Review suggests Big Oil manipulated gas prices [THEY WOULDN'T DO THAT]

The Associated Press ^ | Nov. 26, 2006 | JEFF DONN

[Dog Gone]

something got truncated there.

"declining oil production"

[July 4th]

"A decision to limit supply does not violate the antitrust laws, absent some agreement among firms,"

Yup. It's called a "business decision."

[em2vn]

I don't hate business. In fact, I'm much in favor of very successful business. What I object to is the attitude that places profit over the welfare of the United States. I think that honesty is missing from most executive suites and the board rooms in American industry.

[KevinDavis]

Here is the thing.. No profit the company goes under... Companies need to make a profit so the company can stay in business.. Basic Free Market Econ 101 .....

[Mind-numbed Robot]

Dog, don't let it get lost in the shuffle that rig count means rigs employed to LOOK FOR oil and that there are more failures to find than successes. Some finds are also not economically feasible to complete. That is the big reason rig count doesn't relate to refinery production or finished product prices.

When prices are high oil field folk are much more eager to look because the returns are higher. Therefore, the tig count is higher but the success rate usually isn't.

[William Terrell]

Huh?

[em2vn]

Do you think that notion was ever in doubt?

[em2vn]

Thank you. I unwisely believed that chart indicated producing rigs.

[Mind-numbed Robot]

One other little bit of info - the term "rig" is only used for exploration (looking for oil and gas), completion (completing a discovery well that shows paydirt or a worthwhile indication of paydirt), and work overs (doing cleanup or repair work on a producing well that has declined but showed continue to produce profitably).

One a well is completed on-shore, a pump is installed and it is connected of to other wells in the area via pipeline in a "collection field, or a pipeline which collects oil from multiple wells. If this is not feasible it, or they, are connected to a storage tank which is emptied periodically by tanker trucks.

The same thing happens off-shore but the center of it all is a production platform which acts as a central control point and collection center for many wells.