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frankthetank
Fusion
Joined: Sep 16, 2004
Posts: 4836
Location: Southwest WI
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 Posted: Mon Jul 14, 2008 8:36 am Post subject: Bush lifts offshore drilling ban |
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Not that this is going to change much...
Congress still have to lift the legislative ban...
http://www.msnbc.msn.com/id/25674571/
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killJOY
Fission
Joined: Feb 21, 2005
Posts: 2509
Location: ^NNE^
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| Posted: Mon Jul 14, 2008 8:38 am Post subject: Re: Bush lifts offshore drilling ban |
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Every supply side "solution" will be attempted.
Every supply side attempt to reverse peak will fail.
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Eli
Fusion
Joined: Jun 18, 2005
Posts: 3964
Location: In a van down by the river
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| Posted: Mon Jul 14, 2008 8:39 am Post subject: Re: Bush lifts offshore drilling ban |
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Great all we need to do is a detail seismic exploration of the Coast of the US, drill test wells and then get the best fields into production.
That should add some comfort to the PO collapse in 2015. |
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burtonridr
Intermediate Crude
Joined: Aug 03, 2007
Posts: 763
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frankthetank
Fusion
Joined: Sep 16, 2004
Posts: 4836
Location: Southwest WI
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| Posted: Mon Jul 14, 2008 9:20 am Post subject: Re: Bush lifts offshore drilling ban |
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Timing is suspect, considering the economy of this once great nation is near collapse. Any thoughts?
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Eli
Fusion
Joined: Jun 18, 2005
Posts: 3964
Location: In a van down by the river
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| Posted: Mon Jul 14, 2008 9:22 am Post subject: Re: Bush lifts offshore drilling ban |
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Yeah it is a stick save for the markets, we are very close to an all out panic.
Fre/Fan are fubar Indymac closed and only about 90 other US banks that are highly suspect. Citi hiding 1 trillion in crap debt the list of doom goes on and on.
People are buying Iphones however.
Sobering link to banks and their share price, these are all banks close to collapsing.
Banks close to failure
Look at 52 week average, oh my lord.
Last edited by Eli on Mon Jul 14, 2008 9:26 am; edited 1 time in total |
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misterno
Heavy Crude
Joined: Mar 07, 2007
Posts: 309
Location: Houston, TX
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| Posted: Mon Jul 14, 2008 9:24 am Post subject: Re: Bush lifts offshore drilling ban |
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more oil production means more global warming
we are all farked either way |
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Plantagenet
Expert
Joined: Apr 09, 2007
Posts: 6270
Location: Alaska (its much bigger than Texas).
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| Posted: Mon Jul 14, 2008 9:32 am Post subject: Re: Bush lifts offshore drilling ban |
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| Same deal as before. The Congressional ban still holds, and the democratic leaders of Congress refuse to allow drilling in new areas offshore. They think the solution to the US energy problem is to sue OPEC and drain the strategic petroleum reserve. |
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benzoil
Heavy Crude
Joined: Aug 26, 2005
Posts: 446
Location: Windy City No Longer
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| Posted: Mon Jul 14, 2008 10:26 am Post subject: Re: Bush lifts offshore drilling ban |
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| Eli wrote: | Great all we need to do is a detail seismic exploration of the Coast of the US, drill test wells and then get the best fields into production.
That should add some comfort to the PO collapse in 2015. |
Pretty much. The timing is simply election year posturing. Congress has to repeal it's own ban, so this is a way to try and make the Dem-controlled Congress look bad. Of course, making Congress look bad is like shooting fish in a barrel. The institution is simply not designed for rapid action. Congress was designed for deliberation and consensus - things that are not particularly valued any more.
Without any particular knowledge of what is up in Congress on this front, look for a partial lifting of the ban that allows siesmic exploration only or something of that ilk before the election. OTOH, Pelosi, et al, have shown an unnerving habit of caving to the administration, so maybe a full lifting is forthcoming.
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TreeFarmer
Heavy Crude
Joined: Jun 26, 2007
Posts: 347
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| Posted: Mon Jul 14, 2008 11:21 am Post subject: Re: Bush lifts offshore drilling ban |
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Eli;
Is Bank fo America really close to collapse or is this just a case of the share price going down with all the other banks as part of the herd mentality? I know in the S&L crisis of the 80's that happened and my Dad and I made a killing when one of the local banks' share price returned to normal a year later.
Now, this is NOT to say that a number of banks are not in trouble. I believe that they are.
TF |
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Chuckmak
Intermediate Crude
Joined: Mar 19, 2005
Posts: 842
Location: Bridge City
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| Posted: Mon Jul 14, 2008 11:31 am Post subject: Re: Bush lifts offshore drilling ban |
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| Eli wrote: | Sobering link to banks and their share price, these are all banks close to collapsing.
Banks close to failure
Look at 52 week average, oh my lord. |
Crap...one of these is my bank:
First Commonwealth Financial Corp. (FCF)
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"they say prescott bush funded hitler" - Nas
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benzoil
Heavy Crude
Joined: Aug 26, 2005
Posts: 446
Location: Windy City No Longer
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| Posted: Mon Jul 14, 2008 11:51 am Post subject: Re: Bush lifts offshore drilling ban |
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| Chuckmak wrote: | | Eli wrote: | Sobering link to banks and their share price, these are all banks close to collapsing.
Banks close to failure
Look at 52 week average, oh my lord. |
Crap...one of these is my bank:
First Commonwealth Financial Corp. (FCF) |
Try banking at Nat City. Not a good day. I expect a queue to form tomorrow after everyone in town watches the nightly news. Still, I will sleep easier knowing that in 5-7 short years, we'll be able to drive to some other bank using oil from the continental shelf.
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SoylentGreen
Heavy Crude
Joined: May 25, 2008
Posts: 168
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| Posted: Mon Jul 14, 2008 1:42 pm Post subject: Pres Bush opens offshore drilling in banned areas |
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| I just heard this blurb on CNBC...anybody that knows anymore..... |
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burtonridr
Intermediate Crude
Joined: Aug 03, 2007
Posts: 763
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| Posted: Mon Jul 14, 2008 1:49 pm Post subject: Re: Pres Bush opens offshore drilling in banned areas |
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| SoylentGreen wrote: | | I just heard this blurb on CNBC...anybody that knows anymore..... |
What blurb? Do you mean the on top blurb?
Or did you mean to post a link?
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Novus
Light Sweet Crude
Joined: Jun 21, 2005
Posts: 1738
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| Posted: Mon Jul 14, 2008 2:31 pm Post subject: Re: Bush lifts offshore drilling ban |
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| Eli wrote: | Sobering link to banks and their share price, these are all banks close to collapsing.
Banks close to failure
Look at 52 week average, oh my lord. |
I am surprised to see a bank such as Valley National on that list as they were known for their strict lending practices. They would have exactly zero exposure to the sub prime crisis so if they are in trouble in means low risk debtors are defaulting on their payments and no one's money is safe. |
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