"Obama's An Idiot" is where my political bitches now live. Go ye thereto and read.

Wednesday, November 07, 2007


Oil jumps above $98 a barrel

2 hours, 7 minutes ago

LONDON (Reuters) - Oil sped above $98 a barrel for the first time on Wednesday, closing in on the landmark $100 level, driven by a slumping dollar and worries over a winter fuel supply crunch.
I've said it before a bazillion times already, but I just don't fucking understand this shit.

There are hundreds, nay thousands, of already drilled yet capped wells in the U.S. Trust me on this. I am not making it up. I have relatives who were roughnecks, who drilled many of these gawd-damned wells in Utah and Wyoming, only to cap them off when they struck oil or gas.

On top of that, there are reserves all over the country and in Alaska that we could be using if we only would. But yet we allow politicians through their trade agreements to force us to rely on foreign oil instead of using what we have.

Fucking shit. [spit]

Oh well. I'm sure Hugo Chavez will bail some folks out like he did last year.



Anonymous said...

It's not easy to bring a capped well back into production. If it has been through the "plug and abandon" scenario, it's almost impossible.

It's also pretty hard to get at some of the reserves. For instance, my Uncle owns a significant interest in a company that bought the lease rights to drilling off the Gulf Coast of Florida. But no drilling was ever done because after selling the drilling rights, the Feds banned drilling. Those reserves might as well not be there. Same with Alaska, so many roadblocks by the tree huggers that it's virtually impossible. You are right, it is political. My guess would be that the rising price of energy will bring on a ferocious recession, and the realists in government will be strengthened enough to overcome some of these problems.
In the meantime, a lot of people are becoming fantastically wealthy by investing in oil. A lot of the hype that is running up oil prices is put out there by companies who make money off their interests in oil and gas.
It's a bad deal all around for normal people.

curmudgeon said...

I guess my issue is that they've been do all this drilling for years, and all they do is cap the off at the time.
And all the regulations in place recently... Well, special interest groups and politicians always will go hand in hand.

Anonymous said...

Personally, I think it's time to invest in bicycle factories. I've got bad knees so I guess I'll just get another horse.

curmudgeon said...

Or maybe invest in AmTrak.