sure fire way to fix the gas crisis...

casmells · #1 08-31-2005, 01:10 PM

quit being so dam weak-tight and start drilling in
alaska already...

MrMon · #2 08-31-2005, 01:12 PM

But we've got to think about the caribou!

codewarrior · #3 08-31-2005, 01:15 PM

The report I heard on NPR said there's only about two years' oil (for the entire US) in Alaska.

Hiding · #4 08-31-2005, 01:26 PM

[ QUOTE ]
I heard on NPR

[/ QUOTE ]

Did they verify it with any facts?

codewarrior · #5 08-31-2005, 01:27 PM

They cited a source I don't remember.

jba · #6 08-31-2005, 01:31 PM

[ QUOTE ]
The report I heard on NPR said there's only about two years' oil (for the entire US) in Alaska.

[/ QUOTE ]

for $70/barrel they can get a lot more than that -- if i remember correctly that 2-year bit was back when oil was ~$20/barrel.

cardcounter0 · #7 09-02-2005, 01:27 PM

Yes, raising the price will make more barrels of oil magically appear in the ground.

Roy Stalin · #8 09-02-2005, 02:59 PM

[ QUOTE ]
Yes, raising the price will make more barrels of oil magically appear in the ground.

[/ QUOTE ]

Basic economics. It costs $50/barrel to get oil in location A which has known reserves of 100,000,000 barrels. It costs $70/barrel to get oil from location B with known reserves of 100,000,000 barrels. Oil company can sell oil for $60/barrel. That makes it economically viable to drill in location A, not location B. When prices rise to $80/barrel, drilling can occur at location B, effectively doubling the supply of oil.

As an aside, this is why artificial price ceilings on commodities do far more harm than good. Lowering the retail price of a good below market does not affect the costs of supplying the good. Hence, less is supplied resulting in massive shortages that don't occur when supply and demand are left to allocate resources effectivly.

RollaJ · #9 09-03-2005, 08:29 PM

[ QUOTE ]
[ QUOTE ]
The report I heard on NPR said there's only about two years' oil (for the entire US) in Alaska.

[/ QUOTE ]

for $70/barrel they can get a lot more than that -- if i remember correctly that 2-year bit was back when oil was ~$20/barrel.

[/ QUOTE ]

Thats some funny sh1t......Do you see why?

david050173 · #10 09-03-2005, 09:09 PM

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
The report I heard on NPR said there's only about two years' oil (for the entire US) in Alaska.

[/ QUOTE ]

for $70/barrel they can get a lot more than that -- if i remember correctly that 2-year bit was back when oil was ~$20/barrel.

[/ QUOTE ]

Thats some funny sh1t......Do you see why?

[/ QUOTE ]

Do you understand that as the price of gas goes up, more can be pumped out of the ground? Wether that balances out the increase in consumption, I hae no clue.