Some questions: How much do the oil companies pay for the oil? Not what the futures are running up to. In these times and the way our people are hurting, the speculators should be cut off for 5 years. What’s wrong with telling the oil companies that they can’t import any more oil than they produce? Or they have to produce 30% more than they import.
It cost the Arabs about $2 a barrel to produce oil. Tell them if they don’t cut the price of oil, we will no longer supply them with our technology or weapons.
What’s wrong with telling the oil companies that they can’t import any more oil than they produce? Or they have to produce 30% more than they import.
It includes a chart indicating who owns the world's oil reserves.
BTW, I'm working on a rig in the Gulf of Mexico. It's been in planning, engineering, construction, and commissioning for 10 years and is just now producing. It cost Billions of dollars of investment to create. It has employed thousands of people to get where it is now and will continue to employ several hundred for the next 3+ decades. The site is way offshore. The water is over a mile deep. The oil is miles under the sea floor. When the oil reaches the sea floor it is about 250 degrees F and it comes out at over 12000 PSI. The technology to build and produce these deepwater fields has required innovation and invention by the companies involved on a scale similar to what it took to put man on the moon.
Now that the investment is paying off, people want to tax it extra. That will surely encourage the companies involved to take their next Billions in profits and reinvest them in more U.S. production.
There is oil that's easier to produce and that can be produced at a much lower cost. Unfortunately, Congress has deemed it out of bounds. If Congress and the Presidents (both parties) over the last few decades had created a long term energy policy, we would not be in this mess today. Again, they will be looking for votes in November and will try a quick fix and ignore making changes that will provide energy for our children's families.
Anyone ready to volunteer their backyard for a new refinery to process the new oil coming in?
More than some people think. The average price of oil paid by the refinery in April was $105.57/barrel.
In March, the Average futures price for April Delivery Oil contract was $105.42/barrel.
Refiner Acquisition Cost of Crude Oil
http://tonto.eia.doe.gov/dnav/pet/pet_pri_rac2_dcu_nus_m.htm
NYMEX Futures Prices
http://tonto.eia.doe.gov/dnav/pet/pet_pri_fut_s1_m.htm
What’s wrong with telling the oil companies that they can’t import any more oil than they produce?
Many oil companies, like ExxonMobil, actually buy more Crude Oil than they produce.
Since we keep much of our most promising area off limits for them to produce, it seems we have other problems to fix first, like opening up more of our country for production.