BTW, I think we're producing more oil than we consume, finally. And Obama administration has done more than block Keystone. They've not allowed drilling on government lands. All (or virtually all) the expanded oil production has occurred on private property. Also Iraqi oil production is higher now than any time since the 1980s. http://www.politifact.com/truth-o-m...r/klobuchar-says-us-worlds-no-1-oil-producer/ In the third quarter of 2014 -- the most recent available data -- the United States produced 14.2 million barrels of oil per day; Saudi Arabia produced 11.7 million per day; and Russia produced 10.5 million per day. Together, that’s about 40 percent of total global production. This production growth has contributed to the United States’ ability to produce more oil than it imports for the first time in about 20 years. The Energy Information Administration expects American production to continue to grow in 2015, despite recent lower crude oil prices. Total oil production figures include crude oil, natural gas liquids and other liquid energy products. On top of oil, the United States produces significantly more natural gas than Saudi Arabia. According to the Energy Information Administration, United States energy production is about evenly split between petroleum and natural gas. Saudi Arabia, on the other hand, primarily produces petroleum.
http://www.forbes.com/sites/chrispr...-and-natural-gas-production-on-federal-lands/ Obama Stymies Oil and Natural Gas Production on Federal Lands A new nonpartisan Congressional Research Service (CRS) report quantifies the Obama administration’s hostility towards America’s oil and natural gas industry. While oil and natural gas production has surged on non-federal lands, President Obama has overseen a decline in production on federal lands. There are four entities that own land in the United States: the federal government, states, private landowners, and Native Americans. The Bureau of Land Management (BLM) at the Department of the Interior is charged with leasing, selling, and generally managing oil and natural gas reserves on federal land. Although the federal government heavily regulates the exploration and production process through laws like the Clean Air Act, Clean Water Act, Endangered Species Act, etc, the federal government doesn’t control land owned by states or individuals. The point being, a fair way to judge the Obama administration’s stance towards oil and natural gas is to compare federal production to state and private land production. According to the CRS report, oil production on federal lands actually fell 6 percent between 2009 and 2013. Over the same period of time, oil production increased by an astounding 61 percent on state and private lands. The decrease in federal production is not insubstantial but requires context in the form of state and private production numbers. As a result of these massive gains, crude oil production on state and private lands has risen by 2.1 million barrels per day. That increase alone is more than Algeria, Libya, Qatar, and Norway produce– all countries with storied oil reputations – and explains why the U.S. is on track to be the world’s largest oil producer.
Your killing me here DC. Ok oil was over $60 a barrel in 2008 but fracking wasnt ready to take over then. The technology behind fracking has literally exploded in the recent years. Speculation but the break even point was probably way above $60 back then. The keystone pipeline helps import more Canadian oil for processing that it does to help the US in any way, and it goes directly over some very important water tables. It should be debated and the honestly I dont think the benefits are that great anyway. I mean why do we want it, so we can have cheaper oil? Shit we are already at sub $50 a barrel without it. The real fracking treasure is in west Texas centered around Midland, that is what has the Saudis scared shitless. The wolfcamp shale deposit is estimated to potentially hold more oil and natural gas than all of Saudi Arabia. No pipeline needed for that. Just because Obama resist federal land drilling doesn't mean he is anti oil. Also you guys all realize there is a ban on selling US produced oil and natural gas on the world market? This artificially keeps our prices low and makes us extra susceptible to world supply guts. I think most likely what you will see out of this is a push from the oil companies to remove this ban which will cause a spike in prices again.
I've been going to upper state new york on business the past 3 years. The people complained 3 years ago that those who lived over the state line in PA were able to reap beaucoup bucks from the oil companies for leasing their land for fracking. I'm not sure when you think fracking started. There's only evidence he blocks all things oil and does nothing to support it. Yet you say he does. Where's the proof? The oil boom here is happening in spite of him, and it's not happening in the sectors he favors (green). The keystone pipeline will create many jobs and the oil sent from canada will be refined in our refineries (good for our companies) and the oil sold to the Chinese will mean the Chinese demand less elsewhere. The pipeline is a multi $billion infrastructure project paid for with non-taxpayer dollars. There is only absurd arguments against it. Sorry if you feel different.
Early 2000's Pennsylvania fracking is shit and did more to slow the industry and poison public opinion of fracking than anything else. The shale deposits are close to the surface and much more easily leak into the water supply, and the technology was crappy enough to cause pipeline drill leaks all over the place. Pennsylvania should have been the last place in the US to get fracked. The pipeline will create many building jobs, but it will only create a handful of long term positions and all the risk will be assumed by the American people. A spill could poison a huge portion of the central U.S. agricultural irrigation water. We dont even need Canadian oil anymore. That doesnt sound absurd to me. http://www.motherjones.com/environment/2014/09/how-obama-became-oil-president-gas-fracking-drill
They said the same things about the alyeska pipeline. The fearmongering was proven to be completely wrong, right down to the effect on wildlife (which thrived). Fear of spill = sky is falling bullshit. The country has mass quantities of pipelines and there's been no apocalypse.
And Obama still obstructed the oil industry while bragging that it is succeeding in spite of him. Mother Jones' huge stretch to the contrary.
The economics professors I've talked to in the last 12 months say you're 100% wrong. Can you link to where the Dept. of Commerce clearly disagrees with almost all economists? No offhand minor stat, please, just show me an overwhelming clear statement from the Commerce Dept. that says that the entire approach of almost 100% of economists was an entire failure. Thanks, and don't have an epic fail when you try this.
For anyone who is wondering this is the proposed Keystone pipeline addition. This is the main water table that is of concern.
So you've been talking to astrologers and believe them? Both disciplines attempt to predict the future. https://www.aei.org/publication/that-bernstein-romer-jobs-chart-a-final-appraisal/
Some. Low risk, high reward. Extremely low risk, very high reward. Suppose we shut off all the pipelines out of irrational fear. People would freeze to death, and we'd pretty much look like N Korea at night.
So back to the topic at hand. Cheap gas prices are because of Saudi Arabia trying to undermine US frackers, not because of anything it has to do with the keystone pipeline. Its kind of ironic actually because economics is more effectively doing a job that environmentalist could never accomplish. IMO this a self defeating strategy by Saudi Arabia and will only slow their demise. This will also lead to a lift on US global oil and gas bans and you will see a domestic jump like diesel had about 10 years ago as our supply becomes available to the rest of the world. http://www.latimes.com/opinion/op-e...-fracking-opec-oil-prices-20141216-story.html
What do you think they do with the excess oil they don't sell? Production exceeds consumption by 2M barrels a day, according to your article.