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Thread: Bush says there is simply not enough oil out there

  1. #1
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    Default Bush says there is simply not enough oil out there

    Here it is right from the horse's mouth. There is not enough oil to feed capitalist appetite:

    "I have made the case that the high price of oil injures economies. But I think we better understand that there's not a lot of excess capacity in this world right now," Bush told a press conference late last month.

    "Hopefully high prices will spur more exploration to bring excess capacity on, but demand is rising faster than supply. And that's why you're seeing global energy prices rise."


    Bush prepares to press Saudis on skyrocketing price of oil - Yahoo! News

  2. #2

    Default Re: Bush says there is simply not enough oil out there

    Gee, that's astute stuff from our President. I'm definitely taking notes.

  3. #3

    Default Re: Bush says there is simply not enough oil out there

    Quote Originally Posted by Big View Post
    Here it is right from the horse's mouth. There is not enough oil to feed capitalist appetite:

    "I have made the case that the high price of oil injures economies. But I think we better understand that there's not a lot of excess capacity in this world right now," Bush told a press conference late last month.

    "Hopefully high prices will spur more exploration to bring excess capacity on, but demand is rising faster than supply. And that's why you're seeing global energy prices rise."


    Bush prepares to press Saudis on skyrocketing price of oil - Yahoo! News
    Not enough oil to feed capitalist appetite? Big, did you miss the fact that communist China is the world's largest consumer of oil? Capitalist systems have reduced their oil use BECAUSE of high prices. Communist systems don't allow market prices to effect demand (price controlling), so their demand rises unchecked.

  4. #4

    Default Re: Bush says there is simply not enough oil out there

    I'd like to see a link to your statement that China uses the most oil.
    Also, take into account that China has four times the population of the US.

  5. #5

    Default Re: Bush says there is simply not enough oil out there

    Quote Originally Posted by Big View Post
    Here it is right from the horse's mouth. There is not enough oil to feed capitalist appetite:

    "I have made the case that the high price of oil injures economies. But I think we better understand that there's not a lot of excess capacity in this world right now," Bush told a press conference late last month.

    "Hopefully high prices will spur more exploration to bring excess capacity on, but demand is rising faster than supply. And that's why you're seeing global energy prices rise."


    Bush prepares to press Saudis on skyrocketing price of oil - Yahoo! News
    He has also said we need to drill in ANWR and offshore.

  6. #6

    Default Re: Bush says there is simply not enough oil out there

    The Chinese having a growing consumption of oil, however, they are still way behind the U.S. Our oil consumption has decreased to about 20.5 million barrels a day, whereas the Chinese use about 7.5 million. However, (of course), our economy dwarfs that of China's and when you measure it as a function of GDP, we use less. So, in terms of oil use as a function of GDP, we do have a lower figure. We use it much more efficiently. Also, it is true that the Chinese have overtaken the United States as largest emitter of carbon for whatever that is worth; this is in actual terms, not as a function of GDP. They literally produce more carbon. This is not good performance out of the Chinese as (mentioned above), their economy is much smaller.

    The pollution is due partly to the fact Chinese diesel trucks and cars are pathetically dirty compared to those of the United States. Their clean fuel requirements are also disturbingly lax. They also have little or no standards regarding coal powered electrical plants, and (as we all know), they have multiple dozens coming on line week after week over the next several years.

    And yes, American consumption has definitely fallen. While definitely not a wholesale switch (yet), people are not buying trucks and SUVs as they have in the past. Instead, they are slowly switching to smaller and more fuel efficient cars. I have also noticed that semi trucks on the freeway have definitely slowed down which is a plus imo. I am passing trucks now which used to never happen. I think our oil use could continue to fall if the economy slows more and people continue to park their trucks and SUVs in favor of cars. With 150-million plus cars and trucks on the road and given the fact that nearly 50% of our oil use is converted to gas and diesel, switching to smaller cars will make a very significant impact on consumption.

    Quote Originally Posted by skipster View Post
    Not enough oil to feed capitalist appetite? Big, did you miss the fact that communist China is the world's largest consumer of oil? Capitalist systems have reduced their oil use BECAUSE of high prices. Communist systems don't allow market prices to effect demand (price controlling), so their demand rises unchecked.

  7. #7
    Olympic Champ RYou's Avatar
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    Default Re: Bush says there is simply not enough oil out there

    Price of a gallon of gas with government controlled pricing

    GEORGIA TBILISI $2.31
    LAOS VIENTIANE $1.66
    THAILAND BANGKOK $1.60
    CHINA TIANJIN $1.54
    CHINA SHANGHAI $1.48
    RUSSIA MOSCOW $1.45
    KAZAKHSTAN ALMATY $1.36
    KAZAKHSTAN ATYRAU $1.35
    TAJIKISTAN DUSHANBE $1.32
    AZERBAIJAN BAKU $1.15
    VENEZUELA CARACAS $0.14

    Source:CNN Money

  8. #8
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    Default Re: Bush says there is simply not enough oil out there

    Quote Originally Posted by RYou View Post
    Price of a gallon of gas with government controlled pricing

    GEORGIA TBILISI $2.31
    LAOS VIENTIANE $1.66
    THAILAND BANGKOK $1.60
    CHINA TIANJIN $1.54
    CHINA SHANGHAI $1.48
    RUSSIA MOSCOW $1.45
    KAZAKHSTAN ALMATY $1.36
    KAZAKHSTAN ATYRAU $1.35
    TAJIKISTAN DUSHANBE $1.32
    AZERBAIJAN BAKU $1.15
    VENEZUELA CARACAS $0.14

    Source:CNN Money
    If you consider they are making less money as well, their gas is actually the same or much more expensive than in US.

  9. #9

    Default Re: Bush says there is simply not enough oil out there

    Quote Originally Posted by Big View Post

    "Hopefully high prices will spur more exploration .....
    ... exploration in alternative energy sources.

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