Why do the Republicans think drilling for oil will change the price of oil?

When the price is determined on the world market, and the oil drilling is just a small percentage of that?
Westward – what are you talking about? Why would domestic suppliers sell oil cheaper than the world price? You think they would sell to us cheaper out of patriotism? That’s not the free market way!

8 Responses to “Why do the Republicans think drilling for oil will change the price of oil?”

  1. shjOlds_442 Says:

    And who told you that it won’t? Since this is clearly what you are trying to say, why don’t you at least offer a link to such facts?

    BTW: I’m sure you remember this since you are among the liberals that where pointing out that Bush had stock in the oil companies. Remember the day Bush stated that he supported drilling for oil? Price per barrel went down 20 dollars the following day. That means he was willing to allow his stock in the oil companies to lose money for the benefit of America.

    You say Obama doesn’t own stock in the oil companies. Yet, what has he done to lower the price per gallon? For someone who has no ties to the oil giants, he has been given more money by them than anyone else. Just a coincidence? Who are you kidding?

    I guess your idea of helping the poor is keeping the price up. You do claim to be part of the party that claims to be "so concern" for the poor and homeless.

  2. iluvmycatsanddogs99 Says:

    Don’t worry, because of this oil spill, they will not be drilling in the USA. As soon as
    President Obama said it was okay, look what happened.

  3. Westward Wind Says:

    You just answered the question yourself – we need to tap into domestic resources so we don’t rely on the world market to determine our domestic price of oil.

    Right now, we rely too heavily on the Persian Gulf – to the point of $25 billion a year. If we cut that in half (which would be a tall order) you WOULD see a price change at the pump.

  4. 60 min man Says:

    it is about dependence not cost. oil and gas will always rise. but if opec decides not to sell to us, we are at their mercy. we need to transition to green technologies but few of the poor can afford 8 dollar gas, hybrid cars and a doubling of their light bill.

  5. Dr.T Says:

    Not just republicans, anyone with an ounce of common sense would realize that the more oil we can produce that is not foreign, the more secure we are as a nation. there are thousands of oil rigs, no spills, no problems, and we should encourage more drilling more nuclear power plants, etc.

    There is NO other fuel that we can use to run our cars, or heat homes, or cook with that has more energy than natural gas and products derived from oil which include lubricants of course, plastics which we use, pharmaceuticals, fertilizer, etc.

    Why do liberals and brain damaged obama supporters think we can produce sufficient energy with solar, or wind power to run a country?

  6. Max Hoopla Says:

    Basic economics, a larger supply will push the price down.

  7. James E Lewis AKA choteau Says:

    What is real funny to me about this whole "Off Shore Drilling" thing is that a HUGE Oil Field has been found deep under North and South Dakota plus parts of Montana, Nebraska, Wisconsin and across the Canadian Border but the Oil Companies and the Republicans all try to ignore or hide that fact. The projected reserve of available pump-able oil is said to exceed the projected need for oil in the US for the next 25 – 50 YEARS yet you here nothing about any attempts to lease the land and start recovery.

    Not to mention the millions of jobs that drilling and producing that Oil Field would create both in manufacturing the drilling rigs and pipe and in the production of those fields from drilling to shipping to refining the oil.

  8. justgetitright Says:

    It isn’t about cheaper oil, it is about getting out from under the Middle East suppliers that take the money we spend and use it against us.

    Now it is possible that oil taken from our own country would result in lower costs, how much lower is debatable but the costs of transportation would me much lower. There are approximately 3,500 oil tankers available for commercial oil transportation in the world today. The transportation costs
    is approximately $1.30 per barrel

    Costs are not just transportation, exploration probably makes up the one of the costs as you can spend anywhere between $5 million and $20 million just for a geologic survey. Drilling is the largest cost.
    Once you have found oil you have the costs associated with development and then you have the costs of costs of refinement, finally there is the costs of distribution.

    Bottom line is that if we drill for our own oil we could save the $115 billion we have spend so far ($47 billion from OPEC) plus the transportation costs and create hundreds of new jobs. The new jobs would mean more money collected in taxes and more taxes collected from the oil companies.

    Update 5/11/2010
    Canada is the 2nd largest oil producing country in the
    world, much of that oil comes from the Bakken area that stretches from Canada down in to Wyoming, N. Dakota and South Dakota. It has been estimated that this oil field contains 3 to 4 billion barrels of oil. This would eliminate all dependency on foreign oil. They also estimate that there is 1 trillion cubic feet of natural gas and 148 million barrels of natural gas liquids

    http://pubs.usgs.gov/fs/2008/3021/

    Now the US also has the largest deposits of shale oil, approximately 75% of the words supply. Shale oil is harder to extract so the costs would be higher in that regard. But it is estimated that the US has 2.8 to 3.3 trillion barrels of Shale oil.
    http://en.wikipedia.org/wiki/Oil_shale
    None of this would guarantee cheaper gas prices but it would guarantee independence from the Middle East.

    I am a capitalist in every sense of the word, but if the government ever wanted to get involved they should on this issue by not allowing any foreign oil companies access to this reserve and not allow the crude to be sold on the open market. It is American oil and should be used for the benefit of all Americans.
    In fact this is one area that I would support a take over and allow the government to establish oil refineries and gas stations. All of the money that the government made from these operations (net profits) can then be used to pay down the national debt.