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shallowdeep -> RE: Do we all believe the BS we're being fed? (5/30/2008 6:46:10 PM)
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quote:
ORIGINAL: MissSepphora1
First they tell us the price of gas is up due to high demand, then they tell us it's up because we're using LESS??
I think you misinterpreted the article.
quote:
Prices remained volatile, though, buffeted about by threats against Nigerian oil facilities, worries about falling gasoline demand in the U.S. and a strengthening U.S. dollar.
[emphasis mine]
The point was that prices were changing rapidly throughout recent trading in both directions, up and down. Some factors raised the price (e.g. Nigerian instability), others lowered it (e.g. forecasts of lower US demand) and others had more complex effects (e.g. a strengthening dollar). The article notes the net effect was a decrease in oil prices, around a 7% drop in a week. The article also notes that gasoline remains at record highs, but this isn't surprising since oil needs to be refined into gas, which takes time, so gas price changes tend to lag behind changes in oil's price - and oil had been at record highs until this week.
quote:
ORIGINAL: MissSepphora1
It depends on who you speak to about ANWR. Some sites I've read have said there is more oil in ANWR than in Saudi. Others, mostly liberal, say it's very little and wouldn't help. Depends on who or what you believe.
If you believe actual USGS studies of the area, there are between 4.25 and 11.80 billion barrels of oil, with 7.69 billion being the mean estimate. Of those, between 3.0 and 9.7 billion are considered recoverable, with 6.1 billion the mean. At 2007 US consumption rates of 20.698 million barrels a day, that translates to somewhere between 111 and 360 days of supply. It's a fair bit more than a month, but nowhere close to Saudi Arabia's reserves - and not enough to be of significant long term help. If we tap it now, without a plan for substantially reducing future oil consumption in place, it's quite possible we will wish we saved it for later - something to consider.
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