[burtonridr]

$this->bbcode_second_pass_quote('Ludi', '')$this->bbcode_second_pass_quote('Buggy', 'W')e ARE in transition away from hydrocarbons.

[Serial_Worrier]

$this->bbcode_second_pass_quote('Ludi', '')$this->bbcode_second_pass_quote('Buggy', 'W')e ARE in transition away from hydrocarbons.

[Homesteader]

$this->bbcode_second_pass_quote('Serial_Worrier', '')$this->bbcode_second_pass_quote('Ludi', '')$this->bbcode_second_pass_quote('Buggy', 'W')e ARE in transition away from hydrocarbons.

[burtonridr]

$this->bbcode_second_pass_quote('Buggy', '
')I realize there is a good size group of peak oilers that do not like Bush. But to just throw this speech into the bin with all the other "same old stuff" speeches is a big mistake. I saw this speech as a milestone for us. We ARE in transition away from hydrocarbons. Gas prices ARE going to go higher, thus saying oil IS NOT a bubble. There ARE NOT any quick fixes. This speech was actually rather scary for me, a new peak oiler. We should not bash every politician until they actually say the words "peak oil." It's just not going to happen. The term gives a false impression to the lay person that there will be a sharp point or spike then a quick drop off. I think the strategy here is to avoid that. So they're not going to call it something they don't want it to be, and realistically, can avaid it becoming.

[burtonridr]

$this->bbcode_second_pass_quote('Homesteader', '')$this->bbcode_second_pass_quote('Serial_Worrier', '')$this->bbcode_second_pass_quote('Ludi', '')$this->bbcode_second_pass_quote('Buggy', 'W')e ARE in transition away from hydrocarbons.

[hironegro]

$this->bbcode_second_pass_quote('Ludi', '')$this->bbcode_second_pass_quote('Buggy', 'W')e ARE in transition away from hydrocarbons.

[Ludi]

$this->bbcode_second_pass_quote('Serial_Worrier', '
')Typical doomer reply.

[Ludi]

$this->bbcode_second_pass_quote('hironegro', '
')nano-bot built solar panels/batteries and fusion reactors.

[highlander]

There were a couple of interesting exchanges during this "press conference"
the first

Q Two questions. One on energy and another on Sudan.

THE PRESIDENT: On what?

Q Not energy, I'm sorry, the economy

this makes me think the president knew who was going to ask what questions (I know he is much too stupid to do such a thing)

the second, follow up
Q Thank you, sir. Following up on Bret Baier's question --

THE PRESIDENT: What was the question, Olivier? I'm 62, I'm having trouble remembering a lot of things.

Q It was about Afghanistan, sir.

THE PRESIDENT: Good, yes.

Q Okay. Afghan President --

THE PRESIDENT: I remember it now.

The cue of the Afgan president, then the question regarding Pakistan et al, are another indication of the planning behind these events. As is par for this administration, everything is carefully controlled and only the official message is getting out. Contrast that with McCain's tossing his mike to someone in the audience that wanted to ask him a question. (Of course that could be staged too.)

[burtonridr]

$this->bbcode_second_pass_quote('highlander', 'T')here were a couple of interesting exchanges during this "press conference"
the first.....

[Micki]

PeakingAroundtheCorner, thanks for the transcript.
Will be an interesting read during lunch.

Had a quick scan and can see no good news.
Yet, the DJ recovered 200 points during the speach and oil dropped over $6.
Is there anyone who still doesn't believe the PPT is out there painting things?

[PeakingAroundtheCorner]

$this->bbcode_second_pass_quote('Plantagenet', '')$this->bbcode_second_pass_quote('PeakingAroundtheCorner', '
')Democratic leaders have been delaying action on offshore exploration and now they have an opportunity to show that they finally heard the frustrations of the American people. They should match the action I have taken, repeal the congressional ban and pass legislation to facilitate responsible offshore exploration.[/b]

(ED NOTE: Notice how it's all the Democrat's fault even though they have only had the majority for less than two years? The Republicans had controll for six years of his two terms.)

[Homesteader]

$this->bbcode_second_pass_quote('PeakingAroundtheCorner', '')$this->bbcode_second_pass_quote('Plantagenet', '')$this->bbcode_second_pass_quote('PeakingAroundtheCorner', '
')Democratic leaders have been delaying action on offshore exploration and now they have an opportunity to show that they finally heard the frustrations of the American people. They should match the action I have taken, repeal the congressional ban and pass legislation to facilitate responsible offshore exploration.[/b]

(ED NOTE: Notice how it's all the Democrat's fault even though they have only had the majority for less than two years? The Republicans had controll for six years of his two terms.)

[Buggy]

$this->bbcode_second_pass_quote('Ludi', '')$this->bbcode_second_pass_quote('Buggy', 'W')e ARE in transition away from hydrocarbons.

[kpeavey]

[idiom]

$this->bbcode_second_pass_quote('', 'I') happened to witness a bank run in Midland, Texas, one time. I'll never forget the guy standing in the bank lobby saying, your deposits are good. We got you insured. You don't have to worry about it if you got less than $100,000 in the bank. The problem was, people didn't hear. And there's a -- became a nervousness. My hope is, is that people take a deep breath and realize that their deposits are protected by our government.

[Serial_Worrier]

You should not criticize Dear Leader.

[Plantagenet]

$this->bbcode_second_pass_quote('Homesteader', 'o')il will be much more vital to the US 10 years from now , assuming it isn't sold to Asia at $300 a barrel.

Having it come on line now would only have kept the gluttonous overconsumption going a little longer. Kind of a short term view IMO.

[hironegro]

$this->bbcode_second_pass_quote('Ludi', '')$this->bbcode_second_pass_quote('hironegro', '
')nano-bot built solar panels/batteries and fusion reactors.

[ROCKMAN]

Monte,

Above all, please don't ask me to defend anything that dummy in the White House says. As I've said elsewhere: having GW trying to help the oil industry is like having Osama bin Laden help you buy an airplane ticket.

Now to your questions:

It isn't going to lower world oil prices or prices at the pump.

Nope. I see future oil prices governed by the lack of competition amongst the producers and be relatively unaffected by total oil production capabilities.

It isn't going to increase net US oil production and reduce imports.

Please rephrase. I'm sure you have a valid question but I'm missing it. If the entire undrilled OCS produces 10 bopd then that would mean 10 bopd we wouldn't need to import. Also, please define "net US oil production"


It might slow the rate of growth of them.

I would even offer that as a strong possibility. Depending on demand destruction rate vs. depletion rate I can a small bump in oil availability/price drop leading to increased imports. In other words, we'll piss away an opportunity to start making adjustments like we did in 1986.

But there are positives:

As I've said before, putting a number on the reserve "potential" in these areas of the OCS is a fool's game. I'll skip the long story as I've penned it previously. Now having said that lets use a number but not the high side 80 billion bo or even the low side 17 billion bo. Let’s use 5 billion bo. I just need any low number for the following:

Assuming $140/bbl:

That's equates to a $700 billion decrease in trade imbalances
" $116 billion to the US Gov’t (1/6 royalty)
" $10's of billion in lease bonus payments
" $200 billion of income to the oil service industry
(Assuming a development cost of $40/bbl)
" $ A lot of taxes paid by the service companies and employees

I'll stop crunching numbers now...everyone gets this point now I'm sure.

And all these numbers are small compared to the Federal budget or the home equity numbers or etc. But that doesn't make them negative factors. And remember, the money spent to develop these reserves will come from the profits of Big Oil...a fact that should please all in favor of money redistribution.

The only negative I can see is the potential for a major oil spill. But if you think about it, all the big oil spills in the last 30 years have been done by tanker accidents...tankers often carrying imported oil. But accidents can happen and might. But if this is a primary argument against developing these areas then you would also have to be in favor of shutting in all the current OCS production for the same reason. But that would probably double or triple oil prices over night, unemploy 10's of millions of US workers, destroy $trillions of share holder equity of the oil companies (who are owned by school teachers, fireman, auto workers, etc who are the majority owners of Big Oil through the pension/retirement funds).

As I and many others have said, increasing domestic oil production won't prevent PO. It might not even slow its arrival very much. And it will take the better part of a decade to pay off in a significant way. But, the same thing can be said for every idea out there regarding alternatives. Americans can't replace the cars with better mpg models any quicker, trains can’t be built any quicker. solar panels or wind turbines can't make a significant difference any quicker. So, does the fact that none of the potential adjustments to our oil based economy can be made to any significant level in less than 10 years mean they shouldn't be pursued?

I can still offer only one quick fix for PO in the US: a rapid and huge jump in gasoline tax. Like $0.50/gal hike every 4 months for the next 5 years as only the Congress can mandate. OK...let's all hold our breaths and wait for that to happen.