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Oil Reserves
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Author:  johnny reverb [ Tue May 13, 2008 7:16 pm ]
Post subject:  Oil Reserves
I heard today that Congress voted to pressure Bush to stop stockpiling oil in the countries oil reserve. The Bush administration has argued for awhile, that the amount(70,000 barrels a day, I think) was so tiny it has no effect on the price of oil. Now I remember a few months ago, a story that was very briefly metioned in the news. Opec warned the U.S. to stop stockpiling oil into the reserves. There is no doubt in my mind, that Opec's retaliation for Bush's failure to heed their warning, is definetly a factor in the recent escaltion of the price of crude oil. Not to mention, our goverment buying oil to hoard, at a price that is out of this world, and actually competing with the American people over it. Your thoughts....please..... :) ...nite, nite.....
Author:  Babs [ Wed May 14, 2008 12:29 pm ]
Post subject:  Re: Oil Reserves
I don't know enough about the whole situation to comment, but I'm curious to know a few things - Have we always stockpiled oil in the reserves at the rate of 70,000 barrels a day? If not when did our country start doing this? Is there a reason given for doing so?

It seems as if Bush is trying his hardest to relieve our economy right now, so it isn't making sense. There must be a reason he is refusing to to stop stockpiling oil. It must be benefiting someone, if not us the consumers, who? Is he afraid to change policy?

I was always under the impression that we didn't use the reserves because there wasn't enough in them to actual help that we'd run them dry and wouldn't have them when we really needed them. I also heard the reason we didn't use them was because we have the oil, but not enough refineries to make the oil usable.
Author:  Lonman [ Wed May 14, 2008 1:44 pm ]
Post subject:  Re: Oil Reserves
The Bush's both George & George W. both OWNED oil companies (and if not mistaken still do).  Think THAT could have something to do with it all?  GW about to out of office, trying to doubly secure his future?  Speculation sure, but the pieces fit.

Interestingly enough the oil compnaies have reported record earnings this year, gee wonder why?  Becuase they are charging everyone who depends on it record prices?  
We need to get off the oil dependancy & get alternate sources into viable useable sources.
Author:  twansenne [ Wed May 14, 2008 2:29 pm ]
Post subject:  Re: Oil Reserves
ARRRGHHHHHHHHHHHHH!!!!!!   People we must look at the WHOLE picture.

http://www.worldnetdaily.com/index.php? ... geId=63638
Quote:
he U.S. is the third-largest oil producer. However, our government has restricted the supply of oil in the ground by putting more and more of our known reserves off limits, specifically parts of Alaska, the Pacific and Atlantic coasts and the Gulf of Mexico. In fact, Exxon – the top U.S. company – is ranked only 14th in the world in terms of oil reserves. In addition, our government has made it more difficult to build and refine oil into gasoline.

Profits reflect the size of an industry, and the oil industry is HUGE! From 2003 to 2007, average earnings for the oil and natural gas industry were approximately 8.1 cents for every dollar of sales, which was only a penny above the average of all U.S. manufacturing industries.

In fact, in 2007, the oil and natural gas industry earned 8.3 cents for every dollar of sales compared to 7.3 cents for all U.S. manufacturing. When you take out the financially challenged auto industry, U.S. manufacturing came out slightly ahead of oil and gas, earning 8.9 cents for every dollar of sales.

Oddly enough, our oil and gas companies pay more in taxes, as a percentage of their income, than our manufacturing companies. In 2006, the oil and gas companies' income tax expenses averaged 40.7 percent, compared to 22.1 percent for U.S. manufacturing companies.

With gasoline prices rising in this silly political season, you will hear more rhetoric about taxing the oil companies' windfall profits, with little time devoted to the amount of those profits that must be reinvested to meet future needs.

Also, it is important to remember that companies do not pay taxes, individuals do. Taxes must be passed along to consumers as part of the cost of doing business. Real people always will (always have) pay the cost of higher taxes. Let consumers – and voters – beware!



Also the value of the DOLLAR has fallen over the last few years.  It now cost more to get the oil out of the ground.  A economic professor at either Iowa or Iowa State University recently crunched some number and found that if we went back the the value of the dollar in 2003, oil would be $1 per gallon cheaper.


Yet people still don't complain about paying $2.00 for a liter of bottled water or $3+ for a cup of coffe at starbucks.  


ARGH :angry:  :angry:  :angry:  :angry:  :angry:  :angry:  :angry:
Author:  Babs [ Thu May 15, 2008 11:10 am ]
Post subject:  Re: Oil Reserves
Okay I looked it up - we have been stockpiling oil into the reserves since 1973 for our own national security. I won't go into detail, but it is for a good reason. If we stop doing so it will save us 2 to 5 cents a gallon on gas at the pump. It doesn't seem to be an even trade. Some people argue any savings at the pumps is worth it. I don't totally buy into that. This isn't just a Bush decision as in we have been through several presidents that have not stopped the practice of stockpiling oil.

There does seem to be other things Bush could do instead. I would like to some of the other options investigated first before depleting our nest egg so to speak.
Author:  johnny reverb [ Thu May 15, 2008 12:35 pm ]
Post subject:  Re: Oil Reserves
As usual, you miss my point.. LMAO ....Actually, my points being, Opec warned us to stop this practice a few months ago, and could part of the reason for the high price of a barrel be punishment. Also, at almost $130 a barrel, is this a good bargain for tax payers money, or just a good deal for his Oil Baron friends? Furthermore, why waste it in Iraq and Afganistan....you think we don't use a huge amount in the wars, and besides China, we compete for fuel with our own military? All of these things drive up the price of gas........all of which, have made the oil companies very happy...
Author:  Murlinman [ Thu May 15, 2008 1:01 pm ]
Post subject:  Re: Oil Reserves
The reason gas is so high is that the cheap oil is peaking and China and India are entering the industrial age...they all want more oil..

Not to mention the fact that the dollar is not even worth as much as the paper it's written on...

I blame it all on JP Morgon and the FED....Evil bastards....
Author:  timberlea [ Thu May 15, 2008 4:08 pm ]
Post subject:  Re: Oil Reserves
Did someone say speculators.  They ought to be lined up and shot.  Why are these people? even allowed to mess with the price of oil.  Heck we haven't even tapped the vast reserves out there.  Remember what oil is people, dead thingsover the years that have decayed into petroleum.   A small group of ragtag revolutionaries, terrorists or whatever you call them, threated to blow up a well in Nigeriaand all of a sudden oil goes up $1-2 a barrel, c'mon give me a break.

I don't knowwhere anyof you are but here where I am you take the taxesof itand gas maybe just maybe 70 cents a litre instead of the $1.30 we're paying.
Author:  johnny reverb [ Thu May 15, 2008 7:25 pm ]
Post subject:  Re: Oil Reserves
Tim, doesn't some of that tax money go into health care? In the U.S. we are told that other people in other countries pay more for gas than we do, and we should be happy for what we pay at the pump. They leave us ignorant as to what makes up the price of gas in other countries. The tax on gas in the U.S. goes to build and maintain roads, really nothing else except for the salaries that go with it. Our government has been caught over the years telling the people bold face lies, and when they can't get by us with an out right lie, they lie by omission. Sorry to say, there are a lot of gullible people in my country...... :(
Author:  CACTUSJACK [ Thu May 15, 2008 8:08 pm ]
Post subject:  Re: Oil Reserves
its a shame the political powers to be do not have a clue what the everyday american is up against. they set there in there office dwidling there thumbs thinking why is our economy so bad. when we the common man thats being tortured with ever increasing gas prices which steadly cut into our budgets.  if they think that this is not the biggest issue affecting our economy than they are sadly mistaken.  i know i work in a large factory 2500 employees its talked about at some time at every break. the people i know are slowing down on highways driving 65 instead of 75 trying to get a few more miles per gallon. after all you are the only one paying for the gas in your tank..Its funny to me i was 20 yrs old back in 1980 when gas was $1.25 a gallon and people were griping then. does anybody remember what our president did back then?  i do he lowered the speed limit nation wide. it was a simple solution it made all cars get a fewer more miles per gallon which eased the demand so the supply gradually went up. yes i know about china and india  and there current industrial revolution. but this could be done on a global level, if they wanted to..they would not even be having this revolution if not for us we buy all there products. what gets me is were fighting a war in Iraq which sits on the world's second-largest known reserves of crude oil. i guarantee you they are not paying $3.75 per gallon. how can this be? shouldn't we get some kind of payback. i mean this war is costing us billions of dollars, of our tax dollars with no end in sight.....just my thoughts ....cal
Author:  Keith02 [ Thu May 15, 2008 11:06 pm ]
Post subject:  Re: Oil Reserves
The Gov will allow the price of OPEC oil to rise until Americans finally allow drilling in Alaska and areas of the Gulf that are now off limits......

Get this thru yer heads: There is NO alternative energy source...there is only oil and natural gas.....We Must drill our vast reserves and say screw you to Greenpeace or suffer....but we won't do that until the mideast is almost out of oil

The oil industry will win and eventually be allowed to drill those areas.....They will win because eventually Americans will beg them to drill there.....In the meantime we will suck all the oil out of the mideast no matter what the price......We will use up the oil from the mideast and be sitting on megatons of oil here.....it will all work out in the end...we will hold all the cards.
Author:  johnny reverb [ Fri May 16, 2008 8:21 am ]
Post subject:  Re: Oil Reserves
They ship garbage from the East Coast, and put it in other state's dumps. They take nuclear and other hazardous waste, and put it in states like Nevada.....I think drilling for oil in any state would be a far better option than the latter. Animals have become instinct, even before man stepped on the planet. Glad we weren't around when the Dinosaurs disappeared...we surely would have gotten blamed for that. It just shows how far away from being a Democracy we really are.

Keith must work for the oil companies... LOL ...oh yah, he works for the government......same thing.... LMAO .....there are many viable energy sources that could replace petroleum energy, but the problem is people. If we started using, say for instance, hydrogen, the oil companies would lower the price of gas, and people would desert alternate energy all together, and scurry back to gas. The oil producing countries know they can drop the price down to $20 a barrel, and still make a huge profit. There isn't an infinite supply of oil, this the oil companies know for sure. If they can force us to use 25% of the oil we now use, they will charge us at least 4 times more for it, thus maintaining their huge profit margins, and gouging us for 200 more years instead of just 50.
We pay up front for our cars to get more miles per gallon both in dollars for innovations that improve milage a bit, and in safety, since the biggest thing they do to improve gas milage, is to make the vehicles lighter, using less, lighter, weaker materials. End result, you pay more for cars, more for gas, and more for serious injuries, that would have been minor had you been in a real car......my opinions are shared by others.... :yes:
Author:  Babs [ Fri May 16, 2008 9:37 am ]
Post subject:  Re: Oil Reserves
I just think there are better ways to cut prices at the gas pump. Here in Chicago the tax they put on gasoline is rediculous.

Taxes - Federal excise taxes are 18.4 cents per gallon, and state excise taxes average 18.2 cents per gallon. There may also be some additional taxes, such as applicable state sales taxes, gross receipts taxes, oil inspection fees, underground storage tank fees and other miscellaneous environmental fees. Add that to the state excise taxes, and it can average 27.4 cents.

Now I'm not saying we need a tax holiday, but maybe a slight decrease over all from federal and state. If they in combination gave us a 2-5 cent a gallon decrease it would equal out the same as stopping the oil reserves.
Author:  johnny reverb [ Fri May 16, 2008 1:23 pm ]
Post subject:  Re: Oil Reserves
Let me try this again.. LMAO ....OPEC said stop, they control all the oil, they can charge anything they want for oil, and the world will pay their price....when it comes to gasoline...OPEC is god... LOL ....until we stop being totally dependent on them, we better do as they say or oil will pass $200 a barrel, and gas will be $10 a gallon, and the 32 cents or so of tax will be insignificant.....besides....with the distance you drive a week, even if they cut you the whole 32 cents a gallon.....it would take you three months to save enough to by a Happy Meal at Mc Donalds.... LMAO
Author:  Babs [ Fri May 16, 2008 1:41 pm ]
Post subject:  Re: Oil Reserves
I understand, but what are supposed to do?
Author:  seattledrizzle [ Sun May 18, 2008 3:48 pm ]
Post subject:  Re: Oil Reserves
OPEC doesn't realize that we have larger reserves in our Happy Meals than they have buried in their sandy soils in the desert.  Let's hope they never find out.  It's our secret weapon.   Shhhhh!
Author:  purpletib [ Sun May 18, 2008 7:43 pm ]
Post subject:  Re: Oil Reserves
Thought you all might find this interesting.  How the hell can prices vary like this, I have NO clue.

http://money.cnn.com/2008/05/01/news/in ... 2008050212

Where gasoline is cheapest:

Rank Country Price/gal
1. Venezuela 12 cents
2. Iran 40 cents
3. Saudi Arabia 45 cents
4. Libya 50 cents
5. Swaziland 54 cents
6. Qatar 73 cents
7. Bahrain 81 cents
8. Egypt 89 cents
9. Kuwait 90 cents
10. Seychelles 98 cents
44. United States $3.45

Most expensive places to buy gas:

Rank Country Price/gal
1. Eritrea $9.58
2. Norway $8.73
3. United Kingdom $8.38
4. Netherlands $8.37
5. Monaco $8.31
6. Iceland $8.28
7. Belgium $8.22
8. France $8.07
9. Germany $7.86
10. Portugal $7.84
108. United States $3.45

Funny that Eritrea is most expensive, considering how close it is to the Middle East. I wonder also where Canada fits in that list.

I remember shortly before 9/11 gas was $.96/gallon.  For a while it hovered around $1.25.  Hell, for as long as I can remember it was always between $1 - $1.50/gallon.  THEN we took over the Iraqi oil fields, and BAM!  Our gas prices started to skyrocket and haven't stopped.  Here, it is currently $4/gallon.  At this rate, it will be $5/gallon next year and $6/gallon the year after that.
Author:  Babs [ Mon May 19, 2008 11:04 am ]
Post subject:  Re: Oil Reserves
Very interesting in deed.
I guess all those people who said the only reason we went to war was to take their oil, were confused a bit.
Author:  purpletib [ Mon May 19, 2008 12:44 pm ]
Post subject:  Re: Oil Reserves
I think the argument kinda follows we went to war to take their oil and profit from it 4 times the amount that they did.  Yeah for the MAN!  From $30/barrel to $130/barrel in only 5 years.  Pretty impressive.  :hi5:   :dancin:  American BIG OIL is makin' out like bandits.
Author:  johnny reverb [ Mon May 19, 2008 3:13 pm ]
Post subject:  Re: Oil Reserves
There is more to the price of gas, than the gas itself....some countries tax gas to pay for thngs like national health care....I'd like to see what the price of gas is in coutries, but without added taxes....any web sites address such?
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