In response to:

The O'pocalypse Now

Jim5522 Wrote: Jun 03, 2012 8:56 AM
So explain something to me John, the central tenet of capitalism is to undercut your competition and dominate the market. In the ME to produce a barrel of oil it costs about $3/bbl while in the North Sea or Alaska the cost is about $25/bbl rising to nearly $70/bbl for the tar sands in Canada. Yet the ME resists the urge to undercut the market by flooding it with cheap oil and driving out the competition as they did in the 80's when they made the shale oil boom in Colorado go bust. Why isn't a gallon of gas still a $1 making the idea of drill baby drill, theoretically prohibitive, since it costs 10-25 times more to even get it out of the ground? Could there be other factors ... such as collusion?
8411c Wrote: Jun 03, 2012 9:06 AM
Do you have any sources for all these numbers you spout?

Just wondering...
Michael Bowler (formerly Michael) Wrote: Jun 03, 2012 9:05 AM
Ummmm, ever heard of OPEC?

They are the prevailing controller of the oil market. They could run up production to make other sources unviable, the consequences are reduced profit per barrel in countries where the proven reserves are going down without replacement. Saudi oil production capacity is on the decline, Indonesia is no longer a net exporter, Many others are in similar boats. OPEC's influence will wane over time.

Now is the time to ramp up US production capacity, NOW.
Chris from Kalifornia Wrote: Jun 03, 2012 10:41 AM
They have always raised production to foil plans to produce locally. But their ability to do that is declining. I've always kind of thought it would be a "good thing" to use their oil first, then use our own, when it was more profitable to do so. And now it is, assuming we can get a government that will let us use it.

Doctor Roy wrote: I know you have problems with the other two but what's the problem with shared sacrifice?

Dear Comrade Doctor,

There is noting wrong with shared sacrifice if it’s the type of sacrifice Winston Churchill talked about when he told England he had “nothing to offer but blood, toil, tears and sweat.”

But that’s not what Obama is talking about. He’s talking about rewarding one sector of society, for example the flat-earth society which posses as global alarmists, against the poor and middle class who have to pay more for energy because of Obama.

Let me ask you this:...