World politics and Oil

[DJlaysitup]

One thing I think we all need to understand when it comes to foreign policy and world affairs is the best current estimates of world oil resources available in the ground.

The top owners of known oil resources are: 1. Saudi Arabia... 2. Canada (yes Canada, but Canada has "oil sand" - which costs more to process)...3. Iraq...4. United Arab Emirates...5. Kuwait...6. Iran...7. Venezuela.

The U.S. isn't even in the top ten...although we are by far the largest consumers of oil (China is gaining fast). We do have a good chance to break into the top 10 if we drill in Alaska more...and if oil prices stay high enough consistently to allow us use to coal-to-oil conversion technology...we could be very high (as well as Russia) since both have enormous bituminous coal deposits.

Iraq is listed as having 112.5 Billion barrels of oil reserves - many think they have much more undiscovered under the ground due to their poor technology and ability to find new deposits.

But let's go conservative (with new discoveries once we pacify the country and our guys can explore) and say they have 130 billion barrels and a barrel will stay at the cost of $100 per barrel....that would mean they are sitting on $13 trillion dollars worth of oil.

A more realistic number might be $20 trillion dollars longterm.

Of the largest possible suppliers of oil..1. Saudi Arabia, 2. Canada, 4. the U.A.E, and 5. Kuwait are all hooked up with the multinational oil companies. 6. Iran and 7.Venezuela are not....their oil is "nationalized" #3 Iraq is still a wild card but we do have troops on the ground there.

Some of the cheapest oil to get out of the ground (per barrel) is in Iraq and Saudi Arabia. That's where the real "gushers" are today. Brazil has also apparently found immense oil reserves off of their coast - (but it will be expensive oil to drill for) - still it is a major national asset for the future and will likely make them world players in the future energy market. Another big player (for their size) is Nigeria.

So really... it's all about resources..

[Murat]

Well we can thank Mr Bush and whoever voted for him.

Thank you Mr Bush for bringing America down you are a wonderful president.

[DJlaysitup]

Well actually...if you think Bush43 had this all planned you are giving him too much credit. He is nowhere near intelligent enough to make this happen (IMHO).

[scottt]

To the person who trashes Bush...is it safe for me to assume that B. Hussein and his Marxist colleagues will finally do SOMETHING to put gas in my car. Bush is not a legislator and he cannot pass laws that allow for more drilling. But since the Dems are in charge, I assume that the legislation to allow LOTS MORE DRILLING will be immediately forthcoming. Oh, i guess not. He would rather just tax the oil companies. Yeah, that will work. All they will do is stop producing oil and cut their dividends.

Obama is a loser. He is Marxist, empty suit, loser. To say that he can bring the country together is laughable. Everyone in his circle is pissed off (his wife and his church) He cannot even bring his own family together, much less than 300 million people.

[AHF]

I don't think the President can significantly affect the price of oil but I do get pissed off that the Republican Congress and President Bush gave the oil industry billions of dollars in corporate welfare at the time they were making record profits. Take away those subsidies but don't go with the tax on profits unless there is something illegal about the competitive practices.

[scottt]

Removing tax breaks is the same as a tax increase. The libs miss this. To a lib, if I get a 5 dollar per hour raise, and then 5 years later it is taken away, that is not a pay cut...it is merely rescinding the raise. I think that line of thinking is incredibly stupid.

Besides, to say that the oil companies make too much money ... who decides how much is too much? And when I hear B. Hussein [censored] about oil company profits, how come he never discusses profit MARGINS? They make 10 billion per quarter on about 110 billion in revenue. That is about a 9% profit.

The government makes more on a gallon of gas than those who actually provide the gas make? And yet there are people who still want the oil companies to pay more to the government.

[gsuteke]

I am very conservative (solely and strictly due to the redistribution of my "wealth") but I really felt like Congress took the low road yesterday on that legislation to develop alternative fuel sources. It wreaks of repaying favors to me.

There's plenty of oil of the coast of Florida. They're actually holding things up in the name of tourism, even though you won't be able to see an oil platform from land.

Pair the lack of common sense there along with a dirty political contributions system and we're all taking it in the rear when it's all said and done.

Lucky for me I'm not living check to check. I feel for those who are.

[Johnnybravo4]

Those who are in favor of drilling in ANWR or off the coast of Fla need to look at this article at Factcheck.org. Its all pretty much a smokescreen. The earliest we could get this oil out of the ground is around 2014 and probably wouldn't make a dent in gas prices til about 2020. We'll be in cars running on piss by then.

http://www.factcheck.org/gas_price_fixes_that_wont.html

[AHF]

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Removing tax breaks is the same as a tax increase. The libs miss this. To a lib, if I get a 5 dollar per hour raise, and then 5 years later it is taken away, that is not a pay cut...it is merely rescinding the raise. I think that line of thinking is incredibly stupid.

Besides, to say that the oil companies make too much money ... who decides how much is too much? And when I hear B. Hussein [censored] about oil company profits, how come he never discusses profit MARGINS? They make 10 billion per quarter on about 110 billion in revenue. That is about a 9% profit.

The government makes more on a gallon of gas than those who actually provide the gas make? And yet there are people who still want the oil companies to pay more to the government.

You have convinced me. I am now favor of letting everyone in America go on welfare in order to reduce taxes because govenment handouts are the same thing as lower taxes.

Give me a break. The oil industry does not need o be subsidized while they are making record profits. BTW - you are right that profits are different from revenues. When you are making record profits it means record net profits.

Please give me the justification for giving the oil companies billions in federal subsidies. I am anxious to hear why an industry that is booming needs government aid.

[joannes3000]

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There's plenty of oil of the coast of Florida. They're actually holding things up in the name of tourism, even though you won't be able to see an oil platform from land.

Isn't China drilling/exploring out past Key West?

[gsuteke]

I am 31 years old. I have a 3 and 5 year old. I'm OK with having this oil 6 or 8 years from now. I don't plan on going anywhere any time soon.

What I'm not OK with is continuing to do the same thing over and over again and expect different results the next time around. We've got to stop funding those who want to kill us.

[Diesel]

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I don't think the President can significantly affect the price of oil but I do get pissed off that the Republican Congress and President Bush gave the oil industry billions of dollars in corporate welfare at the time they were making record profits. Take away those subsidies but don't go with the tax on profits unless there is something illegal about the competitive practices.

I think the biggest money and relief is in the building of new refineries. The oil companies have a pact to keep things like they are and make a profit. The president can do things about pacts and monopolies. The problem is that there's no oil company that's willing to break away from the oil companies and undercut them and make new refineries. The other problem is that other forms of energy have been suppressed during the Bush 43 administration. It seems he would rather stick to being subjects to the oil providing nations than to develop energy independence here. Moreover, Bush and Science really don't mix. Weather you're talking Climate Science, Environmental Cleanliness, or Stem Cell research. I think the problem with Bush is that nothing has hit home for him hard enough for him to give a rats ass about this country.

[DJlaysitup]

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... Moreover, Bush and Science really don't mix. Weather you're talking Climate Science, Environmental Cleanliness, or Stem Cell research...

You make an excellent point about science D. This administration has totally politicized science. I'm not just talking about stem cell research (where there could be a logical argument since much of the W base is against it)...but basically all government funded science has to pass a "litmus test" as far as how it fits into the overall agenda. This is a big problem IMHO. There should be a reasonable firewall between scientific accompishment and politics...otherwise we (the U.S.) are going to fall further behind Europe in that area.