[steveegg]

Unocal produced less than 500,000 barrels a day in the first quarter. I think we import 12,000,000 barrels a day. They are hardly a major source.

That's a naiive statement on 3 points:

• Somewhere north of 2% of the entire daily consumption (roughly 24,000,000 bbls/day) is not insignificant by any stretch of the imagionation.
• That 500,000 bbls/day is produced at the cost of production; its replacement would have to come from the open market at the higher market prices.
• Outside of Saudi Arabia (which is at best neutral to the US and a member of a cartel that is all-but-openly-hostile to us), there is currently no excess production to be had on short notice. That lack of excess production is one of the major reasons why oil prices are so high and every little jitter moves them disproportionately.

[Toddsterpatriot]

Somewhere north of 2% of the entire daily consumption (roughly 24,000,000 bbls/day) is not insignificant by any stretch of the imagionation.

I'm gonna stick with the idea that 2% is not the same as major.

That 500,000 bbls/day is produced at the cost of production; its replacement would have to come from the open market at the higher market prices.

Ummmm, you think Unocal sells at the cost of production, not the higher open market price? I believe your statements are naive.

[Toddsterpatriot]

Overall, Unocal is a major factor in Thailand's domestic energy consumption. In May 2004, it produced on a daily average 1.166 bcf (33.017 mcm) of gas, 41,236 bbls of condensate, and 18,987 bbls of oil. This means that Unocal supplies Thailand with gas that meets 30% of its electricity demand. It also provides a hefty portion of its transportation and industrial fuel, feedstocks for petrochemicals, and household cooking gas. Furthermore, Unocal produces 25% of Thailand's domestically used oil.

Unocal's stake in Southeast Asia

CIA World Factbook said Thailand used about 785,000 barrels a day in 2001. 25% of that is about 196,000 barrels. Suddenly they only have about 234,000 barrels that we might "lose".

Unocal said it currently expects worldwide average production for 2005 to exceed 430,000 BOE per day, up from a previous estimate of 425,000 BOE per day.

Unocal Net Income Soars 69 Percent on Oil Prices

I think Unocal is more accurately called a minor source of US oil.