OPEC is really stupid - cougarguard.com — unofficial BYU Cougars / LDS sports, football, basketball forum and message board

MikeWaters · 05-29-2008, 04:36 AM

In my opinion, by refusing recent requests to increase production. Yes, the market is out of whack, but the problem is that people are changing their habits. They are selling their SUVs and trucks, they are driving less, they are taking mass transit, etc.

OPEC is shrinking its market for a short-term payday. Not smart. Not to mention a global recession being a strong possibility that will also shrink the market.

landpoke · 05-29-2008, 12:36 PM

What if they can't up production?
The Texas Railroad Commission was the OPEC of the post-WWII era, regulating production in the state to control prices. During the first Arab oil embargo the commission told producers to open the taps. They did and nothing happened. I'm beginning to wonder if the same thing might be the case here.
It's fairly widely known that the OPEC self reported reserve numbers are less than accurate.

Spaz · 05-29-2008, 03:34 PM

Given the natural incentive for OPEC countries to undercut each other, especially in this sort of market, I think Poke's assertion may have some validity. Perhaps they aren't increasing production simply because their reservoirs are running on empty.

It would certainly be interesting to see what would happen politically in the area if the Gulf States suddenly were not as important to the financial health of the world. It could potentially be disastrous in many ways.

Indy Coug · 05-29-2008, 03:37 PM

What are the Saudis going to do when their oil reserves dry up? They haven't diversified their economy like Dubai has. They have good reason not to use up their assets too quickly.

Archaea · 05-29-2008, 03:42 PM

Landrapers inform me.

I am told or given to understand that significant oil reserves exist off the Florida coast, but we are not allowed to drill for these reserves. They extend to Cuba and Cuba has sold these rights to China which will commence drilling. If this is true, it will be ironic that reserves available to us will be given to the Chinese to help them surpass us as the world power.

Thanks Obamaites.

landpoke · 05-29-2008, 07:53 PM

There are supposedly significant reserves off of Florida and on up the east coast. I say supposedly as nobody's proved them up yet via drilling.

I have also heard the rumor that China is drilling just across the line off of Cuba but I can't speak to it's veracity. Probably just a Big Oil scare tactic designed to get their grubby hands on these last best places.

Archaea · 05-29-2008, 08:21 PM

Quote:

Originally Posted by landpoke

There are supposedly significant reserves off of Florida and on up the east coast. I say supposedly as nobody's proved them up yet via drilling.

I have also heard the rumor that China is drilling just across the line off of Cuba but I can't speak to it's veracity. Probably just a Big Oil scare tactic designed to get their grubby hands on these last best places.

We should at least confirm this information, and not limit ourselves so recklessly to oil reserves.

SoonerCoug · 05-29-2008, 08:24 PM

Mudphud's energy plan:

Build tons of nuclear reactors. Build tons of awesome electric trains...commuter rail....light rail. Ship all nuclear waste to western China (but not Tibet).

landpoke · 05-29-2008, 08:32 PM

Quote:

Originally Posted by MudphudCoug

Mudphud's energy plan:

Build tons of nuclear reactors. Build tons of awesome electric trains...commuter rail....light rail. Ship all nuclear waste to western China (but not Tibet).

That plan is dumb, dumb, dumb. landpoke's plan: drill everything, let God sort it out.

Mormon Red Death · 05-29-2008, 08:34 PM

Quote:

Originally Posted by MudphudCoug

Mudphud's energy plan:

Build tons of nuclear reactors. Build tons of awesome electric trains...commuter rail....light rail. Ship all nuclear waste to western China (but not Tibet).

MRD's Energy Plan

Build the largest Solar Energy Farm in the Desert surrounding phoenix and Las Vegas. Use that power to desalinate (sp?) the water from the pacific ocean (that you are pumping using this power). Change all cars/buses/ to hybrids of hydrogen (that you create using the solar power)/ compressed air.

Have series of maglev trains from California to New York using the energy from the large solar farm.

Say "F#@& You, we're done" to the Middle east.

05-29-2008, 04:36 AM	#1
MikeWaters Demiurge Join Date: Aug 2005 Posts: 36,367	OPEC is really stupid In my opinion, by refusing recent requests to increase production. Yes, the market is out of whack, but the problem is that people are changing their habits. They are selling their SUVs and trucks, they are driving less, they are taking mass transit, etc. OPEC is shrinking its market for a short-term payday. Not smart. Not to mention a global recession being a strong possibility that will also shrink the market.

05-29-2008, 12:36 PM	#2
landpoke Senior Member Join Date: Jul 2007 Location: North Central God's Country Posts: 1,534	What if they can't up production? The Texas Railroad Commission was the OPEC of the post-WWII era, regulating production in the state to control prices. During the first Arab oil embargo the commission told producers to open the taps. They did and nothing happened. I'm beginning to wonder if the same thing might be the case here. It's fairly widely known that the OPEC self reported reserve numbers are less than accurate. __________________ I see a hobo. And when I see the hobo, I think to myself, "This man is poor. His monetary value is low, and my monetary value is high, and it's a shame that he is himself. What can I do?"

05-29-2008, 03:34 PM	#3
Spaz Senior Member Join Date: Jan 2008 Posts: 1,371	Given the natural incentive for OPEC countries to undercut each other, especially in this sort of market, I think Poke's assertion may have some validity. Perhaps they aren't increasing production simply because their reservoirs are running on empty. It would certainly be interesting to see what would happen politically in the area if the Gulf States suddenly were not as important to the financial health of the world. It could potentially be disastrous in many ways. __________________ "My days of not respecting you are certainly coming to a middle." -Malcolm Reynolds "It doesn't mean that if we lose a game or when we lose a game people won't then jump on and say the quest is over. Because they will. But they've missed the point." -Bronco Mendenhall on "The Quest"

05-29-2008, 03:42 PM	#5
Archaea Assistant to the Regional Manager Join Date: Aug 2005 Location: The Orgasmatron Posts: 24,338	Landrapers inform me. I am told or given to understand that significant oil reserves exist off the Florida coast, but we are not allowed to drill for these reserves. They extend to Cuba and Cuba has sold these rights to China which will commence drilling. If this is true, it will be ironic that reserves available to us will be given to the Chinese to help them surpass us as the world power. Thanks Obamaites. __________________ Ἓν οἶδα ὅτι οὐδὲν οἶδα

05-29-2008, 07:53 PM	#6
landpoke Senior Member Join Date: Jul 2007 Location: North Central God's Country Posts: 1,534	There are supposedly significant reserves off of Florida and on up the east coast. I say supposedly as nobody's proved them up yet via drilling. I have also heard the rumor that China is drilling just across the line off of Cuba but I can't speak to it's veracity. Probably just a Big Oil scare tactic designed to get their grubby hands on these last best places. __________________ I see a hobo. And when I see the hobo, I think to myself, "This man is poor. His monetary value is low, and my monetary value is high, and it's a shame that he is himself. What can I do?"

05-29-2008, 03:37 PM	#4
Indy Coug Senior Member Join Date: Jan 2006 Location: Between Iraq and a hard place Posts: 7,569	What are the Saudis going to do when their oil reserves dry up? They haven't diversified their economy like Dubai has. They have good reason not to use up their assets too quickly.

05-29-2008, 08:24 PM	#8
SoonerCoug Formerly known as MudPhudCoug Join Date: Nov 2006 Location: Land of desolation Posts: 2,548	Mudphud's energy plan: Build tons of nuclear reactors. Build tons of awesome electric trains...commuter rail....light rail. Ship all nuclear waste to western China (but not Tibet).