the utter f**king stupidity of this woman underscores the intent of the liberal Democrat collective in this country. socialize, socialize, socialize. it's your only hope.
here oil execs are actually making the argument for the liberal Dems at the hearings in explaining why gas prices are so high, but you shouldn't think for a minute those same politicians would act like countries who compete as nationalized oil.
John Lowe, Executive Vice President, Conoco Philips Company:
"I cannot overemphasize the access issue. Access to resources is severely restricted in the United States and abroad, and the American oil industry must compete with national oil companies who are often much larger and have the support of their governments.
We can only compete directly for 7 percent of the world's available reserves while about 75 percent is completely controlled by national oil companies and is not accessible."
Stephen Simon, Senior Vice President, Exxon Mobil Corporation:
"Exxon Mobil is the largest U.S. oil and gas company, but we account for only 2 percent of global energy production, only 3 percent of global oil production, only 6 percent of global refining capacity, and only 1 percent of global petroleum reserves. With respect to petroleum reserves, we rank 14th. Government-owned national oil companies dominate the top spots. For an American company to succeed in this competitive landscape and go head to head with huge government-backed national oil companies, it needs financial strength and scale to execute massive complex energy projects requiring enormous long-term investments.
To simply maintain our current operations and make needed capital investments, Exxon Mobil spends nearly $1 billion each day."
"Because foreign companies and governments control the overwhelming majority of the world's oil, most of the price you pay at the pump is the cost paid by the American oil company to acquire crude oil from someone else":
"Last year, the average price in the United States of a gallon of regular unleaded gasoline was around $2.80. On average in 2007, approximately 58 percent of the price reflected the amount paid for crude oil. Consumers pay for that crude oil, and so do we.
Of the 2 million barrels per day Exxon Mobil refined in 2007 here in the United States, 90 percent were purchased from others."
Capitalizt
:eek: :eek: :eek: :nervous: :nervous: :nervous:
The17sss
My personal favorite quote came from Shell’s CEO John Hofmeister:
"While all oil-importing nations buy oil at global prices, some, notably India and China, subsidize the cost of oil products to their nation’s consumers, feeding the demand for more oil despite record prices. They do this to speed economic growth and to ensure a competitive advantage relative to other nations.
Meanwhile, in the United States, access to our own oil and gas resources has been limited for the last 30 years, prohibiting companies such as Shell from exploring and developing resources for the benefit of the American people.
Senator Sessions, I agree, it is not a free market.
According to the Department of the Interior, 62 percent of all on-shore federal lands are off limits to oil and gas developments, with restrictions applying to 92 percent of all federal lands. We have an outer continental shelf moratorium on the Atlantic Ocean, an outer continental shelf moratorium on the Pacific Ocean, an outer continental shelf moratorium on the eastern Gulf of Mexico, congressional bans on on-shore oil and gas activities in specific areas of the Rockies and Alaska, and even a congressional ban on doing an analysis of the resource potential for oil and gas in the Atlantic, Pacific and eastern Gulf of Mexico.
The Argonne National Laboratory did a report in 2004 that identified 40 specific federal policy areas that halt, limit, delay or restrict natural gas projects. I urge you to review it. It is a long list. If I may, I offer it today if you would like to include it in the record.
When many of these policies were implemented, oil was selling in the single digits, not the triple digits we see now. The cumulative effect of these policies has been to discourage U.S. investment and send U.S. companies outside the United States to produce new supplies. As a result, U.S. production has declined so much that nearly 60 percent of daily consumption comes from foreign sources. development.
The problem of access can be solved in this country by the same government that has prohibited it. Congress could have chosen to lift some or all of the current restrictions on exportation and production of oil and gas. Congress could provide national policy to reverse the persistent decline of domestically secure natural resource development.
jerZ07002
quote:
Originally posted by The17sss The problem of access can be solved in this country by the same government that has prohibited it. Congress could have chosen to lift some or all of the current restrictions on exportation and production of oil and gas. Congress could provide national policy to reverse the persistent decline of domestically secure natural resource development.
exploiting reserves is not something that would have an immediate impact. it would take years to realize the potential of the reserve. you people are so short-sighted. the environment we have today is the perfect situation for a drastic change in america's energy policy. while painful, this is exactly what this country needs.
Krypton
I've been saying for weeks that the oil industry is not a free market!!
Shakka
quote:
Originally posted by jerZ07002
exploiting reserves is not something that would have an immediate impact. it would take years to realize the potential of the reserve. you people are so short-sighted. the environment we have today is the perfect situation for a drastic change in america's energy policy. while painful, this is exactly what this country needs.
+0.5;)
Q5echo
quote:
Originally posted by jerZ07002
exploiting reserves is not something that would have an immediate impact. it would take years to realize the potential of the reserve. you people are so short-sighted. the environment we have today is the perfect situation for a drastic change in america's energy policy. while painful, this is exactly what this country needs.
of course its not going to have an immediate impact, but given that demand will most certainly rise 30-40% in the next decade regardless of a comprehensive domestic energy policy (which i completely agree within reason that we should have) whatever "years" you are referring to seems irrelevant in the face of how we currently treat our own reserves and the inevitable decline of Mideast oil.
Q5echo
quote:
Originally posted by Krypton
I've been saying for weeks that the oil industry is not a free market!!
on the supply side, even with the speculators, it still is. it's when your free market is forced to compete with other economies that don't tie their own hands behind their backs like we do it becomes clear that we sorely disadvantaged.
Shakka
However, this is NOT exactly what we need right now...
quote:
Pemex Says April Oil Output Drop Biggest in 12 Years
2008-05-23 14:51 (New York)
By Andres R. Martinez
May 23 (Bloomberg) -- Petroleos Mexicanos, the state-owned oil company, said April crude production fell the most in more than 12 years as output at its largest field declined faster than the company forecast.
Crude oil production fell 13 percent to 2.767 million barrels a day in April, Mexico City-based Pemex, as the company is known, said today on its Web site. Output a year earlier was
3.182 million barrels a day. The decline was the largest since October 1995, when output fell 29 percent.
Pemex Chief Executive Officer Jesus Reyes Heroles set a goal of producing 3.1 million barrels of crude a day in July of last year. The company has only met that goal once since it was set. Output has been on a decline since reaching a peak in December 2003. Since 1999, proved reserves have been more than halved to 14.7 billion barrels of crude oil equivalent.
guerra-monstru
^blaming Mexico?
Any ways Pemex is in the process of being bought privately(behind closed doors) like telemex. So whoever gets pemex will be one of the world's wealthiest persons. However, he will also have to rebuild a lot of crap for pemex to extract more barrels of oil.
Shakka
I'm not blaming Mexico for anything. The facts are the facts--their biggest oilfield is in decline. It's not their fault.
Krypton
quote:
Originally posted by Shakka
I'm not blaming Mexico for anything. The facts are the facts--their biggest oilfield is in decline. It's not their fault.
Damn...Get ready for the mother load of illegal immigrants trying to get into America. Pemex is a mess. They pay so much in taxes, they have to borrow capital, and as a result are in the hole for tens of billions of dollars. Additionally, they form a third of the Mexican government's revenues. This company has been mismanaged to hell. If I were involved in a buyout deal, I'de demand a steep discount for Pemex.
