There's plenty of oil for everybody.

The globe in my office squeaks. Proof that I need more 'world oil'.


Rim shot please.

 

I am curious, not arguing, if the profit margins are so thin how is it that oil companies are reporting record profits?

 

The money is being made upstream at the wellhead, not downstream at the pump. The earnings reports that will soon be coming out will show this.

 

For instance, crabtownboy, the company that I work for announced this afternoon that 1st quarter 2008 profits were $409.0 million compared to 1st quarter 2007 profits of 110.6 million.

Of the $409.0 million in profits, $428.0 million was made in exploration and production and only $10.2 million was made in refining and marketing. Then there were net costs of corporate functions of $29.2 million.

You can read the entire report at:

http://biz.yahoo.com/bw/080430/20080430006465.html?.v=1

 

The difference is that the European cities were built when land and cars were expensive. Most American cities (suburbs) were built when land and cars were cheap.

Before WW1 most American non-farm workers commuted by foot or public transportation. Wasn't till after WW2 that the artificial need for a car was invented.

Third, the POE price of oil is close to the same world wide. The difference in local cost is mostly taxes.

 

We are sitting on top of 5 trillion barrels of oil. Many oil fields are shut down , many resources lay undeveloped. We don't need to look for this oil we have already found it, enough to be the world supplier for the next 400 years. We could sell ourselves cheap oil and undercut Arab oil by 20 dollars a barrel and drive thier war making money machine right down the drain. Something is definitely wrong here. When are we going to wake up?:BangHead:

 

http://www.rense.com/general63/refil.htm

I read this article, or one very similar 4 or 5 years ago, and then later a book titled Black Gold, Stranglehold, by Jerome Corsi, and Craig Smith. In them they offer scientific evidence that the earth is constantly "producing" oil, and that the notion that these deposits are the result of dinosaurs is mythology. The oil fields around and west of Bakersfield, CA have produced something like 20 times the estimated volume originally speculated, and they've re-estimated several times. I don't believe we are running out at all, except politically.

Anyway it's a good read..

 

My neighbor works for an oil refinery here in Kansas and he also said that we have more oil in Alaska than all of the Middle East and enough oil just here under us to supply us for centuries.

I asked why not use our own oil and he said that the oil in Alaska and here will need a lot of refining and will be expensive, whereas the oil in Arabia is more pure and needs hardly no refining at all.

Don't know how true this is, but that's what I was told...

InXC
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