If you argue with his statement you are a fool.
I hated Economic in high school, but one thing I do remember is supply and demand. Right now the demand in the US is down, and supply is up, you would think prices would be lower.
Yes Obama needs to change his games plan, but not in the way you guys want. We have the oil, he needs to start playing capitalism with them. These oil companies don't meet our demands we stop letting them drill oil. There are plenty of companies to take their place. We have the product, lets make them start competing.
???
"Meet our demands"? As in lower prices below procurement costs? Make available domestically produced crude oil at below market?
Keep in mind that 90% of the oil and gas that is found and produced in this country is done so by Independents and NOT the "Big Oil" that is mysteriously referenced.
There are maybe 5,000 - 6,000 of these Independent companies operating in the U.S., and on average they have 12 employees.
And no, plenty of companies would not rush in and fill the gap in order to operate in an environment where the U.S. government would "stop letting them drill oil".
No wonder you hated Econ. You never had a clue.
yes independents for the oil, but how many independent refineries?
there are hundreds of thousands of independent farmers producing corn but how many brands of corn flakes for instance?
Please don't act stupid. Refineries for the most part are not owned by the large oil companies. They are independent companies which buy oil off the market and then fill purchases. That is not to say there are not large oil firms in the refining business. There are. Exxon/Mobil has a very large refinery in Linden, NJ...Up until a month ago Sunoco had a refinery (175,000 barrels per day) In Philadelphia. It was shut down because the company could not find a buyer. Imagine that. Regular gas at $4 per gallon and a refinery could not turn a profit. why is this? Because with all the draconian federal regulations and other bureaucratic nonsense it is almost impossible to manufacture gasoline and make money.
Here's a list ( designed to slap all know it all libs in the face) of the top 30 refineries ranked by barrels per day...
You'll note a substantial number of these are not your traditional "big oil" companies.
NOTE**** The Sunoco refinery in Philadelphia has been closed.
RANK CORPORATION COMPANY State SITE Barrels per Calendar Day
1 EXXON MOBIL CORP EXXONMOBIL REFINING & SUPPLY CO Texas BAYTOWN 560,640
2 EXXON MOBIL CORP EXXONMOBIL REFINING & SUPPLY CO Louisiana BATON ROUGE 502,000
3 HOVENSA LLC Hovensa LLC Virgin Islands KINGSHILL 500,000
4 MARATHON OIL CORP MARATHON PETROLEUM CO LLC Louisiana GARYVILLE 464,000
5 PDV AMERICA INC CITGO PETROLEUM CORP Louisiana LAKE CHARLES 427,800
6 BP PLC BP PRODUCTS NORTH AMERICA INC Texas TEXAS CITY 406,570
7 BP PLC BP PRODUCTS NORTH AMERICA INC Indiana WHITING 405,000
8 WRB REFINING LLC WRB REFINING LLC Illinois WOOD RIVER 362,000
9 EXXON MOBIL CORP EXXONMOBIL REFINING & SUPPLY CO Texas BEAUMONT 344,500
10 SUNOCO INC SUNOCO INC (R&M) Pennsylvania PHILADELPHIA 335,000
11 CHEVRON CORP CHEVRON USA INC Mississippi PASCAGOULA 330,000
12 DEER PARK REFINING LTD PTNRSHP DEER PARK REFINING LTD PARTNERSHIP Texas DEER PARK 327,000
13 VALERO ENERGY CORP PREMCOR REFINING GROUP INC Texas PORT ARTHUR 292,000
14 KOCH INDUSTRIES INC Flint Hills Resources LP Texas CORPUS CHRISTI 290,078
15 MOTIVA ENTERPRISES LLC Motiva Enterprises LLC Texas PORT ARTHUR 285,000
16 ACCESS INDUSTRIES HOUSTON REFINING LP Texas HOUSTON 280,390
17 CHEVRON CORP CHEVRON USA INC California EL SEGUNDO 273,000
18 KOCH INDUSTRIES INC Flint Hills Resources LP Minnesota SAINT PAUL 262,000
19 BP PLC BP West Coast Products LLC California LOS ANGELES 253,000
20 CONOCOPHILLIPS CONOCOPHILLIPS COMPANY Louisiana BELLE CHASSE 247,000
21 CONOCOPHILLIPS CONOCOPHILLIPS COMPANY Texas SWEENY 247,000
22 CHEVRON CORP CHEVRON USA INC California RICHMOND 245,271
23 CONOCOPHILLIPS CONOCOPHILLIPS COMPANY Louisiana WESTLAKE 239,400
24 EXXON MOBIL CORP EXXONMOBIL REFINING & SUPPLY CO Illinois JOLIET 238,600
25 CONOCOPHILLIPS CONOCOPHILLIPS COMPANY New Jersey LINDEN 238,000
26 MOTIVA ENTERPRISES LLC Motiva Enterprises LLC Louisiana CONVENT 235,000
27 MOTIVA ENTERPRISES LLC Motiva Enterprises LLC Louisiana NORCO 233,500
28 TOTAL SA TOTAL PETROCHEMICALS INC Texas PORT ARTHUR 232,000
29 BP PLC BP West Coast Products LLC Washington FERNDALE 225,000
30 VALERO ENERGY CORP VALERO REFINING CO TEXAS LP Texas TEXAS CITY 225,000