May 7, 200818 yr Now are shifting from Oil to OPEC? I found this article interesting.... With all the money Big Oil is making - the top five publicly traded firms pocketed over $120 billion in 2007 alone - and with an election on the horizon, it's easy to see why. Amy Myers Jaffe, a fellow in energy studies at the James A. Baker III Institute for Public Policy just finished a two-year study looking at oil companies and how they spend their money. The study found that for the five big international oil companies - ExxonMobil (XOM, Fortune 500), Royal Dutch Shell (RDSA), BP (BP), Chevron (CVX, Fortune 500) and ConocoPhillips (COP, Fortune 500) - spending on share buybacks went from under $10 billion a year in 2003 to nearly $60 billion a year in 2006. Spending on developing their existing oil fields, however, went from about $35 to $50 billion, while spending on finding new oil fields went from about $6 billion to $10 billion. "These companies are spending a very small amount of their operating cash flow on exploration," she said. "They are spending the majority of their funds buying back stock."
May 7, 200818 yr Author With all the money Big Oil is making - the top five publicly traded firms pocketed over $120 billion in 2007 alone - and with an election on the horizon, it's easy to see why. Amy Myers Jaffe, a fellow in energy studies at the James A. Baker III Institute for Public Policy just finished a two-year study looking at oil companies and how they spend their money. The study found that for the five big international oil companies - ExxonMobil (XOM, Fortune 500), Royal Dutch Shell (RDSA), BP (BP), Chevron (CVX, Fortune 500) and ConocoPhillips (COP, Fortune 500) - spending on share buybacks went from under $10 billion a year in 2003 to nearly $60 billion a year in 2006. Spending on developing their existing oil fields, however, went from about $35 to $50 billion, while spending on finding new oil fields went from about $6 billion to $10 billion. "These companies are spending a very small amount of their operating cash flow on exploration," she said. "They are spending the majority of their funds buying back stock." Link? In what new fields do you propose that oil companies invest? Democrats have taken the most promising areas for new development off the table. Our government is waging war on our own economy to divert attention from their failure to act in the public interest. If I were managing an oil company, I believe that I might prefer working for the Chinese, who seem to understand the value of developing oil reserves. Maybe Exxon-Mobil should see if China is interested in buying a thriving American oil company. If the Chinese took over the evil oil companies, which industry would be Democrats' next scapegoat?
May 7, 200818 yr Link? In what new fields do you propose that oil companies invest? Democrats have taken the most promising areas for new development off the table. Our government is waging war on our own economy to divert attention from their failure to act in the public interest. If I were managing an oil company, I believe that I might prefer working for the Chinese, who seem to understand the value of developing oil reserves. Maybe Exxon-Mobil should see if China is interested in buying a thriving American oil company. If the Chinese took over the evil oil companies, which industry would be Democrats' next scapegoat? But if they invest into more oil and hit big the price of crude will cut in half. Do they really want that to happen? "Tight supply" is there key to the billions their making and returning to there shareholders.
May 7, 200818 yr Answer this Ace, What do all of the "booming" economies have in common who are eating up all the oil... (China, India, Middle East)? There gas is all regulated to protect the consumers and there economies are thriving.... while we are in the toilet paying 4 bucks.
May 7, 200818 yr Author But if they invest into more oil and hit big the price of crude will cut in half. Do they really want that to happen?Having worked in the coal industry for many years, I can confidently say yes. Reserves are like money in the bank. A company drills enough to prove reserves and those proven reserves directly impact the value of the company and the price of shareholders' stock. The problem with this theory that the government and large oil companies do not want to prove or develop new reserves is that the oil companies and most Republicans have consistently advocated drilling in areas placed off limits by Democrats. This also points to a large hole in the theory that Bush and Cheney are making millions (or billions) as a result of high oil prices. If that was true, then neither would have ever supported drilling in ANWR because of the probable negative impact such drilling would have on future oil prices. Yet, some liberal Democrats make both arguments simultaneously.
May 7, 200818 yr Author Answer this Ace, What do all of the "booming" economies have in common who are eating up all the oil... (China, India, Middle East)? There gas is all regulated to protect the consumers and there economies are thriving.... while we are in the toilet paying 4 bucks. Those economies are thriving only in comparison to other impoverished countries. Surely you are not suggesting that those economies are thriving compared to the US economy. The great majority of residents in China and India cannot afford any kind of motorized vehicle. Those economies are thriving only when compared to their neighbors or to their own economies of a few years ago. Price controls do not work. Somebody always pays the market price or above for the product regardless of what the official price is and regulating prices creates shortages and lines.
May 7, 200818 yr Those economies are thriving only in comparison to other impoverished countries. Surely you are not suggesting that those economies are thriving compared to the US economy. The great majority of residents in China and India cannot afford any kind of motorized vehicle. Those economies are thriving only when compared to their neighbors or to their own economies of a few years ago. Price controls do not work. Somebody always pays the market price or above for the product regardless of what the official price is and regulating prices creates shortages and lines. There economic growth is one of the speculators main reasons to keep oil well over 100. That and the dollar combination. As a matter of fact with there economic growth, the American recession is merely a footnote to OPEC. When we had our last recession back in the early 90's oil dropped sharply. However, it's just not the case. We are clearly conserving using less, but they are driving demand way up cause they can afford to drive. How do we win?
May 7, 200818 yr Author There economic growth is one of the speculators main reasons to keep oil well over 100. That and the dollar combination. As a matter of fact with there economic growth, the American recession is merely a footnote to OPEC. When we had our last recession back in the early 90's oil dropped sharply. However, it's just not the case. We are clearly conserving using less, but they are driving demand way up cause they can afford to drive. How do we win?I agree that increased demand is driving up prices but price controls have nothing to do with thriving economies. We win by increasing production from our own reserves, improving conservation, and continuing to phase in alternative fuels as the market justifies their use. Coal liquefaction and our untapped reserves in Alaska and off shore are our trump cards and our government seems to not want to play them.
May 7, 200818 yr Sorry. I took the "or" suggestion as an alternative solution instead of an add-on solution. So does this mean that you support additional oil refineries? Not necessarily, but I don't know enough about the topic to make that decision and be 100% sure about it.
May 7, 200818 yr Having worked in the coal industry for many years, I can confidently say yes. Reserves are like money in the bank. A company drills enough to prove reserves and those proven reserves directly impact the value of the company and the price of shareholders' stock. The problem with this theory that the government and large oil companies do not want to prove or develop new reserves is that the oil companies and most Republicans have consistently advocated drilling in areas placed off limits by Democrats. This also points to a large hole in the theory that Bush and Cheney are making millions (or billions) as a result of high oil prices. If that was true, then neither would have ever supported drilling in ANWR because of the probable negative impact such drilling would have on future oil prices. Yet, some liberal Democrats make both arguments simultaneously. I've made this exact point to a couple of Democrat friends of mine that like to throw around the "Bush is pandering to Big Oil and filling his pockets" silliness. They usually respond with silence. If people just stopped and thought logically about things, I truly think they come to different conclusions. How someone can say that Bush is working with Big Oil to drive oil prices higher so they/he can make obscene money, while he is aggressively trying to create a greater supply of oil (which as any Econ 101 student knows, will drive prices down) by drilling in ANWR and trying to open up more off shore drilling, is beyond me.
May 7, 200818 yr Up to $3.80... 4.00-4.15 right around the corner.... The EIA also indicated that while world oil consumption is projected to grow in 2008, U.S. consumption will decline "as a result of the economic slowdown and high petroleum prices." Gov't does not care how much we are paying... the want the gas guzzlers off the street.
May 8, 200818 yr It said in the paper yesterday that US demand was down by 330 million barrels a day but world demand was up 1.2 million barrels a day.Largely from China and India.Also if we in the USA removed everything made in China from our stores,they're economy would not be booming nearly as much.We might not have anything to buy but they wouldn't be getting rich from us.
May 8, 200818 yr It said in the paper yesterday that US demand was down by 330 million barrels a day but world demand was up 1.2 million barrels a day.Largely from China and India.Also if we in the USA removed everything made in China from our stores,they're economy would not be booming nearly as much.We might not have anything to buy but they wouldn't be getting rich from us. Are you sure it said down 330 million a day?
May 8, 200818 yr I thought that this would be needed to be placed here... just a democrat trying to help everyone out;) It is an e-mail that got sent to me! TIPS ON PUMPING GAS I don't know what you guys are paying for gasoline.... but here in California we are also paying higher, up to $4.50 per gallon. But my line of work is in petroleum for about 31 years now, so here are some tricks to get more of your money's worth for every gallon.. Here at the Kinder Morgan Pipeline where I work in San Jose , CA we deliver about 4 million gallons in a 24-hour period thru the pipeline. One day is diesel the next day is jet fuel, and gasoline, regular and premium grades. We have 34 -storage tanks here with a total capacity of 16,800,000 gallons. Only buy or fill up your car or truck in the early morning when the ground temperature is still cold. Remember that all service stations have their storage tanks buried below ground. The colder the ground the more dense the gasoline, when it gets warmer gasoline expands, so buying in the afternoon or in the evening....your gallon is not exactly a gallon. In the petroleum business, the specific gravity and the temperature of the gasoline, diesel and jet fuel, ethanol and other petroleum products plays an important role. A 1-degree rise in temperature is a big deal for this business. But the service stations do not have temperature compensation at the pumps. When you're filling up do not squeeze the trigger of the nozzle to a fast mode. If you look you will see that the trigger has three (3)stages: low, middle, and high. In slow mode you should be pumping on low speed, thereby minimizing the vapors that are created while you are pumping. All hoses at the pump have a vapor return. If you are pumping on the fast rate, some other liquid that goes to your tank becomes vapor. Those vapors are being sucked up and back into the underground storage tank so you're getting less worth for your money. One of the most important tips is to fill up when your gas tank is HALF FULL or HALF EMPTY. The reason for this is, the more gas you have in your tank the less air occupying its empty space. Gasoline evaporates faster than you can imagine. Gasoline storage tanks have an internal floating roof. This roof serves as zero clearance between the gas and the atmosphere, so it minimizes the evaporation. Unlike service stations, here where I work, every truck that we load is temperature compensated so that every gallon is actually the exact amount. Another reminder, if there is a gasoline truck pumping into the storage tanks when you stop to buy gas, DO NOT fill up--most likely the gasoline is being stirred up as the gas is being delivered, and you might pick up some of the dirt that normally settles on the bottom. Hope this will help you get the most value for your money. DO SHARE THESE TIPS WITH OTHERS! WHERE TO BUY USA GAS, THIS IS VERY IMPORTANT TO KNOW. READ ON Gas rationing in the 80's worked even though we grumbled about it. It might even be good for us! The Saudis are boycotting American goods. We should return the favor. An interesting thought is to boycott their GAS. Every time you fill up the car, you can avoid putting more money into the coffers of Saudi Arabia. Just buy from gas companies that don't import their oil from the Saudis. Nothing is more frustrating than the feeling that every time I fill-up the tank, I am sending my money to people who are trying to kill me, my family, and my friends. I thought it might be interesting for you to know which oil companies are the best to buy gas from and which major companies import Middle Eastern oil. These companies import Middle Eastern oil: Shell.......................... 205,742,000 barrels Chevron/Texaco.........144,332,000 barrels Exxon /Mobil...............130,082,000 barrels Marathon/Speedway...117,740,000 barrels Amoco........................62,231,000 barrels Citgo gas is from South America, from a Dictator who hates Americans. If you do the math at $30/barrel, these imports amount to over $18 BILLION! (oil is now $90 - $100 a barrel Here are some large companies that do not import Middle Eastern oil: Sunoco.................0 barrels Conoco.................0 barrels Sinclair.................0 barrels BP/Phillips............0 barrels Hess....................0 barrels ARC0..................0 barrels If you go to Sunoco.com, you will get a list of the station locations near you. All of this information is available from the Department of Energy and each is required to state where they get their oil and how much they are importing. But to have an impact, we need to reach literally millions of gas buyers. It's really simple to do. Now, don't wimp out at this point..........keep reading and I'll explain how simple it is to reach millions of people!! I'm sending this note to about thirty people. If each of you send it to at least ten more (30 x 10 = 300)...and those 300 send it to at least ten more (300 x 10 = 3,000) . and so on, by the time the message reaches the sixth generation of people, we will have reached over THREE MILLION consumers !!!!!!! If those three million get excited and pass this on to ten friends each, then 30 million people will have been contacted! If it goes one level further, you guessed it .... THREE HUNDRED MILLION PEOPLE!!! Again, all you have to do is send this to 10 people. How long would all that take?
May 8, 200818 yr Author Why must we be subjected to chain letters/spam in these threads? These kind of messages almost always contain factual errors and it is really not worth the time to correct them.
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