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The "Drill Baby Drill" Big Lie: We're Exporting Our Domestic Oil Supply...
Monkeyfister
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User ID: 78851
03-06-2012 03:37 AM

Posts: 3,998



Post: #1
The "Drill Baby Drill" Big Lie: We're Exporting Our Domestic Oil Supply...
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I am so old, I remember when we were told to "Drill, Baby, Drill," and we'll achieve "Energy Independence," and low, low domestic oil and gasoline prices. Seems like only yesterday:

http://www.youtube.com/watch?v=8o0iJDA7_...re=related

Since 2008, we certainly HAVE been drilling. We've fracked up every place we can sink a drill into-- onshore, and offshore, and by-gum-- It's WORKED!

We're producing TONS of oil, again. We're producing more Domestic Oil than we have in decades. WOOT! Let the good times ROLL! Happy days are here, again! $1.00 Gas is on the way! Hurray!!! Hurray!!

Cheer Cheer Cheer

SCREEEEEEECH!!!!

Waitaminit, here. Something is horribly wrong with this picture. It doesn't add up to what we were told only four years ago.

Today, WTI is at $107.12 per barrel as I type, and Brent is at $123.80. I am still paying over $3.60 per gallon of gasoline.

US Demand remains at its lowest in decades.

We all know the concept of Supply and Demand: When Supply is High and demand low, prices drop, and vice-verse. But, this concept is now turned on its head, and inside-out.

As it stands, oddly enough, our beloved Oil Corporations are EXPORTING our Domestic Surplus, while CONTINUING to IMPORT Foreign Oil. The US is now a NET EXPORTER of oil for the first time since 1949.

Wall Street Journal: http://online.wsj.com/article/SB10001424...06242.html

Quote:U.S. exports of gasoline, diesel and other oil-based fuels are soaring, putting the nation on track to be a net exporter of petroleum products in 2011 for the first time in 62 years.

A combination of booming demand from emerging markets and faltering domestic activity means the U.S. is exporting more fuel than it imports, upending the historical norm.

According to data released by the U.S. Energy Information Administration on Tuesday, the U.S. sent abroad 753.4 million barrels of everything from gasoline to jet fuel in the first nine months of this year, while it imported 689.4 million barrels.

That the U.S. is shipping out more fuel than it brings in is significant because the nation has for decades been a voracious energy consumer. It took in huge quantities of not only crude oil from the Middle East but also refined fuels from Europe, Latin America and elsewhere to help run its factories and cars.

As recently as 2005, the U.S. imported nearly 900 million barrels more of petroleum products than it exported. Since then the deficit has been steadily shrinking until finally disappearing last fall, and analysts say the country will not lose its "net exporter" tag anytime soon.

"It looks like a trend that could stay in place for the rest of the decade," said Dave Ernsberger, global director of oil at Platts, which tracks energy markets. "The conventional wisdom is that U.S. is this giant black hole sucking in energy from around the world. This changes that dynamic."

Bloomberg News: http://www.bloomberg.com/news/2012-02-29...-2011.html

Quote:The U.S. exported more gasoline, diesel and other fuels than it imported in 2011 for the first time since 1949, the Energy Department said.

Shipments abroad of petroleum products exceeded imports by 439,000 barrels a day, the department said today in the Petroleum Supply Monthly report. In 2010, daily net imports averaged 269,000 barrels. U.S. refiners exported record amounts of gasoline, heating oil and diesel to meet higher global fuel demand while U.S. fuel consumption sank.

USA Today: http://www.usatoday.com/money/industries...52053236/1

Quote:Looking at your heating bills or gas prices, you may find it surprising that the United States is enjoying a mini oil boom. It's producing more crude oil and, for the first time in decades, has become a net exporter of petroleum products such as jet fuel, heating oil and gasoline.

The U.S. exported more oil-based fuels than it imported in the first nine months of this year, making it likely that 2011 will be the first time since 1949 that the nation is a net exporter of such goods, primarily diesel.

That's not all. The U.S. has reversed another decades-long trend. It began producing more crude oil in 2008 than the year before and accelerated that upswing 3% in the first nine months of this year compared with the same period in 2010. That production has helped reduce U.S. imports of crude oil by about 10% since 2006.

"It's dramatic. It's transformative," Edward Morse, a former senior U.S. energy official who now directs global commodities research at Citigroup, says of the historic shifts. He says the U.S. is importing a smaller share — 49% in 2010, down from 60% in 2005 — of the oil it uses, adding: "We're moving toward energy independence."

Yeah. "Drill, Baby, Drill," "Domestic Energy Independence, Self-Reliance and Self-Sufficiency," "Lower Gas Prices." So many people fell for that bullshit.

[Image: F64B_4F555A06.jpg]

And here we are.

So. We're EXPORTING our dwindling, hard-earned, difficult and expensive to extract Domestic Oil Supplies to countries like China, and other places not overly-friendly to the U.S., and all the while, we are CONTINUING to IMPORT oil from places definitely not friendly to our better interests, and all the while we're paying PREMIUM PRICE for oil, and oil products.

Call me nutty, but this just simply does not seem like a sound long-term strategy for our Energy Future. Seems to me that such costly, and destructive Oil Production should AT THE LEAST provide for some price reduction, and a very needed break to those who can really boost the REAL ECONOMY. Lower fuel prices would allow for cheaper domestic transportation costs to Small Businesses, allowing them to expand, and hire more employees, and on, and on. Capping those new discoveries of known reserves would make for real long-term Domestic Energy Self-Sufficiency Policy.

But Wall Street, and our Oil Corporations don't seem to give a rat's ass about long-term policy or planning, or the Good of the Country any more-- it's all short-term, short-sighted gains. Gimme mine, screw the future, screw everyone else.

And the "Drill, Baby, Drill" crowd bought it all-- hook, line, and sinker.

I'll take the slings and arrows from those supporters of Sarah Palin's legs, right now.

But ten years from now, when those fracked shale oil wells are all played out, and sold off to Foreign Countries; and the Ground Water and Fresh Water Aquifers are all polluted from the fracking process; and we all need to drink Corporation-produced bottled water, and shower with tanked-in Corporation-Produced fresh water; and the crops are dying because we're irrigating with corrupted water; and the LLC corporations who polluted those fresh water supplies are bankrupt; and the Conglomerate Corporations that set up those front companies wipe their hands of the problem in our Courts of Law, I hope you'll remember this post, and realize how badly you were duped.

http://www.youtube.com/watch?v=xhvRQyRdVEI

Right.

And yes-- I am quite pissed that Obama's SEC, Department of Interior, and Department of Justice are allowing all this to continue.

Oil Independence and lower Domestic Energy Prices for you and me, or Small Businesses was never part of The Plan for either Party's Agenda. Corporate Profits, and their Super-PAC donations is all that concerns those in power right now.


This is a real problem, and BOTH Parties are in bed with the Corporations to continue it. Yes, I blame Palin and the Tea-Partiers for making it happen, but it is much, much bigger than that. WE THE PEOPLE must come together and demand this bullshit be corrected for the Long-Term Good of the Nation.

They can spout "Energy Independence," or they can sell our Oil to not-so-friendly Countries. They cannot have it both ways while charging US, down here, a PREMIUM.

They either want the U.S. Economy to grow, and WE THE PEOPLE to live in prosperity, or they want us to simply live enslaved to Corporate interests.


We have a very serious Reality Dysfunction in this Country of ours.

"I am the bride at every funeral, the corpse at every wedding."-- Brother Theodore
I had a job trading bits for pieces.
We made Wrinkles-- advertised them as Creases.
(This post was last modified: 03-06-2012 03:43 AM by Monkeyfister.) Quote this message in a reply
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AMPAMPERSAND
Registered User
User ID: 48705
03-06-2012 03:42 AM

Posts: 4,721



Post: #2
RE: The "Drill Baby Drill" Big Lie: We're Exporting Our Domestic Oil Supply...
And that's the half Blowhards like Limbaugh doesn't tell you, they want to steal America's reserve capacity and sell it over seas.

[Image: beaky.jpg]
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LoP Guest
lop guest
User ID: 75161
03-06-2012 03:44 AM

 



Post: #3
RE: The "Drill Baby Drill" Big Lie: We're Exporting Our Domestic Oil Supply...
At what point do our 'allies' the UK and Israel simply become dead weight for us and get cut off? We're a wealthy, powerful, resourceful country and don't need anything from these two.
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LoP Guest
lop guest
User ID: 75161
03-06-2012 03:46 AM

 



Post: #4
RE: The "Drill Baby Drill" Big Lie: We're Exporting Our Domestic Oil Supply...
Half of our nation's mineral wealth is 'owned' by foreigners due to the magic of words on paper and political corruption
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Dinsdale Piranha
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User ID: 65700
03-06-2012 03:47 AM

Posts: 2,623



Post: #5
RE: The "Drill Baby Drill" Big Lie: We're Exporting Our Domestic Oil Supply...
Impose a ridiculously huge export tax on the oil companies. Problem solved.

chuckle
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LoP Guest
lop guest
User ID: 74651
03-06-2012 03:49 AM

 



Post: #6
RE: The "Drill Baby Drill" Big Lie: We're Exporting Our Domestic Oil Supply...
I posted something about water being the next commodity...

http://www.lunaticoutpost.com/Topic-Wate...pid2929438

Drain us of oil, wreck our fresh water to make a buck.
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Monkeyfister
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03-06-2012 03:49 AM

Posts: 3,998



Post: #7
RE: The "Drill Baby Drill" Big Lie: We're Exporting Our Domestic Oil Supply...
AMPAMPERSAND  Wrote: (03-06-2012 03:42 AM)
And that's the half Blowhards like Limbaugh doesn't tell you, they want to steal America's reserve capacity and sell it over seas.

Yep. I hope I die before I get old enough to see how this idiocy plays out. I fear for my nieces and nephews and their kids. I really do. This is really crappy policy, and we really need to demand it stops. This isn't Capitalism, it is TAPEWORMING America's vital, National-Security Energy Resources. A scant handful of people are getting enriched by this, at the detriment of the entire COUNTRY. This isn't a Left/Right issue, it is an AMERICANS versus Corporate Oligarchy issue, and on this, we need to come together.

"I am the bride at every funeral, the corpse at every wedding."-- Brother Theodore
I had a job trading bits for pieces.
We made Wrinkles-- advertised them as Creases.
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Dixie Fluffenstien
inchoate being of unknown proportions
User ID: 72944
03-06-2012 03:51 AM

Posts: 2,534



Post: #8
RE: The "Drill Baby Drill" Big Lie: We're Exporting Our Domestic Oil Supply...
fleece (fls)
n.
1.
a. The coat of wool of a sheep or similar animal.
b. The yield of wool shorn from a sheep at one time.
2. A soft woolly covering or mass.
3. Fabric with a soft deep pile.
tr.v. fleeced, fleec·ing, fleec·es
1. To defraud of money or property; swindle.
2. To shear the fleece from.
3. To cover with or as if with fleece.
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Monkeyfister
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03-06-2012 03:52 AM

Posts: 3,998



Post: #9
RE: The "Drill Baby Drill" Big Lie: We're Exporting Our Domestic Oil Supply...
LoP Guest  Wrote: (03-06-2012 03:46 AM)
Half of our nation's mineral wealth is 'owned' by foreigners due to the magic of words on paper and political corruption

Dinsdale Piranha  Wrote: (03-06-2012 03:47 AM)
Impose a ridiculously huge export tax on the oil companies. Problem solved.

chuckle

So, it's all just a chuckle-a-minute bumper-sticker issue?

Right.

"I am the bride at every funeral, the corpse at every wedding."-- Brother Theodore
I had a job trading bits for pieces.
We made Wrinkles-- advertised them as Creases.
Quote this message in a reply
Monkeyfister
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03-06-2012 03:56 AM

Posts: 3,998



Post: #10
RE: The "Drill Baby Drill" Big Lie: We're Exporting Our Domestic Oil Supply...
LoP Guest  Wrote: (03-06-2012 03:46 AM)
Half of our nation's mineral wealth is 'owned' by foreigners due to the magic of words on paper and political corruption

The magic of Multinational Conglomerate Corporations, and their shell Corporations set up in the Jersey Islands or the Caymans.... AWESOME magic, indeed.

That needs to end for companies wishing to do business in America.

"I am the bride at every funeral, the corpse at every wedding."-- Brother Theodore
I had a job trading bits for pieces.
We made Wrinkles-- advertised them as Creases.
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Sunny
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User ID: 82107
03-06-2012 03:58 AM

Posts: 17,033



Post: #11
RE: The "Drill Baby Drill" Big Lie: We're Exporting Our Domestic Oil Supply...
My local news said we have barely grasped the surface of our oil deposits and it would take ten years to start retrieving and processing our oil.




.....That's what they saidAnon
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Dinsdale Piranha
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User ID: 65700
03-06-2012 04:03 AM

Posts: 2,623



Post: #12
RE: The "Drill Baby Drill" Big Lie: We're Exporting Our Domestic Oil Supply...
Monkeyfister  Wrote: (03-06-2012 03:52 AM)
LoP Guest  Wrote: (03-06-2012 03:46 AM)
Half of our nation's mineral wealth is 'owned' by foreigners due to the magic of words on paper and political corruption

Dinsdale Piranha  Wrote: (03-06-2012 03:47 AM)
Impose a ridiculously huge export tax on the oil companies. Problem solved.

chuckle

So, it's all just a chuckle-a-minute bumper-sticker issue?

Right.


edited - I'm angry about this too, but all that I can do is point out a solution that will likely never be implemented under the current bi-polar political dynamic.
(This post was last modified: 03-06-2012 08:22 AM by Dinsdale Piranha.) Quote this message in a reply
LoP Guest
lop guest
User ID: 79813
03-06-2012 04:12 AM

 



Post: #13
RE: The "Drill Baby Drill" Big Lie: We're Exporting Our Domestic Oil Supply...
Well not to disagree, but to clarify. We do not export crude oil, but the petroleum products that are made from it.


As far as everything else you are pretty much right on OP.

The distinction is important. Why? Because even the oil we are importing is being refined into petroleum products and then being exported.

Oil in, gas out. Still though you here that its all because there isn't enough refineries. That whole push for more refineries should be obvious now.

They want to produce more petroleum in this nation, but the American economy isn't necessarily the desired market to sell it to.

Quite amazing how disingenuous people like Sean Hannity have been on this topic. If not disingenuous then simply outright ignorant of his handlers agendas.
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LoP Guest
lop guest
User ID: 14880
03-06-2012 04:17 AM

 



Post: #14
RE: The "Drill Baby Drill" Big Lie: We're Exporting Our Domestic Oil Supply...
Yeah and gas prices are high in the US.
I've heard Obama wants to cut subsidies to Big Oil cos their profits have been enourmous, and the high prizes are them trying to get him not re-elected so he cannot cut the subsidies.
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Monkeyfister
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03-06-2012 04:21 AM

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Post: #15
RE: The "Drill Baby Drill" Big Lie: We're Exporting Our Domestic Oil Supply...
LoP Guest  Wrote: (03-06-2012 04:12 AM)
Well not to disagree, but to clarify. We do not export crude oil, but the petroleum products that are made from it.


As far as everything else you are pretty much right on OP.

The distinction is important. Why? Because even the oil we are importing is being refined into petroleum products and then being exported.

Oil in, gas out. Still though you here that its all because there isn't enough refineries. That whole push for more refineries should be obvious now.

They want to produce more petroleum in this nation, but the American economy isn't necessarily the desired market to sell it to.

Quite amazing how disingenuous people like Sean Hannity have been on this topic. If not disingenuous then simply outright ignorant of his handlers agendas.

Spot on, and to the point of it all. I appreciate your clarification of Oil Products over Crude. I mentioned it, but was not clear.

Thank you!

"I am the bride at every funeral, the corpse at every wedding."-- Brother Theodore
I had a job trading bits for pieces.
We made Wrinkles-- advertised them as Creases.
(This post was last modified: 03-06-2012 04:38 AM by Monkeyfister.) Quote this message in a reply












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