Posted by LAA on September 23, 2010 at 21:05:27 from (86.51.147.113):
In Reply to: Re: O.T. Made in USA posted by MarkB_MI on September 23, 2010 at 18:58:37:
Your correct about China -- but the advantages you listed are advantages only because everyone had to pay high prices for energy. China does not have the capability we have to produce and be energy independent. Keep labor costs and regulatory issues exactly as they are now and give us access to our reserves and China is sucking wind.
Domestic oil is cheaper when the industry is not regulated to death and notice I previously stated oil and natural gas, gas is the key but, in addition, we have enough proven domestic oil reserves to power our economy and cars for 300 years at the current utilization rates. As far as ''all the cheap oil was pumped a long time ago'' bunkum, technological advances renew old wells and fields every single day all over the USA and the world.
Saudi oil -- 70 bucks +- is the going price right now world wide. I work in Saudi Arabia and have for many years, Saudi oil is commodity priced the same as everywhere else. There are only 4 grades that bring the top dollar and one is Arabian light. The Saudi strategy is to maintain current production of approx. 10 million BPD unless demand falters and then adjust production to support prices. There are some major expansion projects taking place in the country right now and they all have price per BBL targets or are delayed/curtailed. I have seen it many times.
''The days of cheap energy are long gone'', huh, I always thought oil and gas were commodities and therefore subject to market forces, I guess I dreamed that oil was $9.00 a bbl. as recently as 1999 -- I guess the fact that oil is 1/2 the price it was 2 years ago is because someone waved a magic wand.
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