Are small on-shore oil wells going to make a difference in price?

All these federal leases the hippies and media keep talking about are small beans. Think about this. The first month after you drill a well is the best production, then output, production, oil, whatever you want to call it, slows, either fast or slow, until the well stops producing. These federal leases have oil and companies are drilling on them, I know, my company is doing it right now. But in order to increase daily output, which is supply on the macro scale, you would have to drill so many of these kinds of wells the companies would have to employ all of mexico. These wells on federal leases will not help the world price of oil. Exxon can't even keep up with its decline drilling these sorry wells. You can make money though, which is why I have a job. Exxon and ';big oil'; need to have the opportuntity to find huge feilds off the continental shelf. These kinds of wells can make tons of oil with just a few holes. Companies drilling big wells can increase production enough to lower the price, but we're talkin like 1 million barrels a day kind of stuff, not pusy as wells everybody is drilling on these federal leases.





And btw Exxon is a small company, compared to the rest in the world, all big companies are owned by governments, usually sorry governments like Saudi Araba and Iran. You folks need to root for Exxon and our ';big'; oil companies. When Exxon is making a big profit that means your money stays here as opposed to your money going to Hugo or Iran. Ask Nancy ';Know your power'; pelosi if she would rather Exxon make the profits or Chaves and the Iran Nut make tons of money? Wouldn't you rather we buy some oil from the great American Company Exxon or crazy communist all over the world?





Also, when the media tries to make you mad by tell you Exxon made 11 billion while you pay $4 gasoline remember that due to inflation every time profits report come out of Exxon it should be a record. Not to mention about half of Americans own Exxon stock. Keep more money in America, let 'em drill offshore.Are small on-shore oil wells going to make a difference in price?
Look at the Naval Reserve that's leased out already. It has almost as much oil as ANWR and it's less than 60 miles from ANWR. It still won't make a dent in the price of oil.Are small on-shore oil wells going to make a difference in price?
Sooooo, let me get this straight.... none of this was like this when Clinton was in and gas was $1.89. And Mexico knows something we don't at $2.50. All of a sudden it all changed. Sure.
Drill anywhere and everywhere. Once all the oil in gone, there won't be anymore drama.
fantastic, bravo
While I agree with you that we should drill offshore, I also believe you aren't even touching on the root cause of all this.





The major reason why we are paying so much for gas is due to our flawed monetary system and, since neither candidate has even mentioned this issue, neither of them are going to be able to fix our problems.





The entire money supply of the United States is controlled by individuals within the private corporation known as the Federal Reserve Bank.





Since the world's monetary system is based around the dollar, every time inflation occurs, the price of dollar-based commodities rise.





How does inflation occur?





Very simple:





Here are the steps -





1) Our government needs x billions of dollars to operate - unfortunately, much of this money does not exist. Where do they get this money?





2) The government goes to the Federal Reserve Bank (a private organization - NOT a government entity) and applies for a loan - only that they are borrowing money that does not exist yet.





3) The Federal Reserve Bank prints this borrowed money and gives it to the US government as a loan.





This loan is called our ';National Debt';.





4) All this newly created money is spent by the government. This puts all those extra dollars out there in circulation.





5) This devalues the dollar (the more you have of something, the less value it has) and drives the prices of goods up.





6) You and I suffer the most because we are on fixed incomes and, while our wages stay the same, prices keep going higher and higher.





7) Corporations that deal in commodities, such as oil, benefit the most from this system. This is why oil companies see such huge spikes in profit.





The framers of our constitution did not want our nation's money supply to be controlled by a central bank - this gives too much power and influence over government by a selected few.





Since the government needs money, and money gets people elected, very few politicians are willing to speak out against this unconstitutional system.





We need a candidate who is ready and willing to take on the Federal Reserve and implement the necessary reforms to get this country back on its feet and restore value to our currency.





Just my two cents.
The biggest problems with Gasoline prices is not the supply of oil,.but the lack of OIL REFINERIES . The refineries are now working at or close to one hundred percent capasity. Last oil Refinery was build over 30 years ago. Next oil Refinery is due to go up in about five years. Somewhere in South Dakota. All the oil is all well %26amp; good, but with out place to refine it, it does little good!!!!!!!!!!!!!!!
The Bakken Shale located in North Dakota has at least 300 Billion even up to 750 Billion Barrels of oil in it according to the USG. Much more then the shelf holds. Offshore drilling and ANWR are a joke compared to this pool....








Edit. We have drilled off shore, up until the 80's.... An off shore rig costs way more then a ';Fracking'; a well here in the Bakkens. The USG has estimates for the osc and its in the hundreds of Millions not hundred of Billions like the Bakken. Once fracked many of these wells have been free flowing for months even up to a year until they need to be pumped, years later is when they need to pressurize..





We need to get off of the oil addiction, price of one oil well in the Bakken you can build 3 -4 wind turbines that will produce energy.
SLAOL .. you have it wrong .... the Federal reserve is not a private corporation .... it is a government entity with private components ... which the 12 regional banks act as agents of the US Treasury .... and the board pof directors are elected by the president .... doesnt sound like a private corporation to me .... The Federal Reserve System is an independent government institution that has private aspects, but is neither a private organization, nor operates for a profit. It derives its authority and public purpose from the Federal Reserve Act passed by Congress in 1913 .... FYI