The Oil Drum | The Senate on price gouging

50 comments on The Senate on price gouging

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Stuart Staniford on September 7, 2005 - 8:38am

The level of ignorance is just spectacular. It's so weird to me that there are all these people going around with essentially no real understanding of the main driver of politics/economics over the next decade or two.

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Engineer-Poet on September 7, 2005 - 10:19am

Oh, the pols are not ignorant. They know exactly which powerless people they can demonize in order to score political points and help win their next election.

The problem is that the public is ignorant, and doesn't punish such destructive political behavior with "throw the bums out" campaigns.

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mw on September 7, 2005 - 11:25am

Today's shut in report - very little progress over yesterday's, ending a streak of rapid improvement over the last few days:, with GOM shut in totalling 57.37% oil / 40.36% gas vs yesterday 58% / 42%

Not a trend but concern will rise some on this...

http://www.mms.gov/ooc/press/2005/press0907.htm

These evacuations are equivalent to 19.90% of 819 manned platforms and 11.94% of 134 rigs currently operating in the Gulf of Mexico (GOM).
Today's shut-in oil production is 860,568 BOPD. This shut-in oil production is equivalent to 57.37% of the daily oil production in the GOM, which is currently approximately 1.5 million BOPD.
Today's shut-in gas production is 4.035 BCFPD. This shut-in gas production is equivalent to 40.36% of the daily gas production in the GOM, which is currently approximately 10 BCFPD.
The cumulative shut-in oil production for the period 8/26/05-9/7/05 is 13,607,835 bbls, which is equivalent to 2.485% of the yearly production of oil in the GOM (approximately 547.5 million barrels).
The cumulative shut-in gas production 8/26/05-9/7/05 is 71.664 BCF, which is equivalent to 1.963% of the yearly production of gas in the GOM (approximately 3.65 TCF).

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mw on September 7, 2005 - 11:27am

If they think they are being gouged on gas, just wait until the fire up their forced air furnaces and hot water heat for the winter...

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50 comments on The Senate on price gouging

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