Drilling????

[dnf777]

No.

But, the more oil in the market the cheaper. OPEC cut production because we have cut production.

Franco,
What do you think about the "abiotic oil" theory?

For those not familiar, we know two confusing facts to be true:

1) Oil is being found at depths far deeper than can be explained by previous life on earth decaying and transforming into oil.

2) Gulf of Mexico and certain Russian oil fields are depleting FAR slower than geologists have predicted, implying that they may be replenished from unknown sources.

Add to this, the fact that we know petroleum can be produced from biosphere in the lab, but obviously, this has not been directly witnessed to happen in nature....only assumed and taught as irrefutable dogma.

[zeus3925]

Natural gas remains in the $3-$4 range because it is produced here, is abundant, clean and versatile. It seems to me that if additional oil were produced here and added to the market it would drive the price down by forcing OPEC to become more competitive. I for one would like to send their tankers home riding low in the water - lower price or not.

Historically when oil does not meet OPEC's price target there is a big powwow and production is cut in order to maintain price.

Oil presently is not responding to a typical demand/ price structure. Most of the pundits following the issue say that prices have been overinflated by the actions of speculators More than anything.

[Cody Covey]

Franco,
What do you think about the "abiotic oil" theory?

For those not familiar, we know two confusing facts to be true:

1) Oil is being found at depths far deeper than can be explained by previous life on earth decaying and transforming into oil.

2) Gulf of Mexico and certain Russian oil fields are depleting FAR slower than geologists have predicted, implying that they may be replenished from unknown sources.

Add to this, the fact that we know petroleum can be produced from biosphere in the lab, but obviously, this has not been directly witnessed to happen in nature....only assumed and taught as irrefutable dogma.

I blame the reptiles underneath the Denver Airport

[mjh345]

I would also image that exporting sources don't want to sell their oil for $60/barrell when the weekened dollar ain't worth what it used to be; and that $60 doesn't but what it used to in the international market

[Franco]

Franco,
What do you think about the "abiotic oil" theory?

For those not familiar, we know two confusing facts to be true:

1) Oil is being found at depths far deeper than can be explained by previous life on earth decaying and transforming into oil.

2) Gulf of Mexico and certain Russian oil fields are depleting FAR slower than geologists have predicted, implying that they may be replenished from unknown sources.

Add to this, the fact that we know petroleum can be produced from biosphere in the lab, but obviously, this has not been directly witnessed to happen in nature....only assumed and taught as irrefutable dogma.

I don't know anythign about this subject.

However, we do have massive reserves. Much more than what the Democrats would have one beleive. Thier current policy in economic suicide! But then again, a major crisis would give those incharge more power.

Shrinking the size and power of the Federal Government is the first step to our economic recovery!

[Buzz]

Thier current policy in economic suicide!

The policies of the Bush Administration gave us almost $150/barrel oil and gas over $4/gallon. So I guess that worked pretty well too.

[dnf777]

I don't know anythign about this subject.

However, we do have massive reserves. Much more than what the Democrats would have one beleive. Thier current policy in economic suicide! But then again, a major crisis would give those incharge more power.

Shrinking the size and power of the Federal Government is the first step to our economic recovery!

I didn't either, but after researching it a bit, I found this fascinating. There are theories out of Russia and China that much of the worlds oil is created deep in the earth, under conditions we know very little about. The slower than expected depletion has never been explained by our petroleum geologists even to their own satisfaction, and reserves that have been previously declared "depleted" in Russia and China are now producing once again. Obviously, more dinosaurs didn't die and turn into oil in the past 100 years!

If this theory of abiotic oil has any merit, it will completely change the world.

[Roger Perry]

The policies of the Bush Administration gave us almost $150/barrel oil and gas over $4/gallon. So I guess that worked pretty well too.

Seemed like when the war in Afghanistan and Iraq started, the price of oil/gasoline went up. Any unrest in the Middle East and the price of Oil/Gas went up, anything that North Korea did or said, the price of Oil/gas went up.

[duckheads]

Their current policy in economic suicide! I'll second that franco. Buzz I know it's hard but let's stick with the current not the past!

oil surges after off shore drilling report. again oil would plummet if we started the "drill baby drill" attitude and started drilling for our own oil.

http://finance.yahoo.com/news/Oil-su...1&asset=&ccode=

[ducknwork]

If this theory of abiotic oil has any merit, it will completely change the world.

Boy, isn't that the truth.

Now I won't live in constant fear of us pumping oil from the center of the earth until it is completely hollow and collapses on itself! Maybe I can stop having that recurring nightmare now.