You're confusing short-term specific predictions with long-term, more general predictions. There's no foreseeable way additional US drilling can affect international oil prices beyond a few percentage points because of the immensity of global oil production vs. US oil production. These numbers are really difficult to twist in anyone's favor.

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Did you miss the part where the numbers are from the U.S. EIA ?
Not a pseudo-reference.
Or do you have a better one ?
.

Maybe you need to read the post again.
It said
" no significant impact on fuel prices "
Before, or after the year 2030, when the wells are suspected to be up and running.
.


RichC

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__________________

When the power of love overcomes the love of power the world will know peace.
Jimi Hendrix

Wake up yourself--some of us will benefit from the industry like we are with the resurgence of drilling in some of the gulf states

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How are you guys benifiting from the drilling going on in the gulf ?


RichC

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__________________

When the power of love overcomes the love of power the world will know peace.
Jimi Hendrix

Gulf states. Investing in leases and production.

Google Friede Goldman Halter and use your imagination as to how some of us will benefit from offshore drilling.

You want a fast boat that can take rough seas and haul nearly anything? http://www.vthaltermarine.com/ You hear those big diesel twins cut loose at the end of the Fourchon jetties as the boat accelerates. Whoa! Wish I had a recording of that to share. I rode on the bridge of one going down Southwest Pass. That is a wonder to watch and feel.

No one ever said there were no uncertainties, but I sure value intelligent guesstimates based on actual known numbers over blind faith & hope, which is what you seem to propose, i.e. maybe we'll be lucky and find huge reserves that we didn't know about, so there's our solution.

__________________
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Well, maybe we will find huge reserves we didn't know about and maybe we won't. If we don't look, unless we trip over them, we probably won't find it. In the ground, it is worth nothing. Out of the ground it is worth something. All they have is a SWAG. Should we totally ignore it? Probably not. However, should we accept their SWAG as 100% truth, absolutely not.

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I'm fine with looking for more reserves, but not on my dime. I say get rid of the special tax breaks for the oil industry, or give the same breaks to the alternative energy industry. But the republicans in congress will fight tooth and nail to preserve these special treats for the oil industry. After all, where do you think their campaign money comes from?

__________________
2004 VW Jetta TDI (manual)

Past MB's: '96 E300D, '83 240D, '82 300D, '87 300D, '87 420SEL

I'd rather they get rid of all the breaks for any industry. If the industry is to survive, let them do it on their dime.

__________________
01 Ford Excursion Powerstroke
99 E300 Turbodiesel
91 Vette with 383 motor
05 Polaris Sportsman 800 EFI
06 Polaris Sportsman 500 EFI
03 SeaDoo GTX SC Red
03 SeaDoo GTX SC Yellow
04 Tailgator 21 ft Toy Hauler
11 Harley Davidson 883 SuperLow

Yeah, that seems ironic at first glance, doesn't it?

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OBK #55

1998 Lincoln Continental - Sold
Max 1984 300TD 285,000 miles - Sold
The Dee8gonator 1987 560SEC 196,000 miles - Sold
Orgasmatron - 2006 CLS500 90,000 miles
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2016 AMG GTS 12,000 miles

Why whatever would you be alluding to, cher?

Maybe that you spent too much time on myspace and this forum,
when your supposed to be at work ???

Now can you possibly not devolve yet another thread into personal comments ???

__________________

When the power of love overcomes the love of power the world will know peace.
Jimi Hendrix

Where do you think I am now, boy-genius?

Oil falls below $95 on falling global demand
By STEVENSON JACOBS, AP Business Writer
2 hours, 3 minutes ago

NEW YORK - Oil prices tumbled below $95 a barrel Thursday, falling for a second day as investors bet that a revised $700 billion financial bailout plan won't be enough to avoid a recession and revive dwindling U.S. energy demand.

The declines came a day after the Senate overwhelmingly approved the bitterly contested rescue package. The bill now goes to the House of Representatives for an expected vote Friday; House lawmakers stunned investors Monday by rejecting the bailout plan, although Senators added $100 billion in tax breaks and other sweeteners in a bid to win over enough dissenting House votes.

Even if the plan wins approval, oil market traders are skeptical that it will steady the teetering U.S. economy and reverse flagging demand for energy in the world's largest consumer. The plan would remove billions of dollars in bad mortgages and other toxic debt from the books of banks and other financial firms, though critics argue it doesn't go far enough to help ordinary Americans struggling with soaring costs for food and fuel and falling home prices.

"I think the oil market believes that no size of a rescue plan is going to be enough to stave off a recession," said Addison Armstrong, director of market research at Tradition Energy in Stamford, Conn.

He said government data released Thursday showing a slowdown in U.S. manufacturing and growing unemployment suggest that a drop in U.S. energy demand "is going to accelerate as we head into a steeper recession."

Light, sweet crude for November delivery fell $3.73 to $94.80 a barrel on the New York Mercantile Exchange. Prices earlier jumped as high as $100.37 but eased back later as traders digested the details of the revised bailout package.

The November crude contract fell $2.11 to settle at $98.53 on Wednesday.

Oil prices have fallen about $15, or 13 percent, in the past month as investor concerns about waning global energy consumption outweigh threats to supplies caused by Gulf Coast hurricanes and militant attacks in Nigeria.

Significant gains over the past days by the dollar against the euro have also helped push down prices. Investors tend to buy commodities like oil to defend against dollar weakness and a hedge against inflation, but return to the U.S. currency as it strengthens.

The 15-nation euro bought $1.3833 in trading Thursday, down from $1.4061 in the previous session.

Meanwhile, statistics from the U.S. Labor Department released Thursday showed more signs of a weakening economy, adding to concerns about falling oil demand.

The Labor Department reported that initial claims for jobless benefits increased by 1,000 to a seasonally adjusted 497,000, significantly above analysts' estimate of 475,000. The total is the highest since just after the Sept. 11 terrorist attacks seven years ago.

Also Thursday, the Commerce Department said factory orders in August plunged by 4 percent compared to July, a much steeper decline than the 2.5 percent drop analysts expected and the biggest setback since a 4.8 percent plunge in October 2006.

Recent data shows that U.S. fuel demand is falling while supplies rise.

The Energy Department's Energy Information Administration said Wednesday in its weekly report that crude stocks rose by 4.3 million barrels, or 1.5 percent, to 294.5 million barrels for the week ending Sept. 26. Analysts had expected stocks to rise or fall of 1.5 million barrels, according to a survey by energy research firm Platts.

At the same time, gasoline inventories rose by 900,000 barrels, or 0.5 percent, to 179.6 million barrels. Analysts expected stockpiles of the motor fuel to fall in the range of 1 million to 3 million barrels.

Fuel consumption for the four-week period ended Sept. 26 reached about 19 million barrels a day, down 7 percent from the same period a year ago, according to the EIA.

"The demand just isn't there," said Jonathan Kornafel, Asia director for market maker Hudson Capital Energy in Singapore. "The refineries aren't buying crude to turn it into gasoline because consumers aren't buying it on the road."

Kornafel predicted oil prices will trade between $80 and $90 during the next few months, with oil producers likely to cut production if prices fall further.

In other Nymex trading, heating oil futures fell 10.04 cents to $2.7465 a gallon, while gasoline prices lost 8.96 cents to $2.2704 a gallon. Natural gas for November delivery fell 19.1 cents to $7.537 per 1,000 cubic feet.

In London, November Brent crude fell $3.60 to $91.73 a barrel on the ICE Futures exchange.