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  • New York Times Admits Drilling Can Lower Gas Prices

    The New York Times has repeatedly asserted on its editorial page that lifting the bans on oil exploration in the Outer Continental Shelf and the Arctic National Wildlife Refuge should be resisted since they would “make only a modest difference, at best, to prices at the pump.” Well, the NYT’s editorial writers should really try reading NYT’s hard news where we learn today:

    Oil production has failed to catch up with surging consumption in recent years, a disparity that propelled oil prices to records this year. Despite the recent decline, oil remains above $100 a barrel, unimaginable a few years ago, causing pain throughout the economy, like higher prices at the gas pump and automakers posting sizable losses.

    The scope of the supply problem became more clear in the latest quarter when the five biggest publicly traded oil companies, including Exxon Mobil, said their oil output had declined by a total of 614,000 barrels a day, even as they posted $44 billion in profits. It was the steepest of five consecutive quarters of declines.

    While that drop might not sound like much in a world that consumes 86 million barrels of oil each day, today’s markets are so tight that the slightest shortfalls can push up prices.

    So the NYT is reporting that a supply drop of just 614,000 barrels a day has caused “pain throughout the economy” because “today’s markets are so tight that the slightest shortfalls can push up prices.” Well guess what? Everyone is predicting that oil markets will continue to remain tight for years to come. And the Energy Information Administration estimates that daily oil production from the OCS and ANWR would come to over one million barrels a day. Sounds like drilling is a great plan to ease consumer pain at the pump.

    Posted in Energy [slideshow_deploy]

    4 Responses to New York Times Admits Drilling Can Lower Gas Prices

    1. Pingback: Fuel » Blog Archive » New York Times Admits Drilling Can Lower Gas Prices

    2. Pingback: Gas Prices Falling Like…a Really Heavy Thing | The Sundries Shack

    3. Thomas Gray, South, says:

      Subject,,,Oil choices,,The need to use less oil,,,

      In my opinion getting off imported oil completely may not be possible, but if we can STOP using OIL to get from point A to point B we can,,,,

      steadily,,,, reduce our consumption and that would in the long answer ,,,solve,,, this problem, flying around in airplanes uses a lot also, THE biggest problem that I see is the amount of oil we use in trucking a critical component of our economy.

      There is not going to be ,,,ANY,,, battery powered truck any time soon if ever, trolley type maybe or hydrogen maybe or some other energy source. THIS question needs to go into a think tank NOW if you perhaps know where there is one. TRUCKS are a critical component of our society,, No fuel = disaster.

      World oil production is declining so this whole problem is not going to get any better,,,we can run to make changes or we can let the changes make us run. Reducing demand by driving less or inflating tires or slowing down WILL NOT change the outcome our only choice is CHANGE, CHANGE,, CHANGE,,

      We do need to drill for more oil because not to would be,, energy suicide,, without a continuing supply nothing is going to get done,

      As soon as the auto makers figure out that people that can't afford to buy gas are not going to buy gas fueled cars, I think they just,,, might,,, start manufacturing electric cars. there are not,,ANY,,update >>some<< on the market now in the U.S.A. that I know about,

      I will be among those to buy one depending on how long before any are available, at a price I can afford.

      HERE ,, There needs to be a mandate that cars can use any fuel except OIL,,NG,, as an energy source.

      This is the major reason why I'm an advocate of atom power,,, the difference between walking and riding far out weighs the dangers of atom power.

      as for the sugestion of bicycles in certian places they are an option but I warn you people untill you know how to carry a weeks worth of food on,,, this,,, vehical, DO NOT assume that a woman can do it.

      Don't get me wrong I like pushing shopping carts,,,but not from the store to home.

      We are going to need to stop making plastic things and other oil based products,,, that means we must start using more metal steel tin wood glass etc,,,in the things that we manufacture and use in every day life, yet another reason we need atom power or some other, oil is something that needs to be used wisely.

      tom.

    4. Jim Colburn, SLC,UT says:

      We do not need a lot of analysis of the oil import problem. Just listen to T Boone Pickens. He has the answer. Sign on to help at pickensplan.com.

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