Don't you think you are milking that perpetual dumb act just a little bit too much?
Coming from you Ed, that's a complement. What you call dumb, the rest of us call sane. Or are you going to tell me how I listen to Rush (for the 10th time) when you have no evidence to support your accusation ?
Sounds wonderful. Except that Care is only repeating the same bleating that comes from the left on this subject. Oil is about as commodity as you can get...if you have completed wells that are producing. You will always keep your most profitable wells open and producing if there is demand and you can justify the cost of doing it.
Contrary to popular belief, oil companies don't collude. They work at whatever market prices are available to them. But not all oil is the same in several dimensions. First, there is the type of oil. Canadian bituman based crudes sell at huge discounts compared to the benchmark crudes. Many midwest refiners have tooled up to handle the additional gas oils and sulfur that come with these crudes. If they can't handle it, the have to look elsewhere and pay more for crude. The recent shutdown of about 750,000 BPD refining capacity on the east coast was because those refiners can't handle sour crudes and are more configured to make gasoline at a time when diesel is king. Oil is also not the same relative to where it can be converted. We can't refine all the finished products we consume....far from it. So, even if you can produce oil locally, if you can't displace existing production or export it...where's it gonna go...to the middle east...where it costs next to nothing to get it out of the ground ?
Chevron is going to sit on it's oil while Exxon produces like crazy ? Chevron stock holders are going to allow that ? Maybe you need to get a new brand of weed.
The only new oil going on the market comes from small independent oil companies, not the big oil cartel. If you want to see the prices come down, only lease land to the small independents, any land leased by the oil monopoly is only to keep it away from the independents. That is why there were over 7,000 drilling permits that were sitting unused in 2011 alone.
They are sitting unused because of the lag associated with getting it out of the ground. It takes a lot of money and a lot of time to get a field developed and produced. Oil companies have been around long enough to see the boom and bust cycle and are very cautious. If there was a high probability...you can bet they would be going after it. Oil companies deal leases just like anyone else. Texaco used to sell off leases that didn't meet certain producing quotas...even though they were good leases. Why ? Because of the overhead associated with a lease. It was the same for a 10 barrel a day well or a 10,000 barrel a day well.
So, I think your the one who shown that you can get to a left wing talking points BS site and throw down enough bull to make people think you know what you are talking about.
Better luck next time asswipe.