Regarding oil, we really are idiots. - Page 3

fundingfather · 07-06-2008, 01:25 PM

WashDad: "the US military (not just in Iraq) uses 1.2 million barrels a month "

mini: "That's about what production in Anwar would be. "

mini, you are closer to the truth than you normally are. The real expected capacity for ANWR is:

Quote:

510,000 barrels to 1.45 million barrels per day.
Arctic Drilling Wouldn't Cool High Oil Prices - US News and World Report

Or about what we import from Saudi Arabia. Were it not for the Clinton administration's ineptitude, that oil would be flowing right now.

LongPrime · 07-06-2008, 02:31 PM

some days, we all feel like, Marvin and Eeyore.

The economist I know says that we should be prepared to relive the mid 70's-early 80's. To which I said, then I hope we have someone who is charismatic to lead us.

simba · 07-06-2008, 07:04 PM

In some weird way, I am happy for the high prices. In a long time this has forced a serous discussion on the use of gas at the grass root level. I am also happy to see that it is making people change their habits some what. I always thought that we Americans believe that we are 'entitled' to cheap energy.

On the plus side it would speed up the development/production of Canadian Tar Sand and Colorado Oil shale.

mapesy · 07-06-2008, 10:23 PM

Quote:

Or about what we import from Saudi Arabia. Were it not for the Clinton administration's ineptitude, that oil would be flowing right now.

Anwar oil might be flowing, but we might ship it abroad once it's refined:

Quote:

"A record 1.6 million barrels a day in U.S. refined petroleum products were exported during the first four months of this year, up 33 percent from 1.2 million barrels a day over the same period in 2007. Shipments this February topped 1.8 million barrels a day for the first time during any month, according to final numbers from the Energy Department."

"The 1.6 million barrels a day in record petroleum exports represented 9 percent of total U.S. refining capacity of 17.6 million barrels a day."

"However, with refiners operating at 85 percent of capacity during the January-April period, the shipments represented a much a larger share of total U.S. oil products produced."

"The exports were also equal to half the 3.2 million barrels of gasoline, diesel fuel and other petroleum products the United States imported each day over the 4-month period."

If refined products don't meet US clear air standards, we export them to other countries:

Quote:

John Felmy, the chief economist at the American Petroleum Institute, said a portion of the oil products exported, especially diesel, was fuel that did not meet U.S. clean air requirements and therefore could not be sold in America. "You may have some that you're not able to use," he said.

ANALYSIS-US oil firms seek drilling access, but exports soar - Forbes.com