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http://www.foxnews.com/story/0,2933,344193,00.html
In other words, "We know that rising fuels costs are hurting consumers, especially the poor and those on fixed incomes, but tough shit; deal with it."
Our mighty American energy companies doing what they do best.
If only the public arena could boycott gasoline like the truckers are doing. Those poor guys. What I don't understand, is how you take a by-product of gasoline and charge more for it than the gasoline itself. This is proof that fuel is high because we'll pay for it, and that the oil industry is swimming in pools of money. They're holding the country hostage.
Once again.
The reason oil is high is not because of capitalism. It's because the libs refuse to allow us to access our own oil. It's because the libs refuse to allow us to build refineries. It's because the libs think it's a good idea to take food from our own mouths to put into our gas tanks INSTEAD of accessing what is readily available. You don't have to be a genius to understand this: capitalism leads to lower prices, not higher. But when you start messing with people's ability to access/develop their own land, when you tax exhorbitantly those who provide jobs and commodities, THEN you get an out-of-whack economy, and the little guy feels the crunch.
But you guys don't care about the little guys, or you'd realize it's a GOOD thing to harvest our own resources, and be self-sufficient.
I know you're not talking about ANWR.
It's not like ANWR would make us oil-independent. What's estimated to be there would supply 5% of our consumption for 12 years on the low end of the estimates, and 32 on the absolute highest estimate. Take the mean, and you got about 22 years. But that's only 5%. I'd like to drill ANWR, but it's certainly not going to change THAT much, and then what do we do when it's used up? It's not like we're actively seeking alternatives.
Once again.
The reason oil is high is not because of capitalism. It's because the libs refuse to allow us to access our own oil. It's because the libs refuse to allow us to build refineries. It's because the libs think it's a good idea to take food from our own mouths to put into our gas tanks INSTEAD of accessing what is readily available. You don't have to be a genius to understand this: capitalism leads to lower prices, not higher. But when you start messing with people's ability to access/develop their own land, when you tax exhorbitantly those who provide jobs and commodities, THEN you get an out-of-whack economy, and the little guy feels the crunch.
But you guys don't care about the little guys, or you'd realize it's a GOOD thing to harvest our own resources, and be self-sufficient.
Drilling ANWR would only kill natural area without adding anything of substance to our oil independence. The right loves it b/c it sets a precedent for the way oil companies can treat our environment.
If it was a situation where we absolutely needed to get the oil to survive, then I'd say go for it. But it's an issue where I think the loss far outweighs the benefits if it's only being done to ease our dependence. 5% for only 22 years isn't much of an ease.
Oddly enough though, the majority of the citizens, mostly native Alaskans, in the ANWR areas support the drilling. I've always thought that was strange. I'd expect them to be more preservationist about their natural habitat. Perhaps because they realize the economic benefits to them especially.
The price of crude has shot up because of huge increases in demand, thanks to the exploding economies of India and China.
The reality is that 77% of the world's oil reserves are exclusively controlled by foreign national oil companies (NOCs). By contrast, Lukoil controls 1.21%, Exxon-Mobil controls 0.62%, and Chevron controls 0.59%. In total, independent oil companies control about 6% of the known reserves. That's far from a monopoly, and would make it pretty difficult to price gauge.
But just for fun, what sort of profit is US big oil turning? As an industry, 8.3%. Of course, keeping that same profit percentage as input costs rise results in higher profits from a nominal standpoint. So yes, the companies now turn 30 cents a gallon in profit instead of 10 cents a gallon.
How does 8.3% compare? The beverage and tobacco industry turns 21.6%. Pharmaceuticals? 18.8%. Computers? 14.5% Even the apparel industry turns 8.5%! How unreasonable is 8.3%??
Furthermore, who owns these huge profits from independent oil companies? Well, as you may know, shares of public companies can be bought and sold by all Americans! The oil industry is no different - 14% are held in IRAs, 23% by individual investors, 27% in pension plans, 29.5% in mutual funds and 5% is held by other institutional investors.
Those greedy corporate insiders? 1.5%
It's the demand, stupid!
I saw that there are ~400B barrels of recoverable oil, untapped, under North Dakota.Once again.
The reason oil is high is not because of capitalism. It's because the libs refuse to allow us to access our own oil. It's because the libs refuse to allow us to build refineries
Environmentalists are like watermellons.But you guys don't care about the little guys, or you'd realize it's a GOOD thing to harvest our own resources, and be self-sufficient.
The price of crude has shot up because of huge increases in demand, thanks to the exploding economies of India and China.
The reality is that 77% of the world's oil reserves are exclusively controlled by foreign national oil companies (NOCs). By contrast, Lukoil controls 1.21%, Exxon-Mobil controls 0.62%, and Chevron controls 0.59%. In total, independent oil companies control about 6% of the known reserves. That's far from a monopoly, and would make it pretty difficult to price gauge.
But just for fun, what sort of profit is US big oil turning? As an industry, 8.3%. Of course, keeping that same profit percentage as input costs rise results in higher profits from a nominal standpoint. So yes, the companies now turn 30 cents a gallon in profit instead of 10 cents a gallon.
How does 8.3% compare? The beverage and tobacco industry turns 21.6%. Pharmaceuticals? 18.8%. Computers? 14.5% Even the apparel industry turns 8.5%! How unreasonable is 8.3%??
Furthermore, who owns these huge profits from independent oil companies? Well, as you may know, shares of public companies can be bought and sold by all Americans! The oil industry is no different - 14% are held in IRAs, 23% by individual investors, 27% in pension plans, 29.5% in mutual funds and 5% is held by other institutional investors.
Those greedy corporate insiders? 1.5%
It's the demand, stupid!
The federal government makes more from a gallon of gas than the oil company.But just for fun, what sort of profit is US big oil turning? As an industry, 8.3%
I saw that there are ~400B barrels of recoverable oil, untapped, under North Dakota.
http://www.nd.gov/ndic/ic-press/bakken-form-06.pdf
We import 14M BPD. At that rate, said deposit would last 78 years, and remove us from our dependence on foreign oil.
A conservative estimate of Bakken's technically recoverable oil would be 1% to 3%, or between 4.1 and 12.4 billion barrels (0.6–2 km³
Not counting the Bakken Formation, there are about 175 billion barrels (28 km³
Starting in March, 2008, the U.S. Geological Survey will re-survey the Williston Basin which includes the Bakken Formation.[10]
