Our Own Oil Cartel

Townhall.com ^ | June 4, 2008 | Terence Jeffrey

[Kaslin]

The last paragraph says it all

[villagerjoel]

Interesting article. It's good to know that if push comes to shove, we'll be ok for a very long time on our own fuel, even as other countries are seeing theirs slowly dry up.

[RVN Airplane Driver]

We need to throw every incumbent up for election out of office this November..

[x_plus_one]

Push can only come to shove when foreign money cash injections cease to exist. More money is funneled to politicians and bureaucrats to keep us oil-poor than you can shake a stick at. Arab money owns Jimmy Carter, All the democrats and half the republicans in congress and every upper-mid level bureaucrat in the Northern Hemisphere.

When the powers that be accept any money to keep us energy dependent on foreigners - we should shine the light of day on these contributions. We are being sold down the river for a handful of magic beans from Chinese, Arab and other enemy foreign interests.

[ripley]

“you elected congress. it paid you back with $4.00-per-gallon gas.”

it is not stupidity. it is not politics. it is psychiatry.

[xzins]

I love it, and it is so on target.

[DJ Taylor]

I’m confused. If an oil company, owned by investors from all over the world, drills in U.S. territory and produces large amounts of oil, can the U.S. Government force the oil company to sell their product to the American people for less than the oil company can get from other nations?

[villagerjoel]

I was thinking of apocalyptic war or similar situations (China?), but your point is well taken.

[bray]

If you like $4/gal, Thank Congress!

Pray for W and Our Troops

[arthurus]

And this does not even consider Bakken which would dwarf all of it,

[varon]

It's good to know that if push comes to shove, we'll be ok for a very long time on our own fuel.....

Yeah, we'll be ok if we push & shove the current congress critters out of office and not before!

[lexusppd]

No they cannot but the fact all this oil comes into the market place would invoke the economic laws of supply/demand and causes the price to drop.

Look at it this way as an example. If we were able to suddenly, magically have all this oil available to us in 7 days time, to draw from at will, what do you suppose would happen to world wide oil prices when the news hit that America would no longer be importing oil?

My guess is the price of crude would drop limit down every day until it eventually settled in the area of about $35-$45 bbl. It would be a blood bath in the NYMEX trading pits and a beautiful thing to see.

[WellyP]

The National Environmental Policy Act, Clean Water Act, Clean Air Act, Endangered Species Act and National Historic Preservation Act are all important and in a large way define us as a nation. Those acts do not say we can’t go after the oil. Only congress says that.

[kcm.org]

I’m confused. If an oil company, owned by investors from all over the world, drills in U.S. territory and produces large amounts of oil, can the U.S. Government force the oil company to sell their product to the American people for less than the oil company can get from other nations?

Sorry, only MSM rhetoric allowed.

Disabled vet here, and yesterday put a sweet, healthy, fat royalty check in the bank. Drive 60 mph on highway, accelerate as if an egg was beneath gas pedal, keep tires slightly overinflated, and write out destinations and go from point A to point B to point C...

[ChildOfThe60s]

I’ve been saying for years that we could realistically add 3 mbpd to our production.

Oh, but I forgot. Since we can’t do it in the next 6-12 months, there’s no point in even trying. (Dems have been saying that for years)

[gracesdad]

“Look at it this way as an example. If we were able to suddenly, magically have all this oil available to us in 7 days time, to draw from at will, what do you suppose would happen to world wide oil prices when the news hit that America would no longer be importing oil?”

But what exactly would force the oil companies to sell that product in the U.S. if, say, China, were willing to pay more?

I do realize that more product would likely force prices down (although we’re not exactly out of oil today and yet prices skyrocket), but oil companies are free to sell wherever they want.

[hosepipe]

[ And this does not even consider Bakken which would dwarf all of it, ]

Or the Oil Sands and shale..

[Obadiah]

ping

[wolf78]

But what exactly would force the oil companies to sell that product in the U.S. if, say, China, were willing to pay more?

I do realize that more product would likely force prices down (although we’re not exactly out of oil today and yet prices skyrocket), but oil companies are free to sell wherever they want.

The reality is: Right now the US imports 2/3 of its oil consumption. More domestic production would for the foreseeable time only equal less imports. So even if said companies sold their oil exclusively to US customers, the price would still be dictated by the world market.

[Conservativegreatgrandma]

Interesting article. It's good to know that if push comes to shove, we'll be ok for a very long time on our own fuel, even as other countries are seeing theirs slowly dry up.

Not as long as we keep electing Democrats.