Cyclone85

It is more expensive, but the technology is improving and they can operate profitably at even lower prices. Oil demand is not going to double in 10-years. OPEC and even other energy watch-dogs estimate a 40% increase over the next 20 to 25-years.

We've literally only scratched the earth regarding oil exploration. If you lined up all of the oil rigs on earth in the Gulf of Mexico as a big square, it wouldn't even show up on a satellite view as more than a speck. Beyond the speck, all you see is ocean and land.

skipster

Extracting oil from the oil sands is profitable only if the price of oil is over $60/barrel. Because the current price exceeds that figure, extracting oil from sands can be uite profitable.

Big

Well I guess everything is alright then. I am convinced.

Cyclone85

I wasn't sure of the price, however, I just knew it was a lot lower than what it is now.

Big

Isn't it Bush's fault then for not taking control of the oil situation?

Cyclone85

No you're not! (I can spot sarcasm from a mile away!) ;o)

But know this, we are in absolutely no danger of running out for a long time. This is despite the incredible efforts of our lovely U.S. energy policy that clamps down gigantic areas of the U.S. and its continental shelf as a no-drill zone. I'm also learning of other lovely features of our policy that will not permit companies to get mind-blowing natural gas reserves that are contained within federally owned land. The number of cubic feet of gas was so big, that I didn't even know what the number meant. I just knew it had a lot of zeros behind the 1.

BTW -- Honda sells a natural gas kit for home re-fueling for about $3k for a particular Civic line. It's too expensive right now, however, that is a possibility down the road if the technology becomes more affordable.

Big

Bush and Republicans are at fault then. They should have known when oil was still cheap.

Big

My point though was that things are changing right now. People cannot handle these prices no matter how much oil is in the sand in Canada.

Cyclone85

Kindasortamaybe, but not really. He has put forth measures to the congress (very recently) for less restrictions on drilling and exploration. Guess what Pelosi said: No, No, and No.

McCain would be a lot worse than Bush on an energy policy in my estimation. None of the three candidates have a real energy policy that would reduce the price of energy which is hurting a lot of people, not to mention companies. Sure, we can study and build wind and solar units everywhere...it's just not cost effective and reliable (yet). Go ahead and research it and study it, however, the Congress should not be limiting efforts to recover known reserves.

Big

Don't you think drilling and exploration is irrelevant if the fruits of it can be realized only 5 years from now while the economy will collapse by then?

What reason is it to search water for a month when you can't live that long without water?