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US could be OPEC independent in 5 years
- Thread starter Drew99GT
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Tell the EPA
Don't worry my fellow Americans, the oil companies(who own the oil,not the U.S.)will find a way to spin it that is why oil prices went up and of course, gasoline.
The environmental and geopolitical consequences of this is likely to lead to future worldwide nightmare scenarios.
Highly unlikely we will be OPEC free.
Never happen, as long as people on WALL STREET are allowed to bid up the price on crude. Crude oil is worth a lot less than what wall street says. Sad no one in the world has not found a way to turn used oil into gasoline. Very sad.
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Originally Posted By: shell_user
Never happen, as long as people on WALL STREET are allowed to bid up the price on crude. Crude oil is worth a lot less than what wall street says. Sad no one in the world has not found a way to turn used oil into gasoline. Very sad.
Or used investors into humans...
Never happen, as long as people on WALL STREET are allowed to bid up the price on crude. Crude oil is worth a lot less than what wall street says. Sad no one in the world has not found a way to turn used oil into gasoline. Very sad.
Or used investors into humans...
Yeah really, when will we be free of oil speculators? Gas at four-month high They're just doing what they'll always be doing if given free reign.
Originally Posted By: LT4 Vette
Highly unlikely we will be OPEC free.
If there was a political will, it would have already happened. But we made a deal with the Saudis in the 70s after going off the gold standard, to protect their oil from the Russians as long as they sold their oil in dollars and saved their money in US banks/treasury bonds. It's all part of the plan. Use up OPEC oil, and once it starts becoming less feasible or geo political realities start getting in the way, open up our spigots.
Highly unlikely we will be OPEC free.
If there was a political will, it would have already happened. But we made a deal with the Saudis in the 70s after going off the gold standard, to protect their oil from the Russians as long as they sold their oil in dollars and saved their money in US banks/treasury bonds. It's all part of the plan. Use up OPEC oil, and once it starts becoming less feasible or geo political realities start getting in the way, open up our spigots.
North America can be oil independent whenever it wants.
The reality is refining oil into gasoline and exporting it is hugely profitable. You need plenty of crude to do that.
The reality is refining oil into gasoline and exporting it is hugely profitable. You need plenty of crude to do that.
JHZR2
Staff member
No way those that own the banks would allow this...
Ricecake is absolutely right, U.S.A. is just stupid to realize this and probably never will. Look at how much oil we waste exporting from ND and how much nat gas we have underneath us! SHEESH!
Originally Posted By: Drew99GT
Originally Posted By: LT4 Vette
Highly unlikely we will be OPEC free.
If there was a political will, it would have already happened. But we made a deal with the Saudis in the 70s after going off the gold standard, to protect their oil from the Russians as long as they sold their oil in dollars and saved their money in US banks/treasury bonds. It's all part of the plan. Use up OPEC oil, and once it starts becoming less feasible or geo political realities start getting in the way, open up our spigots.
Not true. Oil is priced in US dollars because the US dollar is the reserve currency of the World Bank. This happened right after WWII when England was bankrupt and the dollar took the place of the British Pound. This is due to all of the debt the UK owed to the USA from the lend lease act. Soon when the USA has sold enough debt to China then the Chinese Yuan will be the reserve currency and oil will be priced in Yuan every morning and gas will be $6-9/gallon.
http://en.wikipedia.org/wiki/Reserve_currency
Originally Posted By: LT4 Vette
Highly unlikely we will be OPEC free.
If there was a political will, it would have already happened. But we made a deal with the Saudis in the 70s after going off the gold standard, to protect their oil from the Russians as long as they sold their oil in dollars and saved their money in US banks/treasury bonds. It's all part of the plan. Use up OPEC oil, and once it starts becoming less feasible or geo political realities start getting in the way, open up our spigots.
Not true. Oil is priced in US dollars because the US dollar is the reserve currency of the World Bank. This happened right after WWII when England was bankrupt and the dollar took the place of the British Pound. This is due to all of the debt the UK owed to the USA from the lend lease act. Soon when the USA has sold enough debt to China then the Chinese Yuan will be the reserve currency and oil will be priced in Yuan every morning and gas will be $6-9/gallon.
http://en.wikipedia.org/wiki/Reserve_currency
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Originally Posted By: GROUCHO MARX
Tell the EPA
+1 and The Sierra Club.
Tell the EPA
+1 and The Sierra Club.
Guess that means we will be able to let the middle eastern countries invade each other eh? Let china take care of that mess.
No need to price oil in dollars either if the US ain't buying foreign oil.
And don't need a strategic oil reserve, so we can sell that down and pay down the debt and depress oil prices at the same time.
Should help with the balance of payments and prop up the dollar value, helping keep interest rates lower than they otherwise would.
Welcome to the new world.
No need to price oil in dollars either if the US ain't buying foreign oil.
And don't need a strategic oil reserve, so we can sell that down and pay down the debt and depress oil prices at the same time.
Should help with the balance of payments and prop up the dollar value, helping keep interest rates lower than they otherwise would.
Welcome to the new world.
Originally Posted By: Doog
Originally Posted By: Drew99GT
Originally Posted By: LT4 Vette
Highly unlikely we will be OPEC free.
If there was a political will, it would have already happened. But we made a deal with the Saudis in the 70s after going off the gold standard, to protect their oil from the Russians as long as they sold their oil in dollars and saved their money in US banks/treasury bonds. It's all part of the plan. Use up OPEC oil, and once it starts becoming less feasible or geo political realities start getting in the way, open up our spigots.
Not true. Oil is priced in US dollars because the US dollar is the reserve currency of the World Bank. This happened right after WWII when England was bankrupt and the dollar took the place of the British Pound. This is due to all of the debt the UK owed to the USA from the lend lease act. Soon when the USA has sold enough debt to China then the Chinese Yuan will be the reserve currency and oil will be priced in Yuan every morning and gas will be $6-9/gallon.
http://en.wikipedia.org/wiki/Reserve_currency
You're dreaming if you think the Yaun will be the reserve currency in yours or my lifetime. You might want to read the book Super Imperialism; Nixon taking the US and therefore the world off the gold standard, and making the deal with Saudi Arabia to sell oil in US dollars, started the defacto US petro reserve dollar system because foreign countries had to acquire dollars to get oil (and they could no longer sell gold to the US government to get dollars), and for many countries, the only way to do that is sell the US cheap goods and then take the dollars they earn and recycle them back to the US.
Michael Hudson summarizes it at 1 hour and 34 minutes into this lecture. He literally wrote the book on the US dollar reserve currency system for the US government in the 1970s.
http://www.youtube.com/watch?v=0zEbo8PIPSc&t=94m50s
Originally Posted By: Drew99GT
Originally Posted By: LT4 Vette
Highly unlikely we will be OPEC free.
If there was a political will, it would have already happened. But we made a deal with the Saudis in the 70s after going off the gold standard, to protect their oil from the Russians as long as they sold their oil in dollars and saved their money in US banks/treasury bonds. It's all part of the plan. Use up OPEC oil, and once it starts becoming less feasible or geo political realities start getting in the way, open up our spigots.
Not true. Oil is priced in US dollars because the US dollar is the reserve currency of the World Bank. This happened right after WWII when England was bankrupt and the dollar took the place of the British Pound. This is due to all of the debt the UK owed to the USA from the lend lease act. Soon when the USA has sold enough debt to China then the Chinese Yuan will be the reserve currency and oil will be priced in Yuan every morning and gas will be $6-9/gallon.
http://en.wikipedia.org/wiki/Reserve_currency
You're dreaming if you think the Yaun will be the reserve currency in yours or my lifetime. You might want to read the book Super Imperialism; Nixon taking the US and therefore the world off the gold standard, and making the deal with Saudi Arabia to sell oil in US dollars, started the defacto US petro reserve dollar system because foreign countries had to acquire dollars to get oil (and they could no longer sell gold to the US government to get dollars), and for many countries, the only way to do that is sell the US cheap goods and then take the dollars they earn and recycle them back to the US.
Michael Hudson summarizes it at 1 hour and 34 minutes into this lecture. He literally wrote the book on the US dollar reserve currency system for the US government in the 1970s.
http://www.youtube.com/watch?v=0zEbo8PIPSc&t=94m50s
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Drew, spot on...
and the countries that have (to quote numerous BITOGers over the years) "accepted pieces of paper for tangibles...hahaha" are trying to turn those pieces pf paper into anything tangible...resorts, farmland, IT, patents....
and the countries that have (to quote numerous BITOGers over the years) "accepted pieces of paper for tangibles...hahaha" are trying to turn those pieces pf paper into anything tangible...resorts, farmland, IT, patents....
Yuan will not be a free market currency any time soon. They control the exchange amount and rate so that even if it is a market economy, the government via all of the large, state owned / controlled bank, can regulate economic activities for "social responsibilities" and "the greater good" of the nation.
US could go OPEC independent but it is impossible to do so if all it takes is to just pump out of OPEC for a much lower cost. I only see this as a bargaining chip to lower OPEC prices and offset Chinese/Indian demand, but we will not get our own oil any cheaper than OPEC can because fracking and deep sea drilling cost a lot of money.
US could go OPEC independent but it is impossible to do so if all it takes is to just pump out of OPEC for a much lower cost. I only see this as a bargaining chip to lower OPEC prices and offset Chinese/Indian demand, but we will not get our own oil any cheaper than OPEC can because fracking and deep sea drilling cost a lot of money.
We need more refining capacity. Drowning in crude doesn't help if the green weenies keep us from precessing the stuff into something we can use.
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