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 Newt and our oil supply

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PostSubject: Newt and our oil supply   12/1/2011, 8:23 am

Here's Newt, in the usual "drill, baby, drill" mentality of the Republican party:

Quote :
But let me make a deeper point. There's a core thing that's wrong with this whole city. You said earlier that it would take too long to open up American oil. We defeated Nazi Germany, fascist Italy, and Imperial Japan in three years and eight months because we thought we were serious.

If we were serious, we would open up enough oil fields in the next year that the price of oil worldwide would collapse. Now, that's what we would do if we were a serious country. If we were serious...

Here's the unfortunate reality of "drill, baby, drill" that Republicans are too stupid to grasp:

Quote :
During the week ending November 18, 2011, the US used 14.8 million barrels (Mbopd) of crude oil as input to refineries. This included 5.9 Mbopd of domestic crude oil production and 8.3 Mbopd of net crude oil imports. From this input, 18.6 Mbopd of petroleum products were produced and consumed. . . .

The U.S. would have to increase field production by more than double current production to become oil independent by increasing domestic production to 14.8 Mbopd. Even peak production in 1970 of 10,000 bopd would only meet 68% of current crude oil consumption. To bring about a collapse in world oil prices, as Mr. Gingrich suggests, would mean increasing U.S. production by substantially more than this.

Maximum daily production from Prudhoe Bay Field, the largest in the United States, was 2.0 million bopd in 1988 (http://www.aspo-usa.com/archives/index.php?option=com_content&task=view&...). Mr. Gingrich suggests that we can find more than six additional Prudhoe Bay-sized fields in one year. Prudhoe Bay was discovered in 1968, did not begin production for 11 years, and did not reach peak production until 20 years after its discovery. But Mr. Gingrich thinks that there are many Prudhoe Bay fields waiting to be found that can be at explored, developed and brought to peak production in one year.

It is difficult to imagine that Mr. Gingrich could be unaware of these fundamental facts and probabilities. If so, he must be placed in a lower category than Rick Perry and Herman Cain, who simply could not remember what they presumably knew. The only other possibility is that he knows the reality of oil supply and is misleading to the American people in order to gain support for a positive "can do" message. Either way, it is clear that Mr. Gingrich does not have a realistic understanding of the oil exploration and production business.

This pie in the sky nonsense will never come to fruition, and unless with have a significant alternative energy program in place soon to manage our demand for energy, we're fucked.
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PostSubject: Re: Newt and our oil supply   12/1/2011, 11:02 am

The "drill baby,drill" mantra is nothing more than a bright shiny object that mesmerizes the idiots on the right who are too stupid to realize that there is not,nor there ever will be,a never ending supply oil.

I'm really looking forward to the next debate which is sponsored by Mike Huckabee and Fake News Rolling Eyes Overall we'll be treated to 3 more circuses in the next 14 days Very Happy With Newt now in the lead and Hermie's campaign on life support there should be some great Newt vs Mitt interaction since Mitt now for the first time has to take the frontrunner seriously. 2 world class flip-floppers going head to head. cheers

December 3, 2011 Mike Huckabee Presidential Forum
8pm ET on Fox News
Location: Fox News Headquarters in New York City
Sponsor: Former Arkansas Governor Mike Huckabee and Fox News
Participants: Romney, Perry, Bachmann, Gingrich, Santorum, Paul all confirmed. Cain, Huntsman unconfirmed.
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