Some good news for a change

[Stone]

U.S. to Pass Saudi Arabia in Energy Production, IEA Says: Huge Foreign Policy, Economic Implications


http://finance.yahoo.com/blogs/dail...bia-energy-production-iea-says-170907660.html

excerpt>

A new report by the International Energy Association says the U.S. will become the world's largest oil producer by 2017, overtaking current leaders Saudi Arabia and Russia. U.S. energy policies initiated by the George W. Bush administration and implemented by President Barack Obama have moved the U.S. toward energy independence and away from Middle East energy sources. U.S. oil production has risen rapidly since 2008 and oil imports are at their lowest level in two decades.

:thumbup

 

[The Man]

Good news indeed.
Perhaps Bush wasn't so bad after all .....Obama needs to move a little faster though IMO with the avenue Bush left him.
Romney was very eager to ..or so appeared.

We are way overdue...need fuel for wars.
If Canada or SA were to boycott us..or some refineries were to be attacked we could be hurting fast.
With fuel shortages we would be a last priority as the govt would highly regulate it to keep a supply for defense
Many people would have trouble making it to work ...gas would be very high and the economy would suffer badly.

 

[Stone]

I'd rather keep partisan politics out of this thread, TM and keep it goal oriented.

Many global conflicts are energy related these days or have elements within conflicts that are energy related.
That is essentially why the US has such great involvement in the Middle East.

Becoming less energy dependent on the ME would/should allow us to fill the role of observer and vacate the conflicts leaving those nations to solve their problems in their own fashion. Big bonus is less military involvement.

And that allows the costs of wars to be plowed back into our infrastructure.

As far as our infrastructure......since all that we do as a society is energy dependent, reductions in energy costs allows those savings to be expressed in other parts of the economy from manufacturing to sales to consumption to efficiency of social services.

IMO.....this can be a bigger win for economic recovery than any possible benefits from the politics of either political party.

 

[The Man]

I was just giving Obama some credit for some progress.
I fully agree being energy independent will greatly reduce our involvements in the mid east. ...... a great bonus.
lower cost for goods and services will leave more money as you say.
I do have a concern however if some large energy taxes are added it could offset some of the benefits

 

[Minor Axis]

Good news indeed.
Perhaps Bush wasn't so bad after all .....Obama needs to move a little faster though IMO with the avenue Bush left him.

That's right, only good avenues come from Republicans. Democrats need to follow their lead. <sarcasm>
PS, W was a F-ing disaster for this country. What does the drill-baby-drill crowd have to say about this energy statistic- "thank you Bush, FU Obama". The hypocritical nature of the GOP is mind boggling.

 

[Stone]

That's right, only good avenues come from Republicans. Democrats need to follow their lead. <sarcasm>
PS, W was a F-ing disaster for this country. What does the drill-baby-drill crowd have to say about this energy statistic- "thank you Bush, FU Obama". The hypocritical nature of the GOP is mind boggling.

And the hypocrite enters to give his partisan views after I make a request to keep the thread neutral.

OK......have at it, all....anything goes.

 

[darkcgi]

We are going to be owned by Islamic s
they have tons of money and the already rich want some of it
Obama has been planning that from the beginning

 

[Stone]

We are going to be owned by Islamic s
they have tons of money and the already rich want some of it
Obama has been planning that from the beginning

Minor Axis doesn't want to hear that......:mad................( )

 

[darkcgi]

I'm with you!
after that we will forced to convert to Islam or get tortured
what would you do

 

[Stone]

I'm with you!
after that we will forced to convert to Islam or get tortured
what would you do

Go live where Minor Axis doesn't?..........

 

[Alien Allen]

Go live where Minor Axis doesn't?..........

----> :thumbup

 

[darkcgi]

wish I could
I would have been gone
but I've got families

 

[NuckingFuts]

We are going to be owned by Islamic s
they have tons of money and the already rich want some of it
Obama has been planning that from the beginning

I think we are going to be owned by China. going we are so f-Ing in debt to them. They are going to come collect.

 

[Francis]

I'd rather keep partisan politics out of this thread

First mistake was putting it under Politics section.. :willy_nilly:

 

[Alien Allen]

First mistake was putting it under Politics section.. :willy_nilly:

He has got ya there Caveman

 

[Stone]

But it is working for me ......:eek.......

 

[Tim]

Ok, this interesting and I have a question (nonpartisan) for you or anyone else that can answer.

So by 2017 the US will be the largest oil producing nation. Now does that mean we will have the largest resources or does that still belong to the middle east? That's important to know because if we crank up production and if it shortens our supply here in the states, does that make us even more dependent in the future to the middle east? And how soon might that happen???

One more question.
So we are producing more oil here in the states. How does that help us economically?
I understand that it does employ more people here in the states with great paying jobs, but how else does it help us as the nation?
Now correct me if I'm wrong here, but the way I understand it, the oil produced (drilled for) in the united states goes on the world market. The oil in the US isn't nationalized, so it belongs to whoever drills for it. It's then sold on the world market where every nation has the opportunity to buy it.
Whether the oil is drilled out of Saudi Arabia or Texas it all goes on the world market where we buy it at set prices...

So how does that help us?

 

[AUFred]

Since I do not know anything about how the sale of oil works as far as always going on the worldwide market I will just assume that if demand is a constant and supply increases then the price should go down, Theoretically. Now the sizes of the reserves is a whole different ball game as to whether this helps long term or only short term.

 

[Tim]

Since I do not know anything about how the sale of oil works as far as always going on the worldwide market I will just assume that if demand is a constant and supply increases then the price should go down, Theoretically. Now the sizes of the reserves is a whole different ball game as to whether this helps long term or only short term.

Supply and demand does make a difference in the price of oil. But it's global supply and demand. So just because we are producing more here in the states, it does not mean the price will drop in the states.

 

[Francis]

Ok, this interesting and I have a question (nonpartisan) for you or anyone else that can answer.

So by 2017 the US will be the largest oil producing nation. Now does that mean we will have the largest resources or does that still belong to the middle east? That's important to know because if we crank up production and if it shortens our supply here in the states, does that make us even more dependent in the future to the middle east? And how soon might that happen???

One more question.
So we are producing more oil here in the states. How does that help us economically?
I understand that it does employ more people here in the states with great paying jobs, but how else does it help us as the nation?
Now correct me if I'm wrong here, but the way I understand it, the oil produced (drilled for) in the united states goes on the world market. The oil in the US isn't nationalized, so it belongs to whoever drills for it. It's then sold on the world market where every nation has the opportunity to buy it.
Whether the oil is drilled out of Saudi Arabia or Texas it all goes on the world market where we buy it at set prices...

So how does that help us?

You need only study Canada's Oil industry to see how it benefits the companies and not the people..

Canada generates more raw Oil than it uses.. Yet due to markets and situation, we still end up buying loads from South America..

And our gas prices are way above the US prices at the pump..