Re: Samuelson on OIl Drilling

On Apr 30, 8:54 pm, "Larry Hewitt" <larryh...@[EMAIL PROTECTED]
> wrote:
> "Geo" <taxpayer...@[EMAIL PROTECTED]
> wrote in message
>
>
news:96ce4123-59d3-4451-b806-7db1226d544f@[EMAIL PROTECTED]
>
>
>
> > On Apr 30, 4:40 pm, Joe Steel <JoeSt...@[EMAIL PROTECTED]
> wrote:
> >> "John Galt" <whoisjohng...@[EMAIL PROTECTED]
> wrote
> >> innews:Nd1Sj.125814$fB7.88202@[EMAIL PROTECTED]
>
> >> > "Joe Steel" <JoeSt...@[EMAIL PROTECTED]
> wrote in message
> >> >news:Xns9A90635628FA1JoeSteel@[EMAIL PROTECTED]
>
> >> >> Killing ourselves by polluting our environment and, at the same
time,
> >> >> making ourselves more dependent on a limited resource may be
"common
> >> >> sense" to some but it's not very smart.  The better choice is
using
> >> >> this op****tunity to solve a problem which will never go away; oil
is
> >> >> a limited, dirty resource and no amount of production enhancements
> >> >> can make it clean and unlimited.  We have to find other ways to do
> >> >> what we do with oil.
>
> >> > Joe, you're not wrong, but there are no serious economists or
> >> > prognosticators that foresee alternatives being a substantial
****tion
> >> > of overall energy production until the next century, assuming we
> >> > prefer not reverting to a pre-Industral Revolution economy.
>
> >> > Part of Samuelson's point (also driven home by prior articles on
the
> >> > subject) is that we're stuck with the dirty, filthy energy source
for
> >> > the rest of our lifetimes and at least those of our kids, if not
our
> >> > grandkids as well. We can't shut off the spigot until we have a
cost
> >> > effective, viable alternative, and although various alternatives
will
> >> > be coming on line over the next few decades, critical m*****
leading
> >> > to economies of scale are even further off.
>
> >> > We need to develop fossil resources now whilst investing in a
> >> > Manhattan Project for fuel alternatives. Would you not agree that
such
> >> > is prudent?
>
> >> > JG
>
> >> I'm not sure I do.  While Samuelson may be advocating what seems to
be a
> >> "common sense" solution to the oil problem, it probably will make the
> >> problem worse.  An increased supply of oil removes the pressure to
find
> >> alternatives.  Without that, our progress toward the solution is
less.
>
> > Yeah, meanwhile, let's stand by while some experts call for $10/gal,
> > all the while there are energy sources sitting right under your
> > friggin' feet!!!  Get oil to the market now, where the infrastructure
> > already exists.  Work on other solutions in the meantime.  Somehow, I
> > don't think people that are struggling to fill up their tanks or buy
> > ever increasing in cost groceries will seem to mind one bit.  Then
> > again, wouldn't want to offend your local environmental goofnut would
> > we?
>
> You keep asserting this, yet the experts disagree with you.
>

I would consider the head of BP to be an expert.

> What you advocate will work exactly like the gas tax holiday advocated
by
> McCain and Clinton will do --- it will encourage increased consumption,
> which will put upward pressure on prices, which will increase oil
company
> profits while providing little relief for consumers.
>
> And, of course, you keep ignoring he financial side of the problem that
is
> responsible for as much as half the cost of a barrel of oil.
>
> Larry

Increasing supply puts downward pressure on prices.  It's simple
economics.  You have this tendency to look at consumption of only US
markets.  Look around you.  Demand is going up worldwide.  The more
the oil companies profit the better off a lot of people are from
investors, to employees of those companies, to retirees, to the
biggest beneficiary of them all - the govt.  The last time I looked
the oil companies paid the US govt more in income taxes than the
bottom 50% of all US personal tax filers combined.  Yes, you read that
right...COMBINED.

Would I like to see us move to some other form of energy use?
Absolutely.  Until that happens there is no reason whatsoever that we
should be in the spot we are.  But for political influence and knee
jerk responses to alleged crisis after alleged crisis we find
ourselves facing $10/gal according to some experts while food and
other prices go up.  This is what your current stream of democrats and
republicans have brought you.  This is what people like Al Gore and
the sky is falling crowd have brought you.  For some reason the
unproven global warming hoax and protection of red beaked tit mice are
more im****tant than average Joe American putting food on the table,
buying a house, driving their cars at reasonable prices.  And you sit
back and take it.