Drilling For More Oil Not Solution

[JayJay]

They don't starve themselves. They cut production (if we increase) to keep prices high. Opec countries STILL rake in the bucks. Same production at a lower cost, or less production at the same or higher cost.

Why do you think they meet x number of times per year and set production goals. When they think the price is too high, they increase quota's per country to help bring the price down. When the prices are too low, they cut the quota's per country to bring the price up.

USA drill baby drill will have absolutly NO effect on that process. As a single block, they provide somewhere in the neighborhood of 40% (possibly more) of the world daily oil output.

No just think. Iran provides just 5% (roughly) of the worlds daily oil production. What happened to prices when countries started boycotting just 5% of the worlds oil production.

Then what happened when iran threatened to cut off the majority of the middle east oil (by shutting down the straits)?

And BTW, the only time there really was rampant "cheating" by OPEC nations on their quotas was that time in the 1980s-90s when the North Sea oilfields were ramping up, and OPEC lost the ability to truly manipulate oil prices.

Those conditions don't exist today...and this, you don't see as much cheating (not to mention, OPEC nations don't really have all that much spare capacity with which TO cheat anymore).

[dowandy65]

we have enough oil on our own land to more than provide enough oil demand and then some. OPEC can shut down because we already made them rich. We need to get our house in order and stop sending our people to the middle east to die for OPEC

[dowandy65]

simply the more oil in our own market the more we can regulate what we pay for it. As far as natural gas lowering to the point of shuting down because of low prices. Where do you see low prices. What part of the planet are you from? I live in New England and we pay for everything. From what the local radio says we are lower than the national average and we are paying more than we have in the past. Everything is up and i cant see where you are coming from. I hear talk talk talk and only hear special interest coming out. Nothing for the middle class only let things alone they are fine as is. Again what planet are you on. The American public is fed up and needs action so please give some constructive suggestions and not leave things as they are. THat was the pre-WW2 sentiment and look at what happened we had no choice but to act.

[PhantomPholly]

We should drill like crazy. Will it bring prices down? Probably not a lot, but it WILL keep them from skyrocketing as demand soars. But that's not the reason we should drill. We should drill because inside of 20 years there will be almost no market for gasoline - and we will have spent that time exporting our wealth to buy one-time-use gas while the current value of one of our natural resources peaks then declines while we profit not a whit from it. We should drill because it is good for America. In fact, Libs should be SCREAMING for us to drill, because sales could help stave off the inevitable end of our financial free ride for just a few more years....

[misterblue]

What happened to the democrats plan to lower gas prices that the Goof Pelosi spoke of?

[fava]

No. Let's not drill. Let's buy all our oil from Brazil and Veneuzuela and other Countries that despise us. Yeah, that's the ticket. We send all our money to them and it will solve all our problems.
What a great op. Why didn't I think of that great solution?

[misterblue]

And BTW, the only time there really was rampant "cheating" by OPEC nations on their quotas was that time in the 1980s-90s when the North Sea oilfields were ramping up, and OPEC lost the ability to truly manipulate oil prices.

Those conditions don't exist today...and this, you don't see as much cheating (not to mention, OPEC nations don't really have all that much spare capacity with which TO cheat anymore).

Did you say ramping up hurts OPEC?