buddies in Cuba, China, and Russia to do it?? Cuba and China are working on an agreement to tap into the huge oil reserve in the Gulf, just miles from Florida. Do you think they will only tap the oil related to the Cuban continental shelf? If you do, then you are sadly mistaken and extremely ignorant (which unfortunately most liberals are). They will drill that oil, and it will suck right out from under our continental shelf. Russia is sending some of its naval fleet, destroyers and nuclear subs, to the Artic to attempt to claim the oil there for mother Russia. Do you think they are going to sit back and not go for more oil because they want higher prices?? NO, they are going to get every drop they can get their hands on. We should be doing the same. For the Democrats to stand in the way of our oil independence is a breach of our national security, and, on its face, a form of treason. You know what, their 9% approval rating is higher than the 8% profit that oil companies make on a gallon of gas. That is about the only thing the Democrat Congress' approval rating out ranks. Maybe we should place a windfall tax on Congress and take some of OUR money back.

Here's a benifit to off shore oil drilling that isn't being discussed. Job creation. I mean job creations all across the board. Not in the Gulf coast region but for shale rock oil etc. The technology is there for cleaner drilling off the shore but every avenue should be explored and for the long term more investment into alternate energies should look into. Why? Who knows your next door neighbor may come with the gadget that could revolunize energy as we know it.

I DO NOT UNDERSTAND WHY THE CONCEPT OF SUPPLY AND DEMAND IS NOT UNDERSTOOD BY POLITICIANS. ENERGY DEMANDS ARE INCREASING ANNUALLY. IF SUPPLIES DO NOT INCREASE AT A GREATER RATE PRICES WILL INCREASE. WE CAN NEVER INCREASE AMERICAN EFFICIENCY ENOUGH TO COVER OUR OWN INCREASING NEEDS OR THOSE OF THE WORLD. IF WE DO NOT PRODUCE MORE OURSELVES WE MUST BUY ON THE WORLD MARKET AT HIGHER PRICES.WHY IS IT NOT OBVIOUS TO ALL THAT WE NEED TO DO EVERYTHING, DRILL,CONSERVE,BUILD NUCLEAR,INVENT NEW ALTERNATIVES,ETC.,ETC.

Where to start .... First off, you don't use a hammer to peel a banana. There is a tool for every job and our energy problems will not be solved by any single solution. We must use ALL the tools in our toolbox one of which includes drilling. That's part of a solution, not releasing oil from the SPR .... By the way, look up the word strategic, bet it says nothing about controlling prices. You think it's bad now, just wait til something really happens on a global scale. You'll be praying we have reserves to fall back upon. Second, where have all the leaders gone. Political rhetoric from people like Greedom and others will not solve a problem. (side note it's intersting he doesn't have the guts to even use his real name ... typical) I amd so tired of the 'Blame GWB for ' and fill in the blank. When we all realize personal responsibility should be the focus of our lives, maybe things will get accomplished. If we all continue to look at others to solve our problems, we will never progress as a society. Provide a solution and maybe I'll listen to you ... until then crawl back in your hole and shut it. Finally our political, economic, and social systems are in disarray. The existence of our country as a whole requires we all get involved at some point and demand accountability from our leaders. In the absence of leadership, progress ceases to exist. Our country is under attack from the invasion of illegals to the influence of special interests on how we are all supposed to live. You don't build a house from the roof to the foundation. Our country's foundation is crumbling and we're all shopping for furniture. We better start paying attention to what's important and stop looking for someone else to blame. If you really want to know how to solve a problem, ask a child. They can still be objective when presented a problem and view an issue at the simplest of levels. It's really not that complicated, we all just need to stop looking at it in the 'what's in it for me' light and figure out what's the best solution instead. Blame and baised rhetoric is not going to get it done. Wake up America and get involved ... time is running out.

Ivy,Greedon Are you two confused, I thought that the congress was lead by the democrats for the last two years, I must have been sleeping when they ran two Novembers ago on all the changes that they were going to do and most of them won. The fact is that congress thinks that this is some game to them pushing each others agenda which is bringing our country to the breaking point. For me, Dems are leading us to the point of no return and lemmens like you two can't wait to jump off the cliff with them. The fact is just because there is a republican president doesn't mean he is the soil person responsible, it is the job of congress to solve problems for our country and so far the Democratic led congress has been a do nothing congress for their two years of power.

Why Crude is down but Gasoline is barely by MrArbitrage As I have been hearing the complaints of many disillusioned consumers that gasoline prices are barely moving down despite the significant drop in oil prices, I think this would be a good time to point out the reason why that is. When crude oil goes up, you see it immediately reflected in the price at the pumps. The perplexed public rightfully gets angry about this saying “they didn’t pay that new, higher price for the gasoline in those pumps so why are they charging me as though they did?” This immediate price hike happens because they are charging you in advance for their “replacement cost”. The thing that outrages consumers is that although prices at the pump immediately respond to the oil price on the world market when it moves upward - gas prices do not seem to quickly respond on the DOWNSIDE of the world oil market. The reason why the gas price stays high when the oil prices correct is because that is how the refiners are making their record profits. When oil spiked upward over the past month, oil companies reduced their refining to match lower demand and still were finding it difficult to make money. This is because even the refiners that drill and produce their own oil still have to go in and purchase oil on the open market, because they need more crude than they recover from the ground. Since they were paying inflated, bubble prices while demand was actually declining, they were having trouble selling it at a profit. So now that we are used to paying the inflated prices for gasoline, they can temporarily keep their gas prices somewhat higher while they are able to buy their new supply at the current LOWER prices. They slowly lower prices by a few token pennies but the price you are paying now per gallon is not as low as it was before the last run up from the current price level. They are not passing the savings onto you and me. They are making up for lost ground due to the bubble. The spread is back. more at http://tableofwisdom.com/Energy_Crisis.html

It don't take much to know why congress is against opening more areas for drilling. Higher fuel prices lead the way to a weaker economy which will make more citizens dependant on the government. Go figure which political party this will benefit.

Clinton sold our soul to China so that we could keep getting our 99 dollar walmart lawn mower, BUT you will pay 5 bucks a gallon for gas. World energy needs will increase 50% in the next 25 years. Efficiency is the fastest way to decrease our energy use. Drilling and refining will help in the short term, WE import 72% of our crude oil and 60% of our products. We haven't built a refinery in 30 years. Our refining capacity is less than 50% of what it was 30 years ago. Biggest reason to drill and refine is to stop the offshore flow of dollars, keep it here where we can spend it on ourselves. It takes 1500 of PICKENS new Wind Mills to replace 1 (ONE) coal fired power plant. He says he can build his first 1500 in 5 years??? AS long as the leadership in DC does nothing we continue to get screwed. This is about leadership and giving the American people the ability to produce their own energy, JOBS first lets drill Now. Lets build 4 major refineries Now!! I have called my congressional representatives each month for the last 3 months and demanded that they vote for drilling and refining. I get told thank you for your opinion!!! How can so few have so much power???????