Big Oil's job creation promise- could it work?

Big oil just announced that if they were allowed to drill that could easily create over 1 million jobs: http://money.cnn.com/2011/09/07/news...Lead&hpt=hp_t1

Do you guys think the regulations should be lifted? Also, didn't Obama lift regulations and tell them they can drill? I wonder if Obama will consider this in his jobs plan tomorrow- if it will create jobs I say go for it- Obama will probably lose support from environmentalist but hey his not going to make everyone happy.

It's one of those "give with the right hand, take with the left" deals. Obama knew EPA would stop it anyway when his admin started issuing permits.

If EPA was drawn back to reality I think a lot of drilling could take place without going offshore.

Our leaders just took over Libyas oil fields with the help of the UN and the so-called rebels. In 2008 oil was about $150 a barrel. Now oils at about $85 and the price at the pump is relatively the same, the game is rigged. And who can forget inflation and printing money. If it creates jobs sure, put the people to work but I just think it's a short-term solution to a long-term problem.

ive been saying the same thing in here forever

Not really CPT. Your logic is flawed.

http://gasbuddy.com/gb_retail_price_chart.aspx

When Oil was at $150 a barrel gas was $4.12 a gallon on average. Gas is currently at $3.65 a gallon, 47 cents per gallon cheaper, about 15% less. You used the phrase "relatively the same", and as such I don't know how much is relative to you. 15% less is fairly substantial.

Living in West Texas where both Wind Power and Oil created and maintained jobs I definately saw the benefit in opening all options for energy creation. Conspiracy theories aside, actual energy production creates jobs. Green jobs are theoretical and sometimes occur, oil jobs are real and do occur. It is just basic common sense. Send billions to the Middle East for Oil (and Venezuela) or keep those same billions here. Oil companies can and DO invest those profits in long term projects. I know dozens of companies in West Texas who took oil profits and reinvested them into Wind Production. It isn't complicated unless the government gets in the damn way.

When Oil was at $150 a barrel gas was $4.12 a gallon on average. Gas is currently at $3.65 a gallon, 47 cents per gallon cheaper, about 15% less. Originally Posted by Boltfan

Taking the above into account, along with crude today being down roughly 40%, does the difference (around 25%) reflect the "true" inflation rate caused by our ceaseless printing of money?

It is curious how quiet the MSM is given today's gas prices, when a few years ago talk of "gouging" and "oil men in the white house" was all the rage. Yet, as we've discussed gasoline is 25% higher today vs crude oil prices.

Will opening all US energy resources to exploration and development create jobs? Of course it will, but nobody can say with certainty how many.

Will it bring down the cost of gasoline and other forms of energy? Given time, it likely will, but nobody knows how much because of other variables (like printing too much money).

Will the US ever get out of debt induced death spiral? In my opinion, not until government spending is cut from current levels and the US becomes a net exporter of oil.

Taking the above into account, along with crude today being down roughly 40%, does the difference (around 25%) reflect the "true" inflation rate caused by our ceaseless printing of money? Originally Posted by Iaintliein

OR..... That 25% is extra lining of oil co profits. No, those nice oil men would never do that, would they? (Actually, yes they would.)

Will opening all US energy resources to exploration and development create jobs? Of course it will, but nobody can say with certainty how many. Originally Posted by Iaintliein

Agree with this part. The problem is our all/nothing mindset. Let's create reasonable sustainable jobs, and make sure we avoid creating jobs of the oil-spill-cleanup kinds.

Will the US ever get out of debt induced death spiral? In my opinion, not until government spending is cut from current levels and the US becomes a net exporter of oil. Originally Posted by Iaintliein

Yes, cut current spending wisely, but exporting oil worries me. I LIKE having reserves and worry about selling off our oil for short term profit and then being seriously at the mercy of the oil producers. Currently if they squeeze us it hurts; is we sell too much of our own we have much more painful choices. I'd much rather use up the other guy's oil.

OR..... That 25% is extra lining of oil co profits. No, those nice oil men would never do that, would they? (Actually, yes they would.) Originally Posted by Old-T

But surely, if that was the case, those paragons of journalistic integrity at CNN and the other alphabet crews would be screaming it from the proverbial rooftops . . . wouldn't they?

Let me tell ya'll something.,,,

When you hear a Lib tell you that it would take 10 years to get oil from Anwr he is either full of horse shit or he doesn't know what he is talking about. It took only 5 years to develope Prudoe Bay..pipeline and all.

The pipeline is only 50 miles from where they want to drill on a 100+ acre track using directional drilling. They could tie into that pipeline in 2-1/2 years.

This is what beautiful Anwr looks like where they want to drill..



And you know what else? When a pipe breaks they can turn a valve off and fix it and easily clean it up....unlike the high wire act that is going on in the Gulf.

All we need is to get a few inviromental Nazi's out of the way.

Profit, the new 4 letter word.

Just as when the ban on Atlantic Drilling expired, the perception the US is going to actually develop resources and put more supply on the market will drive down speculative increases in prices. History shows this to be true.

But surely, if that was the case, those paragons of journalistic integrity at CNN and the other alphabet crews would be screaming it from the proverbial rooftops . . . wouldn't they? Originally Posted by Iaintliein

+1 @ Boltfan

Even IF it took a liberal decade to produce the oil, those fields would have to be manned by everything from engineers to logistics to manual laborers and those jobs would begin as soon as they release the leases and remove the EPA/court restrictions. Between ANWR et.al. oil fields there would be a whole lot of jobs created.

OR..... That 25% is extra lining of oil co profits. No, those nice oil men would never do that, would they? (Actually, yes they would.) Originally Posted by Old-T

The great thing about a free market is that great profits create an influx of investments which increases competition which drives prices down. Profit is not evil. It is what drives our economy and innovation.

plus they just discovered that new field in/around N. Dakota

and look at Oklahoma where UE is less than 6%