Fifty years ago, Truman and Eisenhower surrendered the West's property rights in oil, although that oil rightfully belonged to those in the West whose science, technology, and capital made its discovery and use possible. The first country to nationalize a Western oil company, in 1951, was Iran. The rest, observing our frightened silence, hurried to grab off their piece of the newly available loot.
If America is not going to take back what is rightfully ours in the Middle East, then at least we should open up our own soil to exploration and production. But thanks to Traitor Lott, it looks like that is not going to happen:
Senate GOP gives up on energy vote
Of course, maybe the price of gasoline needs to get back to $2 per gallon before the cowards and traitors in the senate will release their death-grip on domestic oil production.
The US, Russia, Norway, Mexico, Kazakstan, Canada, and Turkmenistan need to form our own oil organization. Sell it for half the price of OPEC oil, but only to countries that boycott OPEC.
If it were to happen, the UK, Japan, and Australia would jump on board rather quickly, while the EU rots.
By ANGELA CHARLTON, Associated Press Writer
MOSCOW (AP) - Russia came through with a long-awaited pledge Wednesday to reduce oil exports by 150,000 barrels a day - enough to appease the international petroleum industry but, analysts say, unlikely to threaten recent economic growth in Russia driven mostly by oil.
The carefully calculated cut by the world's second-largest oil producer was decided at a meeting between top government officials and the heads of Russian oil companies. Prime Minister Mikhail Kasyanov said the companies represented - including Lukoil, Surgutneftegaz, Yukos, Tyumen Oil Co. and Sibneft - accounted for 95 percent of Russia's oil exports.
The price of Brent crude jumped as much as 96 cents on the International Petroleum Exchange in London at word of the promised cut, but fell into negative territory on doubts about whether Russia would follow through on its pledge. Brent futures settled at $19.22, down 7 cents. On the New York Mercantile Exchange, January contracts of light, sweet crude fell 16 cents to $19.49 a barrel, after jumping as much as 65 cents early in the day.
Oil prices slumped with the global economy this year and plummeted following the Sept. 11 attacks in the United States. Russia's earlier refusal to make big cuts irritated OPEC (news - web sites) members and non-member nations dependent on the industry. Last month, Russia's pledge to cut oil production and exports by 50,000 barrels a day for the rest of the year was criticized as too small to make a difference in prices.
Other oil-producing nations praised Wednesday's promised cut by Russia, although no time limit was set and the government did not indicate which companies would cut exports. Russia currently produces 7.2 million barrels a day.
OPEC has agreed to reduce output by 1.5 million barrels a day as of Jan. 1 on condition that non-OPEC members, including Norway, Russia and Mexico, also agree to cuts amounting to 500,000 barrels a day.
Norway already has agreed to reduce production by 100,000 to 200,000 barrels a day, while Mexico has promised to cut its production by 100,000 barrels a day. [Therefore expect the OPEC cut as well since the 500,000 barrel threshold will be hit! "Carefully calculated."]
Norway's deputy oil minister Brit Skjelbred said Russia's move was ``positive'' and would help Norway calculate its contribution. Kuwait's oil minister Adel al-Subeih told The Associated Press, ``This is a praiseworthy, positive step. It takes us much closer to arriving at an agreement.''
The announcement came after weeks of negotiations among OPEC and Russian officials and oil barons, whose companies have been a key stimulant of Russia's economic recovery after a decade of post-Soviet decline. They have been loath to give up market share - even as profit margins fall - and the government has been reluctant to lose tax revenues.
Valery Nesterov, an oil analyst with the Moscow-based Troika brokerage, said the losses would be barely felt in Russia because exports in winter often slump up to 150,000 barrels a day from harsh conditions at oil fields in the arctic and Siberia.
Oil analyst Mehdi Varzi, director of Varzi Energy in London, called it a ``positive step signaling Russia is willing to cooperate with OPEC.'' However, he said the cartel would need to know the time period for the export cut and whether it applies to refined oil products as well as crude.
"RUSSIA AND the United States may be on the verge of a strategic and diplomatic grand bargain over missile defence, oil and Nato, as part of an extraordinary rapprochement made possible by the transformation of the international scene since 11 September."