Posted on 05/08/2016 10:03:41 PM PDT by panhandle67
ALBUQUERQUE, N.M. (AP) — Oil drilling companies and royalty owners from the Texas Panhandle to New Mexico's stretch of the Permian Basin are embarking on a grass-roots campaign to limit foreign oil imports, salvaging what they say is a major sector of the U.S. economy.
"American oil is competing against a cartel of government operators which has a stated initiative of driving an American industry out of business," said Tom Cambridge, one of the Panhandle producers leading the campaign.
The grass-roots movement is pushing for the next president of the United States to issue a proclamation setting quotas for imports — something that hasn't been done in more than four decades.
"It's not that this is the first time but this is a more concerted, deliberate effort and I think it's gaining ground," said John Yates Jr., a member of a well-known family that is a leader in the industry and has over the last century developed some of New Mexico's largest and most significant oilfields.
(Excerpt) Read more at bigstory.ap.org ...
My parents did. It was part of their inheritance and retirement investment.
The other question is: Why protect them with our military, while they are destroying our oil industry?
have you ever met anyone from TIRPO?
those people are Hillary-Commies
I suggest price supports maybe $40 per barrel or so. It always our producers a set price at which they can make money and keeps OPEC from running most of our producers out of business. Any extra oil can go into strategic reserves thus providing a safety net for national security.
As with other price supports we have often found that the floor (price support) becomes the ceiling. Where as with interest rates on credit cards the interest rate ceiling of 18% compounded to 23% or so has become the floor for many card holders.
$10/bbl tax on imports AND on exports would incentivize the gubmint from attacking domestic production; coupled with getting the **** off the backs of everyone by opening ANWR etc, US production would rise, as we transition into seafloor methane hydrates and clathrates.
” I’m guessing somewhere close to $10/gal as Europeans used to pay - or worse”
Actually, European gas is artificially high because of taxes tagged on. There’s no economic or fiscal reason for their gas to be any higher than ours. Reference a map and it will become evident. Middle East oil is .just across the Mediterranean. Then, there’s Russis, Ukraine, N. sea, Norway, etc. plenty of sources close at hand. Conclusion; high price of European gas is self imposed .....
If other countries provide price supports to oil producers we should charge a tarif.
No thanks.
How The Texas Railroad Commission Was The Blueprint For OPEC
As much as I would like to see oil prices go up for the sake of the oil field workers and support industries you just have to go through the bust period, it has happened before caused by supply and demand. The US does not import NG anymore say for Canada and the price is way down. Eventually it will go back up.
Why are we still importing almost half of the oil we use from our enemies in the Middle East, particularly since the nasty, thick sludge they are exporting requires more refining than the domestic oil our producers produce? The straw that broke the domestic oil market was Obama’s sweetheart deal with the America haters in Iran, which boosted their oil economy as part of the nuclear weapons treachery. He is an enemy of America, too.
Having said that, anything that would cut reliance on Saudi and Middle Eastern oil out even further would be a good thing in the long run.
Protectionism is stupid.
And oil flows in my veins and I exhale hydrogen sulfide.
Curious as to why they wish to target heavy crude, as the newer Permian production is a lighter, sweeter more desirable crude which can be sold to the proper refinery at a premium. West Texas Sour has a problem getting pipeline space to make it to market.
Their old field recovery operations with advanced techniques need about $50-$75 bbl to really turn a profit.
Most of the heavy crude imports come from Mexico, Canada, and Venezuela.
The shale oil is light sweet, local refineries are optimized for processing heavy oil; and, sufficient heavy oil is a must-have for proper crack yields.
The middle east oil supply is only a small portion of US crude imports. It’s also historically a light sweet, not a heavy crude oil.
Not all the relevant facts seem to be presented in the article, to support their narrative.
I would support not importing oil from regimes with bad human rights records or our enemies - exclude Nigeria, Venezuela, and Saudi Arabia.
EXACTLY ! The “Bracewell” Energy Policy - would provide for a $55 minimum/ base price for domestically produced crude oil on Federal Lands. Prices on private land would follow. We would bring back the more than 100,000 jobs recently lost due to low prices from other countries dumping cheap oil onto the US.
How stupid for the US to not have an Energy Policy that provides a fair base price. Without it, US producers are punished with low prices when they successfully find and produce more domestic oil. ( Unfair that a company can put itself out of business by doing its job - producing crude oil! ) Why are we still allowing other countries to dictate US domestic crude prices and limit our oil production? Not only US jobs have been lost but also much tax revenues to cities - schools and hospitals - has been lost due to too cheap oil prices.
A fair Federal Energy Policy should be proposed to provide Minimum prices for crude oil produced off Federal Lands. Such a Policy would stimulate the economy by providing long term base prices that companies can use for justifying long term expenditures and investments, and to provide a more secure environment for maintaining jobs and keeping qualified / experienced personnel in key job positions. Without a policy that establishes a minimum price, increased drilling/production causes world prices to drop and makes companies stop drilling, lower production, job layoffs, allows foreign producers to dump cheap oil into the US.
I have a suggestion for the basics of an Energy Policy for crude oil pricing. Instead of letting World Oil Prices set the prices in the U.S. we should set our own prices – and then increase domestic production.
Set the Minimum Price for domestic crude oil production at $55.00 / barrel. Example: When world crude oil prices are $40.00 , imported crude oil would be taxed/ tariff by $15.00 to bring the price up to $55.00 and the $15.00 would go into the US Treasury. Crude oil produced in the U.S. would be allowed $55.00 / bbl. on oil produced off Federal Lands and I expect oil on private land would mirror the same $55.00 / bbl. Price. { Existing royalties would still be paid on all crude oil from Federal Lands, this new Energy Policy would provide additional revenues – the Tariff on imported oil if prices are below $ 55/bbl and the royalties on $ 55 oil instead of lower world oil prices.
This benefits all Americans because it protects the oil industry from the extremely low price swings of the World Oil prices that destroy domestic production and jobs. It provides a base price for tax revenue to cities and schools, hospitals, etc. that rely on revenue from crude oil.
We should not allow the world to dump cheap oil onto US markets and limit US oil production. Without this “Bracewell” Energy policy that sets a minimum price for domestic crude oil, as other countries increase oil production - the US must reduce our production so that the price of crude oil doesn’t drop! How stupid of US. With a base domestic price of $55 for crude oil, America wins with Jobs, move towards energy independence, revenue into Federal treasury, etc. When world prices move above $55 / bbl. this policy has no effect! This just keeps the rest of world from flooding our markets with cheap oil and destroying US Jobs. As an American, I don’t want $35 oil being paid for oil produced on Federal Lands. I want a minimum of $55
All Americans win with this Bracewell - Energy Policy.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.