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Romney's energy claim

Am I wrong or did one of the Koch brothers just come out in support of gay marriage, defense spending and higher taxes?
 
In fact it went down EVERY year under W and UP EVERY year under Obama:


year production change
1980 8,597.00 NA
1981 8,572.00 -0.29 %
1982 8,649.00 0.90 %
1983 8,688.00 0.45 %
1984 8,879.00 2.20 %
1985 8,971.00 1.04 %
1986 8,680.00 -3.24 %
1987 8,349.14 -3.81 %
1988 8,140.00 -2.50 %
1989 7,613.00 -6.47 %
1990 7,355.31 -3.38 %
1991 7,416.55 0.83 %
1992 7,171.12 -3.31 %
1993 6,846.67 -4.52 %
1994 6,661.58 -2.70 %
1995 6,559.64 -1.53 %
1996 6,464.52 -1.45 %
1997 6,451.59 -0.20 %
1998 6,251.83 -3.10 %
1999 5,881.46 -5.92 %
2000 5,821.60 -1.02 %
2001 5,801.40 -0.35 %
2002 5,745.55 -0.96 %
2003 5,680.70 -1.13 %
2004 5,418.85 -4.61 %
2005 5,178.38 -4.44 %
2006 5,102.08 -1.47 %
2007 5,064.25 -0.74 %
2008 4,950.32 -2.25 %
2009 5,360.54 8.29 %
2010 5,474.35 2.12 %
2011 5,672.56 3.62 %
 
You need to take oil prices and demand into that equation for it to have any validity. No company is drilling when a barrel goes for $30 and there's no buyers.
 
Caturday said:
You need to take oil prices and demand into that equation for it to have any validity. No company is drilling when a barrel goes for $30 and there's no buyers.
Click to expand...

It wasn't CLOSE to $30/barrel from Dec 2005 until the end of W's presidency.

http://www.nyse.tv/crude-oil-price-history.htm

In fact the lowest prices were during early 2009 when production went up the most.

But facts rarely bother Dirk or Cat.
 
RJKarl said:
It wasn't CLOSE to $30/barrel from Dec 2005 until the end of W's presidency.

http://www.nyse.tv/crude-oil-price-history.htm

In fact the lowest prices were during early 2009 when production went up the most.

But facts rarely bother Dirk or Cat.
Click to expand...

Right, chief. How long does it take to secure drilling contracts? And why don't you address the facts stated by the BLM?

Facts indeed.
 
I was using hyperbole. I know they weren't at $30/barrel but they were at $37 during 2008. Let me explain. The price of oil is a mysterious thing. Sometimes when oil is high (let's say over $100), that indicates high demand and a robust global demand for oil. Sometimes they are high because of shortages or disruptions (Iran, hurricanes, etc.). Sometimes when they're high, they actually weigh on the economy and oil develops an inverse relationship with consumption (recall pre-financial crisis markets were heavily influenced by the price of oil). Other times when oil is high, incomes are high and people don't care about spending an extra $5 to go to the mall. Your data isn't seasonally adjusted which makes it more or less useless. Drawing a connection between oil prices and oil production explains nothing. You need demand, marginal costs and so many other variables.

And as Dirk mentions, many large demanders hedge volatility by locking in contracts. Every airline does this and the sums can be pretty huge.
 
Caturday said:
I was using hyperbole. I know they weren't at $30/barrel but they were at $37 during 2008. Let me explain. The price of oil is a mysterious thing. Sometimes when oil is high (let's say over $100), that indicates high demand and a robust global demand for oil. Sometimes they are high because of shortages or disruptions (Iran, hurricanes, etc.). Sometimes when they're high, they actually weigh on the economy and oil develops an inverse relationship with consumption (recall pre-financial crisis markets were heavily influenced by the price of oil). Other times when oil is high, incomes are high and people don't care about spending an extra $5 to go to the mall. Your data isn't seasonally adjusted which makes it more or less useless. Drawing a connection between oil prices and oil production explains nothing. You need demand, marginal costs and so many other variables.

And as Dirk mentions, many large demanders hedge volatility by locking in contracts. Every airline does this and the sums can be pretty huge.
Click to expand...

It's clearly Obama's fault that gas is so high.
 
WTF are you talking about? We are not guaranteed a single drop of the Keystone oil.

It's very unlikely we ever will as it is a very dirty product.
"Canada and the EU have been engaged in a debate over the EU’s proposal to reclassify oil sands crude as particularly polluting. The EU proposal was based in part on a study from 2011 that found that oil sands crude was up to 22% more polluting."

"In 2007, President Bush signed into law Section 526 of the Energy Independence and National Security Act of 2007. It prohibits the US government, which is the largest single fuel purchaser in the U.S., from using taxpayer dollars to purchase fuels that have a higher carbon footprint than conventional oil.
This little-known law is significant because Congress crafted it, in part, with the explicit intent to block the US from buying Canadian tar sands oil — considered the dirtiest oil on the planet. With President Obama currently debating whether to authorize the construction of the Keystone Pipeline — which will funnel tar sands oil from Alberta into the the US — and more than 1000 activists arrested in front of the White House last month in protest the pipeline, the issue has moved to the front and center of the climate debate in recent weeks.
According to Congressman Henry Waxman, Chair of the House Energy Committee, the US purchase of tar sands oil would clearly violate Section 526. As he wrote in a letter to the Senate Commerce Committee in 2008, the law “applies to fuels derived from unconventional petroleum sources such as tar sands which produce significantly higher greenhouse gas emissions then are produced by comparable fuel from conventional sources.”"

Again, facts versus canned rhetoric.
 
RJKarl said:
Again, facts versus canned rhetoric.
Click to expand...

Company secures contracts for Bakken pipeline spur

BISMARCK, N.D. — TransCanada Corp. said Thursday that it has secured enough contracts to ship 65,000 barrels of oil daily from Montana and North Dakota on its proposed oil pipeline from Canada to the Gulf of Mexico.

The Calgary-based company said it signed five-year contracts with producers tapping the rich Bakken formation in North Dakota and Montana to transport crude on the proposed 1,980-mile-long Keystone XL pipeline, which is designed to move crude from Alberta's oil sands to refineries in Oklahoma and Texas.

The five-mile long Bakken Marketlink pipeline would meet with the Keystone XL pipeline in Baker, Mont., said Paul Miller, TransCanada's senior vice president of oil pipelines. The $140 million project would rely on so-called feeder pipelines proposed by other companies to move North Dakota and Montana crude to the facility in Baker, he said.

Read more: http://billingsgazette.com/news/sta...4bc-11e0-a01c-001cc4c03286.html#ixzz25cYIxdKY

I await your apology.
 
It should have been obvious from my post that I wasn't talking about Canadian oil, considering I never said a word about it. Your knee must be sore from all that jerking.
 
"crude on the proposed 1,980-mile-long Keystone XL pipeline, which is designed to move crude from Alberta's oil sands to refineries in Oklahoma and Texas."

There's NOTHING to apologize for. The Keystone Pipeline does carry oil that even W said was too dirty to use.

There you go with insults again.

Pathetic.
 
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