Greedy American Oil companies bid themsleves out of Iraq oil feilds.

[52ndStreet]

I heard a report that greedy American oil companies bid themselves out of the lucrative Iraq oil feild drilling biding that was held yesterday in Iraq.

They offered $12 dollars per barrell, while China and European companies bid for $3 amd $2 dollars a barrell.

When will America realize that greed is destroying this country.?

 

[The Rabbi]

And the Chinese and Europeans are of course motivated by altruism. Right?
Tool.

 

[mudwhistle]

I heard a report that greedy American oil companies bid themselves out of the lucrative Iraq oil feild drilling biding that was held yesterday in Iraq.

They offered $12 dollars per barrell, while China and European companies bid for $3 amd $2 dollars a barrell.

When will America realize that greed is destroying this country.?

Yet another recycled news story with a dishonest twist to it.

That contract went to China over a year ago...because Nancy Pelosi and Harry Reid told the Iraqis that any company from the US they hire to drill has to follow strict restrictions....essentially driving the costs of oil production through the roof. China is a developing country so they don't have to adhere to the same restrictions.

Yet another example of how Global Warming legislation will ruin this country because it will render us unable to compete in the world market in any capacity.

 

[Toro]

But...but...but how can this be if we invaded Iraq so our oil companies could take over the Iraqi oil fields?

Its all so confusing...

 

[Mr. H.]

I heard a report that greedy American oil companies bid themselves out of the lucrative Iraq oil feild drilling biding that was held yesterday in Iraq.

They offered $12 dollars per barrell, while China and European companies bid for $3 amd $2 dollars a barrell.

When will America realize that greed is destroying this country.?

Could you cite this report with a link of sorts?

What exactly was the bid process? Who are the "European companies"?

 

[52ndStreet]

I heard a report that greedy American oil companies bid themselves out of the lucrative Iraq oil feild drilling biding that was held yesterday in Iraq.

They offered $12 dollars per barrell, while China and European companies bid for $3 amd $2 dollars a barrell.

When will America realize that greed is destroying this country.?

Could you cite this report with a link of sorts?

What exactly was the bid process? Who are the "European companies"?

You just have to google, recent biding for Iraqi Oil drilling rights.
O.K. Mr. H, get back to me on what kind of results you received.

 

[Mr Natural]

For all we've done for Iraq, we should have been given that oil gratis.

 

[52ndStreet]

For all we've done for Iraq, we should have been given that oil gratis.

I think Halliburton, has a contract with the government to repair and/or to upgrade many of the Oil felds.

But I do agree , American Oil companies should have been given some kind of special
deals, or maybe this has already been negotiated.

 

[mudwhistle]

But...but...but how can this be if we invaded Iraq so our oil companies could take over the Iraqi oil fields?

Its all so confusing...

Because regardless how fucked up Obama and his friends think this country has been...we aren't like most other countries.

We believe in freedom.

 

[mudwhistle]

For all we've done for Iraq, we should have been given that oil gratis.

I think Halliburton, has a contract with the government to repair and/or to upgrade many of the Oil felds.

But I do agree , American Oil companies should have been given some kind of special
deals, or maybe this has already been negotiated.

Once again....this is an old story.

The contracts were given to China about a year ago.

The costs were a major factor in the consideration for the awards.

China offered to do it at a fraction of US oil companies. US companies were hamstrung in the negotiations because of our Congress's demands.

 

[PoliticalChic]

I heard a report that greedy American oil companies bid themselves out of the lucrative Iraq oil feild drilling biding that was held yesterday in Iraq.

They offered $12 dollars per barrell, while China and European companies bid for $3 amd $2 dollars a barrell.

When will America realize that greed is destroying this country.?

I'm puzzled by the phrase "greedy American oil companies ..."

How does the term 'greedy' apply?

 

[sealybobo]

I heard a report that greedy American oil companies bid themselves out of the lucrative Iraq oil feild drilling biding that was held yesterday in Iraq.

They offered $12 dollars per barrell, while China and European companies bid for $3 amd $2 dollars a barrell.

When will America realize that greed is destroying this country.?

I'm puzzled by the phrase "greedy American oil companies ..."

How does the term 'greedy' apply?

They want to take Iraq's oil and most of the profits. If Iraq only gets $2 for every barrell and the American people's gas prices aren't being lowered, then most of us would consider that greedy.

But I don't fault them. They are corporations. Its in their nature to be greedy. Get most of the profits, pay labor as little as possible, etc. And if you can, socialize all the losses.

Just like the right called Clinton a flaming left liberal, they said it about Obama. But notice Obama gave the bankers trillions and more power? And also note that while troops are leaving Iraq, they are being replaced with very expensive private defense contractors. Their job is not to protect our troops, but instead to protect the oil companies looting Iraq.

But at least on the Dems watch gas won't go up to $4 a gallon. The oil companies know the Dems would do something about it.

Actually, I won't be surprised if the oil companies jack up gas prices just before the 2012 election, or even 2010's mid term.

They have the power. Look at the bankers. They said either give them the trillions or they would take down the economy.

Same back when they took over our $ and started the Federal Reserve in 1913. They created the Depression and then saved us by taking over our finances. Genius!!

 

[sealybobo]

For all we've done for Iraq, we should have been given that oil gratis.

I think Halliburton, has a contract with the government to repair and/or to upgrade many of the Oil felds.

But I do agree , American Oil companies should have been given some kind of special
deals, or maybe this has already been negotiated.

Once again....this is an old story.

The contracts were given to China about a year ago.

The costs were a major factor in the consideration for the awards.

China offered to do it at a fraction of US oil companies. US companies were hamstrung in the negotiations because of our Congress's demands.

Actually, there are several oil contractors from multiple countries and this story is one of the latest stories to come out recently.

I know which Chinese contract you are talking about. This is not them. Ed Schultz said the oil companies name the other day, but I forgot it. The name I associate with Iraq oil is Hunt Oil, but Hunt is only one of many many oil barons that are looting Iraq.

I wouldn't mind if we were sharing the spoils. But all we are doing is funding the operation.

Maybe we should give the oil companies more American land for free so they can drill baby drill?

 

[PoliticalChic]

I heard a report that greedy American oil companies bid themselves out of the lucrative Iraq oil feild drilling biding that was held yesterday in Iraq.

They offered $12 dollars per barrell, while China and European companies bid for $3 amd $2 dollars a barrell.

When will America realize that greed is destroying this country.?

I'm puzzled by the phrase "greedy American oil companies ..."

How does the term 'greedy' apply?

They want to take Iraq's oil and most of the profits. If Iraq only gets $2 for every barrell and the American people's gas prices aren't being lowered, then most of us would consider that greedy.

But I don't fault them. They are corporations. Its in their nature to be greedy. Get most of the profits, pay labor as little as possible, etc. And if you can, socialize all the losses.

Just like the right called Clinton a flaming left liberal, they said it about Obama. But notice Obama gave the bankers trillions and more power? And also note that while troops are leaving Iraq, they are being replaced with very expensive private defense contractors. Their job is not to protect our troops, but instead to protect the oil companies looting Iraq.

But at least on the Dems watch gas won't go up to $4 a gallon. The oil companies know the Dems would do something about it.

Actually, I won't be surprised if the oil companies jack up gas prices just before the 2012 election, or even 2010's mid term.

They have the power. Look at the bankers. They said either give them the trillions or they would take down the economy.

Same back when they took over our $ and started the Federal Reserve in 1913. They created the Depression and then saved us by taking over our finances. Genius!!

How about we stick to the 'greedy' oil companies.

Since the facts don't indicate greed, one can only conclude that you are a victim of Pavlovian conditioning.

You are exhibiting the correct knee-jerk reaction that the left has you programmed to do.


The average profit margin for companies in the S & P 500 index was 13 cents. And “The [Oil] industry’s net profit per dollar of revenue was just under 9 cents, compared to… the S&P 500, meaning the “markup” for the oil and gas industry is below average.”
AAPL: Key Statistics for Apple Inc. - Yahoo! Finance,
The profit margins are available for each company. You might start with EXXON.

So, let’s compare the profit margin of Big Oil to that of Microsoft, Apple, Google, Johnson & Johnson, Coca-Cola, Nike, etc.

So, where are the complaints about ‘Big Sneaker,’ or ‘Big Shampoo’?

 

[sealybobo]

I'm puzzled by the phrase "greedy American oil companies ..."

How does the term 'greedy' apply?

They want to take Iraq's oil and most of the profits. If Iraq only gets $2 for every barrell and the American people's gas prices aren't being lowered, then most of us would consider that greedy.

But I don't fault them. They are corporations. Its in their nature to be greedy. Get most of the profits, pay labor as little as possible, etc. And if you can, socialize all the losses.

Just like the right called Clinton a flaming left liberal, they said it about Obama. But notice Obama gave the bankers trillions and more power? And also note that while troops are leaving Iraq, they are being replaced with very expensive private defense contractors. Their job is not to protect our troops, but instead to protect the oil companies looting Iraq.

But at least on the Dems watch gas won't go up to $4 a gallon. The oil companies know the Dems would do something about it.

Actually, I won't be surprised if the oil companies jack up gas prices just before the 2012 election, or even 2010's mid term.

They have the power. Look at the bankers. They said either give them the trillions or they would take down the economy.

Same back when they took over our $ and started the Federal Reserve in 1913. They created the Depression and then saved us by taking over our finances. Genius!!

How about we stick to the 'greedy' oil companies.

Since the facts don't indicate greed, one can only conclude that you are a victim of Pavlovian conditioning.

You are exhibiting the correct knee-jerk reaction that the left has you programmed to do.


The average profit margin for companies in the S & P 500 index was 13 cents. And “The [Oil] industry’s net profit per dollar of revenue was just under 9 cents, compared to… the S&P 500, meaning the “markup” for the oil and gas industry is below average.”
AAPL: Key Statistics for Apple Inc. - Yahoo! Finance,
The profit margins are available for each company. You might start with EXXON.

So, let’s compare the profit margin of Big Oil to that of Microsoft, Apple, Google, Johnson & Johnson, Coca-Cola, Nike, etc.

So, where are the complaints about ‘Big Sneaker,’ or ‘Big Shampoo’?

Apple makes a profit from scratch and we can choose to either buy it or not.

The oil companies are in collusion with each other.

So you don't understand what they did the last few years? They pretended oil was more valuable than it actually was and made record profits. What part about record profits don't you get?

We give oil companies land so they can drill for oil. If you look into those contracts, the oil companies get a sweetheart deal and tax breaks and subsodies, etc.

They aren't making widgets where we can just go buy from another company. Its complex. Anyways, the point is, we won't allow them to gouge us.

If the GOP didn't work for the oil companies, they would have looked into this and done something about it. Instead they provided cover. Remember Drill Baby Drill? Yea, give more land to the people who ripped us off.

Same with Obama and the government giving the Federal Reserve even MORE power??? So we know who he works for too now.

But don't pick on him for it because he's only doing what Bush/Clinton/Bush/Reagan did. He's serving the corporate masters that own our country and most of the rest of the world.

 

[sealybobo]

It turns out guys like Obama and Clinton will give into the corporations way more than I would if I were president, but maybe I only say that because I don't know all the facts.

Chances are, they both realized they could only do so much.

And guys like Clinton and Obama stop the rich from going as far as they would like to go. You see how far the right would go because they had full control for 6 years and they fucked everything up.

So Dems aren't perfect, but they are definately the party for the masses.

And that may change one day. But for now, the GOP only serve the rich.

 

[PoliticalChic]

They want to take Iraq's oil and most of the profits. If Iraq only gets $2 for every barrell and the American people's gas prices aren't being lowered, then most of us would consider that greedy.

But I don't fault them. They are corporations. Its in their nature to be greedy. Get most of the profits, pay labor as little as possible, etc. And if you can, socialize all the losses.

Just like the right called Clinton a flaming left liberal, they said it about Obama. But notice Obama gave the bankers trillions and more power? And also note that while troops are leaving Iraq, they are being replaced with very expensive private defense contractors. Their job is not to protect our troops, but instead to protect the oil companies looting Iraq.

But at least on the Dems watch gas won't go up to $4 a gallon. The oil companies know the Dems would do something about it.

Actually, I won't be surprised if the oil companies jack up gas prices just before the 2012 election, or even 2010's mid term.

They have the power. Look at the bankers. They said either give them the trillions or they would take down the economy.

Same back when they took over our $ and started the Federal Reserve in 1913. They created the Depression and then saved us by taking over our finances. Genius!!

How about we stick to the 'greedy' oil companies.

Since the facts don't indicate greed, one can only conclude that you are a victim of Pavlovian conditioning.

You are exhibiting the correct knee-jerk reaction that the left has you programmed to do.


The average profit margin for companies in the S & P 500 index was 13 cents. And “The [Oil] industry’s net profit per dollar of revenue was just under 9 cents, compared to… the S&P 500, meaning the “markup” for the oil and gas industry is below average.”
AAPL: Key Statistics for Apple Inc. - Yahoo! Finance,
The profit margins are available for each company. You might start with EXXON.

So, let’s compare the profit margin of Big Oil to that of Microsoft, Apple, Google, Johnson & Johnson, Coca-Cola, Nike, etc.

So, where are the complaints about ‘Big Sneaker,’ or ‘Big Shampoo’?

Apple makes a profit from scratch and we can choose to either buy it or not.

The oil companies are in collusion with each other.

So you don't understand what they did the last few years? They pretended oil was more valuable than it actually was and made record profits. What part about record profits don't you get?

We give oil companies land so they can drill for oil. If you look into those contracts, the oil companies get a sweetheart deal and tax breaks and subsodies, etc.

They aren't making widgets where we can just go buy from another company. Its complex. Anyways, the point is, we won't allow them to gouge us.

If the GOP didn't work for the oil companies, they would have looked into this and done something about it. Instead they provided cover. Remember Drill Baby Drill? Yea, give more land to the people who ripped us off.

Same with Obama and the government giving the Federal Reserve even MORE power??? So we know who he works for too now.

But don't pick on him for it because he's only doing what Bush/Clinton/Bush/Reagan did. He's serving the corporate masters that own our country and most of the rest of the world.

"The oil companies are in collusion with each other."
Provide the links please.

"They pretended oil was more valuable than it actually was and made record profits. What part about record profits don't you get?"
Clearly you have limited experience in both business, and mathematics.
Find the profit margins for any of the companies about which you have questions in the link that I provided.


In 2008, Exxon made $45.2 billion profit. Chevron made $23.9 billion in profit! Historic profit. Although it gives you anti-capitalists a field day, what’s with the knee-jerk assumption that profit makes them evil?

Of course the whole attack falls apart when one looks at data from 1986 to 2006, when the average price of crude was $25.95/ barrel. In 2007, the price skyrocketed to $72.30, and then hit $147.27 in July 2008. And “The industry’s net profit per dollar of revenue was just under 9 cents, compared to 13 cents for the S&P 500, meaning the “markup” for the oil and gas industry is below average.”

Perhaps the evil oil companies cut back on supply? Wrong again. “The worldwide average number of barrels produced per day was an estimated 84.8 million in 2007, compared to 72.4 million during the period 1986 – 2006.”
Robert Murphy : On Those Oil Profits - Townhall.com


"If the GOP didn't work for the oil companies, they would have looked into this and done something about it."
Did you notice who controls Congress and the Presidency?

And, of course, the antibusiness crowd loves stories about how much Big Oil is stealing from the American people! On the contrary, in 2006, the oil industry paid $81 billion in income tax, and while Exxon’s earnings increased 89% from 2003 to 2007, their income taxes increased 170%. Exxon: Profit Pirate or Tax Victim?

If Exxon’s 2008 tax bill of $116.2 billion were split equally among all tax filers who pay income tax, each filer’s share would be $1,259/year. Still hate Exxon? The Tax Foundation - Number of Americans Paying Zero Federal Income Tax Grows to 43.4 Million

You see, my friend, and I mean this in the kindest way, you represent the worst kind of USMB poster, the doctrinaire, "don't confuse me with the facts," anger obsessed cretin who has such hate of profit, and success, that no reason or logic can get through to you.

I post these answers, not for you, but for other members who might read them in passing.

I wish you the best, and hope that at some future day your perspective will change- and you will actually consider reality as a new and interesting mode of living.

 

[PoliticalChic]

It turns out guys like Obama and Clinton will give into the corporations way more than I would if I were president, but maybe I only say that because I don't know all the facts.

Chances are, they both realized they could only do so much.

And guys like Clinton and Obama stop the rich from going as far as they would like to go. You see how far the right would go because they had full control for 6 years and they fucked everything up.

So Dems aren't perfect, but they are definately the party for the masses.

And that may change one day. But for now, the GOP only serve the rich.

Thank you, this seems a more measured, thoughtful response.

 

[Mr. H.]

I heard a report that greedy American oil companies bid themselves out of the lucrative Iraq oil feild drilling biding that was held yesterday in Iraq.

They offered $12 dollars per barrell, while China and European companies bid for $3 amd $2 dollars a barrell.

When will America realize that greed is destroying this country.?

Could you cite this report with a link of sorts?

What exactly was the bid process? Who are the "European companies"?

I heard a report that greedy American oil companies bid themselves out of the lucrative Iraq oil feild drilling biding that was held yesterday in Iraq.

They offered $12 dollars per barrell, while China and European companies bid for $3 amd $2 dollars a barrell.

When will America realize that greed is destroying this country.?

Could you cite this report with a link of sorts?

What exactly was the bid process? Who are the "European companies"?

You just have to google, recent biding for Iraqi Oil drilling rights.
O.K. Mr. H, get back to me on what kind of results you received.

Here's a story that makes much more sense:

Iraq Ends 'Successful' Oil Bid Round, Output Seen Tripled

Iraq has taken an important step to revive its struggling oil industry, battered by years of war and sanctions, by awarding some of its attractive oil fields to international companies that pledged to triple the country's oil output.

The Iraqi Oil Ministry concluded Saturday its second post-war licensing auction of 10 groups of oil fields located in different parts of the country. The seven oil fields awarded in the last two days would boost the country's production to 4.765 million barrels a day, the country's oil minister Hussein al-Shaharistani said.

"It is a very successful bid round," Shahristani said.

He said that Iraq would be able to produce up to 12 million barrels a day in a few years if contracts signed in the first bidding round held in June this year are added to those signed Friday and Saturday--a big challenge to the world's top producers, Russia and Saudi Arabia. Iraq is currently producing 2.5 million barrels a day.

Shahristani said that Iraq was ready to accept a production quota system set by the Organization of Petroleum Exporting Countries when the time is right.

All told, executives from more than 30 international oil companies came to Baghdad to bid for the oil fields, despite the volatile security situation.

Russia's Lukoil Holdings along with Statoil Hydro secured a deal Saturday to develop one of Iraq's supergiant oil fields, West Qurna Phase 2, which holds more than 12 billion barrels of oil reserves. They proposed a fee of $1.15 a barrel and a production plateau of 1.8 million barrels a day.

"We are going to make a profit out of West Qurna Phase 2," said Torgeir Kydland, Statoil Hydro's senior vice president for international exploration and production in the Middle East. "We are glad that we won the field," he said.

Oil companies from the U.S. weren't interested in the country's second bidding round as none of them submitted an offer, contrary to the view of many people who thought that American firms would win the bulk of Iraqi oil contracts as a result of the U.S.-led invasion in 2003.

Majnoon, a similar size oil field, was awarded Friday, the first day of the auction, to a consortium of Royal Dutch Shell and Malaysia's Petronas. They proposed a remuneration fee of $1.39 and pledged to increase output to 1.8 million barrels a day.

Halfaya, with proven reserves of 4.1 billion barrels, was won by China National Petroleum Corp., France's Total and Petronas proposing a fee of $1.4 a barrel and a production plateau of 535,000 barrels a day.

Garraf, a smaller oil field in Dhi Qar governorate in southern Iraq, was awarded to a consortium made up of Petronas and Japanese oil company Japex, with a fee of $1.49 a barrel and a production plateau target of 230,000 barrels a day.

But security remains an issue for the winning companies. Over the last few weeks, Baghdad has seen massive bomb explosions that claimed hundreds of lives. In the 20-year technical service contract the ministry is offering, the Iraqi government will provide protection to companies, but the companies can also hire international security firms.

"We are worrying about the security situation," said Katsuo Suzuki, executive vice president of Japex. "We are in discussions with several security companies in order to hire one of them."

Another winner was Angola's Sonangol, which was awarded the Najmah oil field near the city of Mosul in northern Iraq. On Friday, it also won nearby Qaiyarah oil field.

Two of five oil fields were awarded in Friday's session. On Saturday, four of five were awarded. None of the participating companies bid for Middle Furat, a cluster of smaller oil fields in Kerbala province 70 kilometers south of Baghdad.

Shahristani told the winning companies to come to Baghdad in two weeks to work out initial agreements, and then he will send the draft contracts to the cabinet for approval. He expects the final signing of these contracts to take place early next year.

 

[MaggieMae]

For all we've done for Iraq, we should have been given that oil gratis.

I agree. After all, their pipelines were crumbling even before the invasion, and Halliburton rebuilt them while under fire. Now the US should be given first dibs. Wasn't that the original promise of how the war was to be paid for?