Big Oil firms aren't the bandits here

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Thursday, August 21, 2008 9:50:17 PM

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Big Oil firms aren't the bandits here Friday, May 16, 2008
The Globe And Mail -- Q uestion: Is the U.S. quickly running out of oil? Answer: Not really. The U.S. possesses enormous oil reserves. It prefers, for environmental reasons, not to market them. Peter Robertson, vice-chairman of Chevron, told U.S. columnist Cal Thomas the other day that the U.S. has plenty of oil but noted: “Eighty-five per cent of [U.S.] offshore oil is off limits.” This, despite the fact that advanced technology for offshore drilling ensures little environmental risk: “During hurricanes Katrina and Rita,” Mr. Robertson said, “more than 1,000 offshore wells were destroyed [in the Gulf of Mexico] but not one of them leaked.” The U.S. has 30 billion barrels of proved reserves and another 112 billion barrels unproved but deemed recoverable – enough to run the U.S. economy for decades...
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	Friday, May 16, 2008 The Globe And Mail -- Q uestion: Is the U.S. quickly running out of oil? Answer: Not really. The U.S. possesses enormous oil reserves. It prefers, for environmental reasons, not to market them. Peter Robertson, vice-chairman of Chevron, told U.S. columnist Cal Thomas the other day that the U.S. has plenty of oil but noted: “Eighty-five per cent of [U.S.] offshore oil is off limits.” This, despite the fact that advanced technology for offshore drilling ensures little environmental risk: “During hurricanes Katrina and Rita,” Mr. Robertson said, “more than 1,000 offshore wells were destroyed [in the Gulf of Mexico] but not one of them leaked.” The U.S. has 30 billion barrels of proved reserves and another 112 billion barrels unproved but deemed recoverable – enough to run the U.S. economy for decades... Visit The Globe And Mail for full article

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zonernovi All-Star Author Michigan Posts:937 Points:183,820 Joined:May 2005	Message Posted: 5/25/2008 10:36:37 AM	Ignore zonernovi Report Abuse
	Vote for Bush!....as worst President ever.
magnumCA All-Star Author Los Angeles Posts:864 Points:180,500 Joined:Jan 2008	Message Posted: 5/24/2008 11:50:56 AM	Ignore magnumCA Report Abuse
	Poor oil companies
FaithAlone Champion Author Texas Posts:3,416 Points:641,945 Joined:Jun 2006	Message Posted: 5/24/2008 11:08:43 AM	Ignore FaithAlone Report Abuse
	"Then who is?" Read the article. To pacify environmentalists and their media allies, we have regulations which make new drilling, whether on land, off-shore, or in ANWR, impossible. Without that increased supply, as demand goes up, the prices go up. Economics 101. Can you guess which political party panders to the environmentalists and the media?
bobjeep Champion Author Florida Posts:1,535 Points:539,465 Joined:Jun 2006	Message Posted: 5/24/2008 11:04:54 AM	Ignore bobjeep Report Abuse
	Then who is?
Rick52 Champion Author Milwaukee Posts:1,219 Points:22,900 Joined:Mar 2005	Message Posted: 5/24/2008 8:03:15 AM	Ignore Rick52 Report Abuse
	http://video.google.com/videoplay?docid=3340274697167011147 This is where your money is going for the war loan watch the video it's 1hr long...Then maybe there would be so many speculating posts......
ramboTX All-Star Author Dallas Posts:613 Points:118,320 Joined:Aug 2007	Message Posted: 5/24/2008 2:15:53 AM	Ignore ramboTX Report Abuse
	the record profits are from people who fill up and tell the oil companies to keep the change? Yeah, right.
whitemiata Champion Author Albany Posts:5,017 Points:1,092,535 Joined:Mar 2005	Message Posted: 5/24/2008 12:25:48 AM	Ignore whitemiata Report Abuse
	Here are some links that will be interesting to you if you read them: http://www.powerlineblog.com/archives2/2008/05/020589.php http://www.powerlineblog.com/archives2/2008/05/020571.php
J_Mark Rookie Author Orlando Posts:77 Points:132,815 Joined:Apr 2004	Message Posted: 5/23/2008 11:30:11 AM	Ignore J_Mark Report Abuse
	"There Will Be Blood"
MiJeff Champion Author Grand Rapids Posts:3,065 Points:765,300 Joined:May 2005	Message Posted: 5/23/2008 8:59:15 AM	Ignore MiJeff Report Abuse
	Not true
sajagfan Rookie Author San Antonio Posts:2 Points:490 Joined:May 2008	Message Posted: 5/19/2008 7:20:37 PM	Ignore sajagfan Report Abuse
	I see alot of if "they" are making such huge profits then they are the thieves. I thought making a profit was what capatolism was about. If people so were inclined to not want a product then they would not buy it no matter what the cost therefore hurting the profits. If it was your business I guarantee you would want to make as much profit as you could if it is your copany that u work for and are in their profit sharing plan you would want the same. So what are the solutions instead of whininggggggggg about how big a theif they are which I know there will be 20 responses of drill drill drill mostly i think to get points for posting a reply then actually thought out answer. Whining about a problem only makes a problem worse if you are unable or unwilling to help find a solution.
POLELANE Champion Author Ohio Posts:1,468 Points:148,175 Joined:Mar 2008	Message Posted: 5/19/2008 4:27:27 PM	Ignore POLELANE Report Abuse
	if they leaked; we could catch and refine it..
gr8oakOH All-Star Author Akron Posts:652 Points:175,990 Joined:Nov 2007	Message Posted: 5/19/2008 2:54:07 PM	Ignore gr8oakOH Report Abuse
	i am one here that is not stupid & will never believe in any story like this. the big oil companies ARE the problem as well as georgie boy
rho Champion Author Sacramento Posts:13,934 Points:1,788,320 Joined:May 2003	Message Posted: 5/19/2008 2:38:32 PM	Ignore rho Report Abuse
	CruisinLinda, without enough stable source of the domestic oil, we are screwed. You have to ask, why are Americans being denied from producing our own energy here at home to make us dependent on those who do not like us or even hate us to the point they are looking forward to wipe us off the face of this earth. Spunky4443, do you really want answer to that question. I am not sure if it is the Public "Stupid" or "Asleep". But, remember that famest quote, "I fear that all we have done is to awaken a sleeping giant and fill him with a terrible resolve." —attributed to Yamamoto in Tora! Tora! Tora! (1970), in reference to the attack on Pearl Harbor.
spunky4443 All-Star Author Washington Posts:700 Points:366,850 Joined:May 2005	Message Posted: 5/19/2008 10:40:23 AM	Ignore spunky4443 Report Abuse
	Come on, how Stupid do you think the Public is?????
CruisinLinda Champion Author Tallahassee Posts:4,238 Points:863,385 Joined:Sep 2005	Message Posted: 5/19/2008 10:38:23 AM	Ignore CruisinLinda Report Abuse
	Does anyone understand that "drilling" (don't forget pumping) won't lower prices because oil companies will sell the crude on the commodities markets for the highest bids? The high price of oil is caused by the loss of the dollar of a third of its value against the Euro (now a Euro costs $1.50 when it was about a $1 when Bush took office). Spectulators with other currencies can easily purchase oil futures.
markmoore80 All-Star Author North Carolina Posts:668 Points:252,055 Joined:Apr 2004	Message Posted: 5/19/2008 10:35:46 AM	Ignore markmoore80 Report Abuse
	Uh... yes they are!
spunky4443 All-Star Author Washington Posts:700 Points:366,850 Joined:May 2005	Message Posted: 5/19/2008 10:30:44 AM	Ignore spunky4443 Report Abuse
	What a bunch of Bull, the Stock Market would take a plunge if the cost of a Barrel of Oil came down to $50, and the Rich would get Poorer, Boo-Hoo-Hoo, would'nt you feel sorry for them.
fairchildd All-Star Author Kansas City Posts:668 Points:280,535 Joined:Aug 2007	Message Posted: 5/19/2008 10:30:16 AM	Ignore fairchildd Report Abuse
	as prices continue to rise, the pressure to drill will as well
Gas_Buzzer Champion Author South Carolina Posts:5,973 Points:1,017,390 Joined:Sep 2005	Message Posted: 5/19/2008 10:23:58 AM	Ignore Gas_Buzzer Report Abuse
	So who is "the bandit" if not?
ursidae3 All-Star Author Orlando Posts:571 Points:309,025 Joined:Sep 2005	Message Posted: 5/19/2008 10:22:54 AM	Ignore ursidae3 Report Abuse
	let them keep telling themselves that.
eaglev All-Star Author Oklahoma City Posts:592 Points:255,870 Joined:Jul 2005	Message Posted: 5/19/2008 10:22:34 AM	Ignore eaglev Report Abuse
	I wish this was on the front page of every paper and magazine. Congress is the problem. Let the oil companies spend that new found wealth to drill for oil we have and then tell OPEC where to go.
The_WB Champion Author Detroit Posts:3,431 Points:395,550 Joined:Apr 2007	Message Posted: 5/19/2008 10:22:09 AM	Ignore The_WB Report Abuse
	Right . . . .
tomok Champion Author Portland Posts:7,822 Points:629,085 Joined:Aug 2006	Message Posted: 5/19/2008 10:17:59 AM	Ignore tomok Report Abuse
	Yes they are.... They have been hindering the development of alternative fuels.
courier400 Champion Author Kansas Posts:6,379 Points:1,504,235 Joined:Mar 2004	Message Posted: 5/19/2008 10:07:10 AM	Ignore courier400 Report Abuse
	who is watching the headlines?
pgerassi Champion Author Wisconsin Posts:2,128 Points:456,645 Joined:Apr 2007	Message Posted: 5/19/2008 10:06:15 AM	Ignore pgerassi Report Abuse
	Old news piled higher and deeper.
bug27 Champion Author Kentucky Posts:1,513 Points:1,084,375 Joined:Apr 2005	Message Posted: 5/19/2008 10:04:51 AM	Ignore bug27 Report Abuse
	GasBuddy, wake up! It's a new week and this is last week's story.
Lovelee Champion Author Detroit Posts:1,315 Points:363,240 Joined:Mar 2007	Message Posted: 5/19/2008 10:01:01 AM	Ignore Lovelee Report Abuse
	Old news
r651981 Veteran Author Columbus Posts:387 Points:363,300 Joined:May 2006	Message Posted: 5/19/2008 10:00:34 AM	Ignore r651981 Report Abuse
	Excellent article. But how much of the hurricane ravaged wells are back on line?
KellysDad All-Star Author Jackson Posts:982 Points:323,960 Joined:May 2007	Message Posted: 5/19/2008 9:58:20 AM	Ignore KellysDad Report Abuse
	jaxco, HOMERUN! With emphasis on DOMESTIC sources!!! tazdriver is ON THE MONEY TOO! [Edited by: KellysDad at 5/19/2008 9:59:11 AM EST]
jaxco Champion Author South Carolina Posts:1,452 Points:287,945 Joined:May 2006	Message Posted: 5/19/2008 9:51:51 AM	Ignore jaxco Report Abuse
	drill THROUGH a caribous head if you have to but get the damned oil from domestic sources
ArboretumCop All-Star Author Richmond Posts:811 Points:924,030 Joined:Sep 2005	Message Posted: 5/19/2008 9:51:16 AM	Ignore ArboretumCop Report Abuse
	Please tell me where I can get some of what this reporter is smoking?
rjb21760 All-Star Author Chicago Posts:593 Points:366,835 Joined:Oct 2006	Message Posted: 5/19/2008 9:47:01 AM	Ignore rjb21760 Report Abuse
	So lets pump oil out of some backwards middle-eastern country instead...That does make more sense....NOT We have the safe guards, let them drill you damn tree huggers because we don't like hearing you bitch about the price of gasoline anymore than anyone else.
WillyG Champion Author Cincinnati Posts:1,158 Points:426,075 Joined:Aug 2005	Message Posted: 5/19/2008 9:46:28 AM	Ignore WillyG Report Abuse
	I wish I understood politics better
TheThing All-Star Author Quebec Posts:515 Points:142,775 Joined:Mar 2008	Message Posted: 5/19/2008 9:45:46 AM	Ignore TheThing Report Abuse
	Sure...
AC-302 Champion Author Los Angeles Posts:7,317 Points:1,226,355 Joined:Aug 2004	Message Posted: 5/19/2008 9:44:23 AM	Ignore AC-302 Report Abuse
	While I agree that the big oil firms, nor the Government are to blame, the big oil firms are certainly making their fair share. Additionally, they seem to be fine with big oil making big contributions to BOTH parties' candidates.
tazdriver Champion Author Alabama Posts:1,859 Points:481,525 Joined:Jan 2007	Message Posted: 5/19/2008 9:41:01 AM	Ignore tazdriver Report Abuse
	The communist dictators from oil producing countries are the bandits and thugs.
lleddirj All-Star Author Michigan Posts:705 Points:539,225 Joined:May 2005	Message Posted: 5/19/2008 9:40:30 AM	Ignore lleddirj Report Abuse
	Poor, poor big oil, they are really suffering.
koshV Veteran Author Detroit Posts:480 Points:97,460 Joined:May 2007	Message Posted: 5/19/2008 9:36:13 AM	Ignore koshV Report Abuse
	Yes we are all running out of oil, duh
S_Hawk Sophomore Author Twin Cities Posts:190 Points:999,400 Joined:Sep 2004	Message Posted: 5/19/2008 9:35:54 AM	Ignore S_Hawk Report Abuse
	Everybody's innocent...
dewwright Veteran Author Minnesota Posts:276 Points:168,315 Joined:May 2001	Message Posted: 5/19/2008 9:35:45 AM	Ignore dewwright Report Abuse
	$10 billion profit = Bandits
rogerparry All-Star Author Florida Posts:889 Points:201,970 Joined:Jan 2008	Message Posted: 5/19/2008 9:34:46 AM	Ignore rogerparry Report Abuse
	We need to drill.
rod1965 Veteran Author Portland Posts:373 Points:46,290 Joined:Jul 2007	Message Posted: 5/19/2008 9:34:24 AM	Ignore rod1965 Report Abuse
	then lets use them. stop buying oil and that will force them to lower prices.
MASHBY Rookie Author South Carolina Posts:91 Points:22,835 Joined:May 2008	Message Posted: 5/19/2008 9:34:15 AM	Ignore MASHBY Report Abuse
	sure......
Rajah Champion Author Illinois Posts:1,946 Points:834,765 Joined:Jul 2005	Message Posted: 5/19/2008 9:33:36 AM	Ignore Rajah Report Abuse
	Thanks, kdhloretto..
Magnum0829 Champion Author Jackson Posts:1,069 Points:384,565 Joined:Oct 2005	Message Posted: 5/19/2008 9:31:56 AM	Ignore Magnum0829 Report Abuse
	who.
Fencemaker All-Star Author Pittsburgh Posts:594 Points:144,275 Joined:Sep 2006	Message Posted: 5/19/2008 9:29:41 AM	Ignore Fencemaker Report Abuse
	I don't buy it. When Exxon/Mobil, BP, and the others are all recording record profits and dividends, then they are the bandits and this whole "its the speculators fault" thing is a story cooked up by big oil to take the heat of them.
MacGyver_1701 Champion Author Indiana Posts:4,884 Points:1,075,625 Joined:Feb 2005	Message Posted: 5/19/2008 9:25:29 AM	Ignore MacGyver_1701 Report Abuse
	Wall Street are the pirates here.
glazarides Veteran Author Akron Posts:376 Points:328,090 Joined:Jul 2006	Message Posted: 5/19/2008 9:25:10 AM	Ignore glazarides Report Abuse
	Hey, if tapping these reserves won't impact the environment very much, then I say, "Drill away!" That should get us out from under these oppressive prices long enough to develop alternatives.
Howmuchtofillit All-Star Author Trenton Posts:783 Points:131,240 Joined:Sep 2005	Message Posted: 5/19/2008 9:24:49 AM	Ignore Howmuchtofillit Report Abuse
	Yea right!!! Get real.