The Ridgewood Blog Brings a Free Market Laissez-faire Point of View to Local, New Jersey State and National Issues.
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Houston Tx, a remarkable map shared by a reader highlights an astounding fact: if Texas were a separate country, it would rank as the third-largest oil producer in the world. That’s right—drill, baby, drill!
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Washington DC , the U.S. government is closing out a winning trade. President Joe Biden opened the country’s strategic petroleum reserve in 2022 in an effort to lower prices at the pump and wean Europe off Russian gas. After selling more than 200 million barrels to refiners in the mid-$90s, the Energy Department is now refilling in the mid-$70s.
By Charles Stampul
The second Yom Kippur War started Saturday with America’s emergency oil stockpile at a 40 year low. The first Yom Kippur War began on the same date 50 years ago. Oil doubled within a year.
even a broken clock is right twice a day
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Washington DC, at lest Mussini made the trains run on time and speaking of energy policy , on the website Climatedepot.com, Marc Morano has produced this chart showing energy predictions from the U.S. Department of Energy and the actual events. Over the decade from 2010-19 U.S. oil output reached double its predicted level. (Obama predicted we would soon drill for the last barrel of oil in North America.) No one in government saw the shale oil and gas revolution coming.
Continue reading Department of Energy :Always Wrong All the time
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Ridgewood NJ, we have to laugh at this one , James Singer, DCCC Spokesperson called out Tom Kean Jr. for accepting campaign donations from Matt Mowers’ leadership PAC , claiming he voted in two states in 2016 saying, “If Tom Kean Jr. cares about election integrity he should denounce double voting and return the donations he took from Matt Mowers.” . How could that be, according to the Democrats, the “media” and Facebook censors there was absolutely positively no election fraud whatsoever.
Continue reading Market Freakishly Unalarmed by Weekend Developments
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Ridgewood NJ, gas prices increased again in New Jersey and around the nation as a whole despite lower demand as travel restrictions remain in place due to the pandemic. AAA Mid-Atlantic says the average price of a gallon of regular gas in New Jersey on Friday was $2.58, up three cents from a week ago. Drivers were paying an average of $2.53 a gallon a year ago at this time. The national average price for a gallon of regular gasoline was $2.45, also up three cents from last week. Drivers were also paying an average of $2.45 a gallon a year ago at this time.
Continue reading Prices at the Pump Continue to Rise as Oil Prices Skyrocket
Replacing your oil tank is a crucial investment. Before replacing it, you have to know how to tell if your oil tank needs to be replaced. So how long does an oil tank typically last? A typical indicator that your indoor tank unit needs to be replaced is tank failure. However, you will often spot some warning signs beforehand.
Continue reading Buying a New Oil Tank? Here’s What to Look For
BY SARAH WESTWOOD | JUNE 27, 2015 | 12:01 AM
Hillary Clinton withheld Benghazi-related emails from the State Department that detailed her knowledge of the scramble for oil contracts in Libya and the shortcomings of the NATO-led military intervention for which she advocated.
Clinton removed specific portions of other emails she sent to State, suggesting the messages were screened closely enough to determine which paragraphs were unfit to be seen by the public.
For example, one email Clinton kept from the State Department indicates Libyan leaders were “well aware” of which “major oil companies and international banks” supported them during the rebellion, information they would “factor into decisions” about about who would be given access to the country’s rich oil reserves.
The email, which Clinton subsequently scrubbed from her server, indicated Clinton was aware that involvement in the controversial conflict could have a significant financial benefit to firms that were friendly to the Libyan rebels.
Icahn: Oil will go lower, Saudi Arabia blindsiding the world
Everett Rosenfeld | @Ev_Rosenfeld
The price of oil will go lower as supply and demand remain unbalanced, activist investor Carl Icahn said Thursday.
Icahn, who spoke with CNBC’s “Fast Money: Halftime Report,” said that Saudi Arabia’s decision not to cut oil production blindsided the global market, and that he expects the commodity’s price will keep sliding.
“I think [oil’s price] will continue to go down unless there is some outside event,” Icahn said.
One of the World’s Biggest Sources of Oil Is Right Here in America
Rob Nikolewski / @Watchdogorg / July 29, 2014
SANTA FE, N.M.—Oil production in New Mexico keeps on booming, and it could continue to do so for some time.
“I think the forecast is great,” said Parker Hallam, president and CEO of Crude Energy in Dallas. “I’m excited.”
The Permian Basin, located in eastern New Mexico and West Texas, recently has become one of the world’s biggest sources for crude oil.
The Bakken formation in North Dakota, the Eagle Ford “play” in South Texas and the Permian Basin are each producing more than 1 million barrels of oil per day, with the Permian leading the pack at 1.6 million barrels a day.
Domestic production has grown so large that last month, the International Energy Agency announced the United States surpassed Russia and even Saudi Arabia in oil production.
In New Mexico, field production has doubled in the past three years and is on the verge of surpassing 10 million barrels a month, according to figures from the U.S. Energy Information Administration.
“I think the next 10 years, we can expect to see three to 3-and-a-half million [barrels a day from the Permian Basin],” Hallam said. “We could see even more than that.”
The reason?
Horizontal drilling, using hydraulic fracturing—“fracking.”
