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Topic Review (Newest First)
07-01-2008 01:30 PM
Dare2BSquare
Quote:
They have no incentive to expand production and bring prices down, If you are selling all the widgets you can produce for $5 ea are YOU going to figure out how make and sell the same amount for $2 ea, not me and I'm no economist. If I'm making record profits I'm sure as heck not going to rock the boat and cut my own throat.
Hey, maybe you'll get lucky and the feds will pay you NOT to make widgets!
07-01-2008 01:16 PM
richp
Quote:
Originally Posted by whitebuffalo View Post
my 401k has gone to hell on big red wheels, because the stock market sucks (as does the real estate market). speculators are what IMO are driving the prices through the roof, and the reason they're all going there is because the dollar isn't worth a damn. i'm no economist, so i dont know which came first, the chicken or the egg, but i dont believe the supply and demand story.

and, whether it affects the big picture or not, the oil companies will have a real hard time convincing people its the govt's fault, its OPEC's fault, etc, when theyre posting Billions of dollars of profit per quarter.
They have no incentive to expand production and bring prices down, If you are selling all the widgets you can produce for $5 ea are YOU going to figure out how make and sell the same amount for $2 ea, not me and I'm no economist. If I'm making record profits I'm sure as heck not going to rock the boat and cut my own throat. Force the oil companies to either drill or give up their leases at which point make those leases available to startup companies here in the US to drill for oil to be used here in the domestic market only.
I keep going back to the Governor of Montana last month on national TV saying that his coal to oil plants can produce gas, diesel and kerosene for $55 a barrel [42 gallons = 1 barrel] for the next 200 years just on their coal reserves alone but the feds and EPA keep blocking them from doing it. The same with 8 other governors in 8 other states with running coal to gas plants.
South Africa has been doing it for the past 30 years to the tune of 300,000 barrels a day. Oil that is coming out of north america wells should not be allowed to be put on the wold market or be sold from the wells to the oil companies at world prices.
07-01-2008 01:01 PM
whitebuffalo my 401k has gone to hell on big red wheels, because the stock market sucks (as does the real estate market). speculators are what IMO are driving the prices through the roof, and the reason they're all going there is because the dollar isn't worth a damn. i'm no economist, so i dont know which came first, the chicken or the egg, but i dont believe the supply and demand story.

and, whether it affects the big picture or not, the oil companies will have a real hard time convincing people its the govt's fault, its OPEC's fault, etc, when theyre posting Billions of dollars of profit per quarter.
07-01-2008 12:18 PM
Dare2BSquare Here is an interesting tidbit. When you complain about record profits by the American oil companies, think about this...

Quote:
Look who owns America’s oil industry.” The biggest piece of the pie is 29.5% in mutual funds and other firms, and who is poking out of that pie piece but a hard working black construction worker- the very opposite of the greedy, spoiled, cigar smoking white fat cats the populists assume are pulling the strings. 27% in pension funds- grandma and grandpa. 23% to individual investors- you and your buddies. 14% in IRAs- good ol’ farmers. And finally 1.5% to corporate management, and 5% to ‘other institutional investors.’
You think of what your 401k would look like if the American oil companies were not making those profits.
07-01-2008 11:54 AM
debruins also more than 85% of our oil comes from america and about 75% from north america (us 40%, canada 25%, mexico 10%,) so we're not at the grip of hostile foreign governments
and then 14% of the rest is from saudi arabia which is an allie
and if u think obama is a blazing liberal you've never been to a liberal state haha, obama is not all that liberal compared to other people
i mean he wants to expand the war in afghanistan, what blazing liberal would want that?
07-01-2008 11:43 AM
whitebuffalo i wont comment on the political side of things, as i blame both parties, but i will comment on this

Quote:
What the US government also does not tell you is that it is the leaseholder and royalty recipient of most oil production and receives 25% of the gross oil sales before we pay for electricity to lift the oil, and buy propane to keep the oil-water separators from freezing in the winters. We pay a pumper to visit each well every day, plus we have equipment failures all the time. We pay for that out of our 75% of gross sales. The government does not share in any expenses to run any production well. So if the Big Oil Companies are making record profits, then so is the federal government from its 25% tax on every molecule of oil sold to a refinery in this country. Why isn't the government on the stand for "record" profits? What you don't see is this 25% of the sale price of crude oil being siphoned away by the government. That money, plus the road taxes, state taxes, etc., amounts to over $1 per gallon of gasoline you are buying while our government only admits to about 50 cents per gallon.
thats complete BS. i dont know how the government would own the lease on 25% of the domestic wells. i also know that they dont send someone out to check the well every single day.

also, its kind of all over the place.....is supply and demand to blame? or is it the failing us dollar?

finally.....profits are figured in NET. that would mean taking out the costs of paying fines, personnel, etc.....yet the profits are record setting....so i guess EPA fines etc arent hitting them too bad.
07-01-2008 11:37 AM
Smeghead "the Democratic Party -- aided, sadly, by a handful of Republicans -- deliberately keeps gas prices high "
07-01-2008 11:31 AM
Dare2BSquare
Yes, Another Oil Thread

This one is from Bill Phillips, from Phillips Petroleum Company

BIG OIL

First some background:
The author of this article, Bill Phillips, spent nearly 50 years in the US oil and gas industry; most of his career was with the Phillips Petroleum Company. Bill is a descendant of Frank Phillips. Frank Phillips, along with his brother Lee Eldas (L.E.) Phillips, Sr., founded the original Phillips Petroleum Company in 1917 in Bartlesville, OK.
I think that you will find Bill's thoughts and facts very revealing, very compelling, and very difficult to argue against.

As you prepare to cast your crucial ballots this fall, please think long and hard about the far-reaching, cumulative effects of the US political philosophies, policies, and legislation that have contributed to the current and future US oil supply situation.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
"Big Oil"

Did you know that the United States does NOT have any big oil companies? It's true: the largest American oil company, Exxon Mobil, is only the 14th largest in the world, and is dwarfed by the really big oil companies -- all owned by foreign governments or government-sponsored monopolies -- that dominate the world's oil supply.

With 94% of the world's oil supply locked up by foreign governments, most of which are hostile to the United States, the relatively puny American oil companies do not have access to enough crude oil to significantly affect the market and help bring prices down. Thus, ExxonMobil, a "small" oil company, buys 90% of the crude oil that it refines for the U.S. market from the big players, i.e, mostly-hostile foreign governments. The price at the U.S. pump is rising because the price the big oil companies charge ExxonMobil and the other small American companies for crude oil is going up as the value of the American dollar goes down. They will eventually bleed this country into printing even more money and we will go into runaway inflation once again as we did under the Carter Democratic reign.

This is obviously a tough situation for the American consumer. The irony is that it doesn't have to be that way. The United States -- unlike, say, France -- actually has vast petroleum reserves. It would be possible for American oil companies to develop those reserves, play a far bigger role in international markets, and deliver gas at the pump to American consumers at a much lower price, while creating many thousands of jobs for Americans. This would be infinitely preferable to shipping endless billions of dollars to Saudi Arabia, Russia, and Venezuela to be used to prop up their economies.

So why doesn't it happen? Because the Democratic Party -- aided, sadly, by a handful of Republicans -- deliberately keeps gas prices high and our domestic oil companies small by putting most of our reserves off limits to development. China is now drilling in the Caribbean off Cuba, but our own companies are barred by law from developing large oil fields off the coasts of Florida and California. Enormous oil-shale deposits in the Rocky Mountain states could go a long way toward supplying American consumers' needs, but the Democratic Congress won't allow those resources to be developed. ANWR in Alaska contains vast petroleum reserves, but we don't know how vast, because Congress, not wanting the American people to know how badly its policies are hurting our economy, has made it illegal to explore and map those reserves, let alone develop them.

In short, all Americans are paying a terrible price for the Democratic Party's perverse energy policies. I own some small interests in tiny, 4 barrel-per-day oil wells in Wyoming. We have 14 agencies that have iron-hand jurisdiction over us. If we drop any oil on the ground when the refinery truck comes to pick up oil from our holding tanks, we are fined. Yet down the road the state will spray thousands of gallons of used oil on a dirt road to control dirt. When it rains that oil runs into rivers and creeks. Yet a cup of oil on the ground at our wellhead is a $50,000 EPA fine plus additional fines from state regulatory agencies. They treat oil as if it were plutonium that has the potential to leak into the environment. We are fined if our dirt berms are not high enough around a holding tank, yet the truck that picks up our oil runs down the road at 60 mph with no berm around it. People wonder why there is no more exploration in this country. It's because of the regulators -- people who have lived their whole lives doing nothing but imposing fines on small operators like us for doing mostly nothing wrong.

So, America, enjoy your $4 per gallon gasoline. Your dollar is now worth 0.62 Euro-Cents. The lack of American production of GNP, the massive trade deficit (as labor markets have moved overseas to fight insanely high union imposed labor costs in America), and the runaway printing of money (backed by nothing of value here in America) have caused the dollar to become more worthless on the international market. And that's where our oil comes from. It's paid for with dollars that become more worthless every day. If we had just kept par with the Euro we'd be paying $62 dollars per barrel for oil (42 gallons) or about $1.50 instead of $2.50 a gallon for crude oil.

What the US government also does not tell you is that it is the leaseholder and royalty recipient of most oil production and receives 25% of the gross oil sales before we pay for electricity to lift the oil, and buy propane to keep the oil-water separators from freezing in the winters. We pay a pumper to visit each well every day, plus we have equipment failures all the time. We pay for that out of our 75% of gross sales. The government does not share in any expenses to run any production well. So if the Big Oil Companies are making record profits, then so is the federal government from its 25% tax on every molecule of oil sold to a refinery in this country. Why isn't the government on the stand for "record" profits? What you don't see is this 25% of the sale price of crude oil being siphoned away by the government. That money, plus the road taxes, state taxes, etc., amounts to over $1 per gallon of gasoline you are buying while our government only admits to about 50 cents per gallon.

To all you Democrats, when you go vote for your candidate, a blazing liberal like Barrack Hussein Obama , just keep in mind that your liberal spending habits will further decrease the value of the American dollar on the world market and your gasoline costs will hike even higher. As the Democrats introduce more give-away programs and raise taxes on everyone to pay people to not produce or work, your dollar will continue to dwindle on the world market and you will be paying $10 per gallon by the 2008 election. Cheap hydrocarbon fuel is all over. Enjoy! Enjoy the fruits of your decision to elect these folks when you are there in that voting booth and you stab your pin through a Democrat's name.

William "Bill" Phillips

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