- Jun 6, 2007
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Are Americans good people or not? On this issue I stand squarely on the side Americans are good, not selfish and unfair, people? This value is being tested on the issue of whether America will do its duty toward the world community in controlling the oil supply it's producers put on the world wide market so as to maintain a fair price for oil in the world wide market! For ten years America has failed the world wide community as the countries of Saudi Arabia and Russia, the two behemoths in the world market, have done their part America has let her shale producers go untethered letting greed for oil money be their only guide. Good people have lost patience it is not acceptable the U.S, oil industry and American right wing politicians response we believe in free markets and markets correct themselves meaning low prices drive down supply and brings the supply/demand relationship into balance; it brings too much pain in the world the low price correction on supply. To many American executives and many of her wealthy citizens these casino capitalism values are the end of the story; to good people they recognize that oil revenue from foreign country producers is the principle revenue source for many of these countries, these countries need this money to provide a decent standard of living and to provide competent health care for their people. It is no longer tolerable that American greed drags the world through the hardship experience of having unfairly low oil prices.
America could be a good country by doing what some Texas regulators want which is having the state put a pro rata limit on oil production with the state and having every major producing state have such regulation. The state regulatory body could determine the limit by using the states past production, America's need on supply, the worlds need on supply and a pro rata limit on production moderately adjusted by a consideration on leases that oil producers have in the state and such producers if any who want to and are prepared to increase production over the next year. Instead of a state regulatory system, America could have a oil producing region system: the Permian, the Bakken, Eagle Ford and the Gulf of Mexico, etc.. What would seem to me would be the easiest system is the Federal government pass a law that for oil produced in the United States just ban the export of such oil; America lived with such a ban for forty years from the early 1970's to 2015. If America doesn't step-up here and fulfill its role as a good country here I suspect there will be very regrettable consequences. America has a large group of its citizens that are environmentalists; these Americans think it is wrong this shale oil production that uses pressure fracture drilling which contaminates underground water supplies and causes earthquakes and this off-shore oil production which threatens the wonderful eco-system in the ocean off our coasts besides the fact it takes away from the scenic beauty of our coasts. It wouldn't surprise me at all if in the future environmentalists get the upper hand and change the game of oil production in America!
America could be a good country by doing what some Texas regulators want which is having the state put a pro rata limit on oil production with the state and having every major producing state have such regulation. The state regulatory body could determine the limit by using the states past production, America's need on supply, the worlds need on supply and a pro rata limit on production moderately adjusted by a consideration on leases that oil producers have in the state and such producers if any who want to and are prepared to increase production over the next year. Instead of a state regulatory system, America could have a oil producing region system: the Permian, the Bakken, Eagle Ford and the Gulf of Mexico, etc.. What would seem to me would be the easiest system is the Federal government pass a law that for oil produced in the United States just ban the export of such oil; America lived with such a ban for forty years from the early 1970's to 2015. If America doesn't step-up here and fulfill its role as a good country here I suspect there will be very regrettable consequences. America has a large group of its citizens that are environmentalists; these Americans think it is wrong this shale oil production that uses pressure fracture drilling which contaminates underground water supplies and causes earthquakes and this off-shore oil production which threatens the wonderful eco-system in the ocean off our coasts besides the fact it takes away from the scenic beauty of our coasts. It wouldn't surprise me at all if in the future environmentalists get the upper hand and change the game of oil production in America!
