200K more barrels a day ........ will it make any difference?

[Stinky The Clown]

Okay, adjust your tin foil chapeau, cuz this poll question could be seen as nutty conspiracy shit ......

Hiz High Poobah Kinglyness has said his country will pump an extra two hunnert thousand barrels a day starting next month. Hiz reason? "Oil prices aren't normal."

Gee, Kingy .... ya think?

So here's the question ...... ya think this will make a difference? Will our gas prices go down substantially?

Now, what occurs to me is ..... this whole gas run up is due to the unindicted coconspirators from Enron's trading floor doing what they do, which is fucking people. The King, in his decree, is part of the scam. If prices go down, its cuz the traders think they squeezed our nuts as hard as they dare. The King is just running cover for them.

On the other hand, there's no conspiracy. If that's the case, then the 200K barrels won't mean diddly, and will only cause our gas price to stabilize at about the current four bux a gallon.

[DerekJ]

1. Enough oil to fill 100K cars a day. Ummm....the word "Jack Shit" comes to mind.

[baldguy]

2. The current oil crisis isn't caused by a lack of supply, or an unusual increase in demand.

It's been caused by the current regime occupying the WH and their co-conspirators in Congress allowing & promoting unregulated speculation in the oil market.

[lapfog_1]

5. US demand is off 6% to 8% year over year.

In what is likely a trailing indicator of a major economic contraction (and, also, a move to higher efficiencies in oil use), consumption is down from this time last year.

[Mojorabbit]

10. but we are not the only

country that uses oil.

[lapfog_1]

11. No, but we are the single largest consumer.

And I doubt that other countries have yet to make up for our decreased demand.

Increasing demand countries would be China and India... however, both are tied significantly to the US economy... as our economy enters into a recession, they will follow, possibly a worse recession than ours (China's days of double digit growth are very numbered).

In any event, there is currently a global oversupply of refined product... so the cause of the spike in oil prices is NOT constriction of supply...

The rise in the price of oil is due to the realization that peak oil is real and we have just now passed it... and the inevitable decline of the dollar (you really can't borrow 5 trillion dollars on top of the other 5 trillion dollars of previous debt, plus obligate yourself to paying an additional 2 trillion dollars in war related debt without some severe economic consequences). Add to those two major factors a steep decline in oil production from the North Sea and from Mexico... and you have a market ripe for speculators. Like the previous bubbles, this one will burst... but oil will settle at a price OVER $100/barrel after reaching some sort of ridiculous numbers like $150/$175/even $200.

After that, oil will rebound, but not until the US climbs out of recession (2011 or so).

We would do well to use this bubble to make wholesale changes in our consumption... we ignored it in the mid 70's with the short lived Arab oil embargo... now is time to pay attention and kill off the oil USING cartel (Oil companies, energy companies, car companies).

[Hannah Bell]

12. the us uses 24% of world supply. so 6-8% is a big drop.

in 2006, total consumption increased only .7%. Increases have been ~1-1.5% per year for the last ten years. The increased market demand from china, etc. is nowhere near what it's made out to be - they produce a lot of their own oil.

In the US, the military is the biggest consumer.

[Mojorabbit]

13. I had read they were increasing their imports

Twenty years ago, China was East Asia's largest oil exporter. Now it is the world's second-largest importer; last year, it alone accounted for 31 percent of global growth in oil demand
http://www.foreignaffairs.org/20050901faessay84503/david-zweig-bi-jianhai/china-s-global-hunt-for-energy.html
and looking to import even more in the coming years

http://www.rigzone.com/news/article.asp?a_id=58422
http://www.ameinfo.com/158555.html

[Hannah Bell]

14. Since demand growth is 1%, what's 31% of that? n/t

[nadinbrzezinski]

3. Pass me a tinfoil hat

But you are right... see in 2006 the price went down before election too

[aint_no_life_nowhere]

4. The world consumes more than 82 million barrels a day

according to the 2007 CIA World Factbook.

http://www.nationmaster.com/graph/ene_oil_con-energy-oil-consumption

Since the price of oil depends on the international market, a barrel of oil extracted anywhere on earth will fetch about the same price. Two hundred thousand extra barrels a day added to 82 million isn't a very big increase. It might slightly increase supply but it probably won't make any dent in the price. Unless you believe that U.S. oil companies will somehow lower the price of domestic oil to benefit U.S. oil consumers.

[babylonsister]

6. Do we have to share 'all' that black gold? And it's not just

the trading floor that's in on this 'fun'. Independent investors have jumped on the bandwagon, too. I hope there's a way to stick a pin in their money bubble.

[Initech]

7. Get rid of the market speculation / commidities trading and then it would make a difference.

[heidler1]

8. It will give Saudi crude oil sales a bigger piece of the over priced pie.

Perhaps the other OPEC members will not like it and react by also pumping more. If they don't they probably can't.

[Historic NY]

9. Eliminating speculators would make a bigger difference.........

if this was one of them commie countries of 25-30 yrs ago they would be the disappeared.