[Two Bills]

OPEC is responsible for about 30% of world oil production.
Funny how many of the larger non OPEC members (70%) like USA and Canada, never lower their prices to help.
They may increase production, but just cream off the larger profit.
In my mind, their the boogers who deserve a kick up the butt!

[Bay Kid]

Originally Posted by wisbad1

Yet we send money and food and guns to them,

Makes you wonder what is really going on in our country. And we keep using our reserves.

[MandoMan]

Originally Posted by RICH1

OPEC has stated they will reduce oil production by 2 million barrels a day! Obviously they are contributing to the cold winter in Europe! Not a friendly gesture to Ukraine

OPEC does it primarily to maximize profit per barrel. Petroleum prices are MUCH lower than they were six months ago. Russia wants the profit, too, but in addition, it loves bleeding its enemies throughout Europe. Can’t really blame the countries for wanting the highest price possible. If you were selling your house, wouldn’t you want top dollar?

[RICH1]

Originally Posted by MandoMan

OPEC does it primarily to maximize profit per barrel. Petroleum prices are MUCH lower than they were six months ago. Russia wants the profit, too, but in addition, it loves bleeding its enemies throughout Europe. Can’t really blame the countries for wanting the highest price possible. If you were selling your house, wouldn’t you want top dollar?

Trying to Compare OPEC’s control of oil production and selling my house makes me believe the local Dispensary/pharmacist is mixing crushed Samsun ants in someone’s medicinal weed…

[fgaba1949]

Originally Posted by wisbad1

Yet we send money and food and guns to them,

Yep and now what is our debt ?

[Villages Kahuna]

There are replies here suggesting that it’s “the government” that’s responsible for the U.S. not drilling more and becoming self-sufficient. We should be reminded that it’s the private oil companies that do the drilling or fracking. If they could do it profitably, they would!

[Mistymom]

Originally Posted by Stu from NYC

Seems like such an obvious idea wonder why certain people just dont get it.

Later on if electric vehicles take off demand will shrink on its own

I realize that the subject is OPEC, but how do you think the electricity that powers your car is produced? It's more than likely natural gas because most coal fired plants have been shut down.

[Blackbird45]

I don't blame Opec, they see a movement heading to alternative fuels, once it truly takes hold the value of their product will drop. They need to make the money while they can. The problem they face with cutting production which will raise the price is that it also increases the speed of the demand for alternative fuels to take hold. It's a bizarre circle where if you keep the price low people will continue to use their product and if they raise the price of their product, they reduce the need. This has nothing to do with politics, loyalty or any idealism. The motivation is money.

[RICH1]

Very good point Blackbird !

[Vermilion Villager]

Originally Posted by Aces4

American citizens above the Mason Dixon line are very grateful for heating oil and natural gas to fuel their furnaces. Solar is not sufficient for heat when it’s below zero and there is not enough sunlight in the long winter. I think people will be amazed how expensive and inefficient electricity is when EVERYTHING is run by electricity. Fossil fuels will always be important to the population but some use may be reduced. Florida may easily run off solar and wind energy if they aren’t concerned about the weather taking down their grid.

My home is 100% electric and I guarantee the only people that live farther north of the Mason Dixon lines than me are Canadians. In northern Minnesota we get temperatures that are colder than -35°. With electric heat you can get off peak rates. I pay $.05/Kwh. My heating costs are roughly 2/3 of my neighbors who use heating oil or propane.

[dtennent]

Oil can be used for so much more than a fuel. It creates the feedstocks for all the synthetic materials which we use everyday. While we have oil reserves around the world to support civilization for a long time, this versatile starting material will eventually be gone. (It is human nature to undervalue a finite resource that seems plentiful.). If we wish to encourage alternative sources of electricity, then we have to level the playing field on tax breaks for each energy source.

[Caymus]

Originally Posted by Villages Kahuna

There are replies here suggesting that it’s “the government” that’s responsible for the U.S. not drilling more and becoming self-sufficient. We should be reminded that it’s the private oil companies that do the drilling or fracking. If they could do it profitably, they would!

Coal output hit a record output last year. Somebody is using it.

[kkingston57]

Agree. Unfortunately oil from the US costs more to extract than oil in Saudi Arabia.

[Stu from NYC]

Originally Posted by Villages Kahuna

There are replies here suggesting that it’s “the government” that’s responsible for the U.S. not drilling more and becoming self-sufficient. We should be reminded that it’s the private oil companies that do the drilling or fracking. If they could do it profitably, they would!

But it is the govt that in many areas sells leases to drill, encourage or discourage is in their power

[kkingston57]

Originally Posted by Stu from NYC

Seems like such an obvious idea wonder why certain people just dont get it.

Later on if electric vehicles take off demand will shrink on its own

Seems that some electric vehicle haters have not heard or want to pay attention to your last line.