Originally Posted by
FDXLAG
What facts do you have that extra drilling at this point wont help us. You are making a statement with no basis in logic. Should Brazil plug their new found oil wealth because extra drilling wont help? If new drilling wont help, how about getting rid of old drilling? What would happen to the price of oil if we nuked Saudi Arabia? After all what is a few billion barrels either way? Never said you condemned nuclear or coal. Just said you are a do gooder who thinks he is smarter than the market and human nature. Who is just focusing on oil? My side is saying look at everything, if you have a good idea run with it. Your side is saying you can do anything but oil. Which side is the intolerant one?
All I'm saying is that the U.S.
peaked at about 10.5 million bbl/oil a day back in 1970 or so. Preceding this peak in production, there was also a peak in discoveries, this included ANWR, also known as the North Slope of Alaska. Right now were pumping about 5 million bbl/day here in the U.S. domestically. We can drill/pump Alaska and the OCS like a first-rate pornstar, we'll never match the 10.5 million bbl/day we saw back in '70.
I think the notion that people have here is that excess drilling will either bring prices back down, or keep current prices flat. That just won't happen. Barring a massive economic recession/depression, even w/ supplemental drilling here domestically, prices should continue to rise. I'm obviously a proponent of peak oil, so I guess I have a bit of a bias here. I do think peak oil provides the best explanation for what we're seeing right now w/ oil.