Their ROI is probably in the 1,000,000 : 1 ratio range now.
Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.
Posted on 01/16/2011 8:38:26 AM PST by Nachum
Billions of dollars in potential oil revenue that could help close the federal deficit is being lost as a result of President Obama’s anti-drilling agenda.
Production in the Gulf of Mexico — which normally accounts for about 30 percent of all U.S. production — is expected to drop this year by 220,000 barrels per day, according to projections from the U.S. Energy Information Administration.
With oil currently at $90 a barrel and the royalty rate at 18.75 percent, that equals $3.7 million in lost revenue each day.
(Excerpt) Read more at blog.heritage.org ...
The list, ping
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Sorry, but EPA administrators Cloward and Piven don’t approve.
I just had a phone call yesterday from a friend who’s brother is a boat Captain for a very large boat service company in the Gulf that was just laid off.
Obama’s anti-drilling agenda Costing Federal Government Billions in Lost Revenue.
Obama’s handlers made sure his dictionary didn’t have the words profit or net gain in it.
That's about the only logical explanation for this insanity. The Obama administration must seriously be trying to destroy the country.
Most assuredly, the socialists are trying to do just that.
My question is why are Republicans are not going on talk shows and blaming the President for his anti-energy policies? Here is a clear link; no drilling, no new supply resulting in higher gas prices, lower tax revenues. Slam dunk. What the hell is wrong with our conservative leaders? Something is handed to them on a silver platter and they refuse to take advantage of it.
It turns out that it is not necessary to drill off shore or in Anwhar.
Friday BP took on Russia as a pardner and an unending supply of oil will be flowing from Russia forthwith.
Exactly as planned. So now they will have to raise taxes on green energy to make up for it.
“Oil Industry Taxes: A Cash Cow for Government”
http://www.taxfoundation.org/files/sr183.pdf
“Indeed, since 1981, when the failed windfall profits tax was first enacted, federal, state, and local governments in the U.S. have collected more in taxes from the oil industry than the industry has earned in actual profits for its shareholders. For example, after adjusting for inflation, the combined net earnings (net of taxes and expenses) for the largest petroleum companies between 1981 and 2008 totaled $1.4 trillion. By contrast, the total amount of taxes collected by U.S. governments from the oil companies topped $1.95 trillion, roughly 40 percent more than the industry’s combined profits. Tax collections exceeded company profits in 23 of the 27 years surveyed.”
Hardly a slam dunk as over the last year drilling in the US has increased greatly and almost half the world’s drilling rigs in operation today are right here in the USA.
I wondered how long it would take for someone to bring up this topic.
How much royalty money does COAL production bring into the Fed Treasury?
The purpose is to re-distribute US wealth to the dictatorships that control most of the oil and to reduce our standard of living. I mean at some point you’ve had enough to eat!
Their ROI is probably in the 1,000,000 : 1 ratio range now.
I think it proves Obama is looking at any way to hurt the U.S. economy. He has the media on his side trying to convince everyone things are getting better, but the brutal reality of this great recession is greater than the fantasyland Obama is trying to create for the public.
We may be drilling more in the U.S. in general, but believe me, Obama is trying and looking for ways to stifle conventional energy development. He has publically said he wants much higher gas prices so the media is sympathetic. They ignore the same high gas prices that they went nuts over when George W. Bush was in office just a few short years ago. As I stated earlier, our conservative elected officals are silent about Obama’s role in forcing gas prices higher. Why?
I agree that additional areas of the eastern Gulf of Mexico should be opened to additional drilling. However, the ban on drilling in the eastern Gulf of Mexico has been in place for 30 years and had been renewed each year since 1981.
However, there were areas that were opened in the spring of 2010 but that was put on hold after the BP spill.
Today, there are 480 and more drilling rigs in the US than there were just a year ago and if the price of oil continues to climb, you will see the number of US rigs increase.
The bottom line is that if you want more domestic drilling, you must also want higher oil & gas prices.
And if you want cheap oil & gas, you will have to accept that drilling in the USA will significantly decrease.
In other words, those who are shouting “Drill Here, Drill Now!” are actually shouting “Give Me $150.00 a Barrel Oil!”
So you are saying we must accept ever rising energy prices?
I get the supply and demand argument liberals don’t seem to understand but I don’t accept the premise we must continue to watch energy prices skyrocket when demand is weak and the economic recovery is so very fragile. It doesn’t add up in my book.
That makes no sense. Domestic drilling should increase the domestic supply. How would that increase the price?
“So you are saying we must accept ever rising energy prices?”
Oil prices largely dictate drilling activity and when oil prices have been at their lowest, drilling activity practically ceases in the US. You may want to look at a historical over the last 40 years of Oil Prices and the US Rig Count.
During those times where many of the OPEC countries disregarded their production quotas, oil prices fell and many oilfield people in the US were out of work.
It is not that you must accept rising energy prices, but rather you must accept that there is no such thing as cheap domestic oil.
“I don’t accept the premise we must continue to watch energy prices skyrocket when demand is weak and the economic recovery is so very fragile. It doesn’t add up in my book.”
The recovery is slow in the US, but even a slow recovery does have an impact on the consumption of oil.
However, the greatest pressure on the price of oil are the expanding economies of China, India, Argentina, Brazil and a few places in the Middle East.
And the demand for oil will only increase as the above mentioned nations population and economies expand.
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