If President Bush wants to fight a war on terrorism, shouldn't he start taking out the oil companies 1 by 1?
When the price of oil rose above adter hurricane katrina it was due to oil refineries being knocked off-line in the guld of mexico. Those have long ago been repaired. Oil companies cannot say supply and demand justifies the cost and also claim a billion profit over the course of 3 months. Some profit, yes, but not billion. Bush enjoys wars and war mongering so why is he so slow to attack the big oil companies? Does any investor realize that the United States gets the bulk of their oil from Canada and not from Venezuela or Saudi Arabia or the Middle East? What is the cost coming from Canada? Nowhere near as much as from those 2 countries. When i shop for groceries or a new car I go for the best prices. Why don’t American investors continue to do the same by investing more in the Canadian oil? I think bush needs to re-align his war on terror and start attacking (financially or other) the big oil companies. What are your opinions and answers to resolve this crisis?
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2 comments
skippycoolbreeze on June 21, 2010 at 4:37 pm
I don’t know the answer to your questions, but I have a question for you. Where did you find the information about the U.S. getting the bulk of their oil from Canada? Do you know how many barrels/day come from Canada vs. how many barrels/day from other sources? Do you realize that OPEC supplies 40% of the whole world’s oil? (Not challenging you, just stating a fact.) It is my opinion that Bush does not attack the big oil companies because he is the businessman’s president. He doesn’t want to hurt his cronies’ profits, kind of like how he’s making a handful of people rich with this senseless war. Shame on those of you who believe what people say without making any effort to find the truth. The current administration has duped a large number of people into believing the war in Iraq has something to do with terrorism or 9/11.
Addendum: I looked it up. From what I found, it looks like the U.S. imported 10,017,000 barrels of oil a day in 2007. 1,864,000 barrels a day came from Canada. 1,410,000 barrels a day came from Mexico. So we do get a lot of oil from our North American neighbors. I also found that in 2007 the U.S. imported 5,394,000 barrels of oil a day from OPEC.
Aim on June 21, 2010 at 4:37 pm
Washington backed away from military action [the 1980s oil embargo] then, but such tensions are likely to reemerge. Since Saudi Arabia and other members of the Organization of Petroleum Exporting Countries control 75 percent of the world’s total oil reserves, their output will peak substantially later than that of other oil regions, giving them even more power over prices and the world economy. A peak or plateau in oil production will also mean that, with rising population, the amount of gasoline, kerosene, and diesel available for each person on the planet may be significantly less than it is today. And if that’s bad news for energy-intensive economies, such as the United States, it could be disastrous for the developing world, which relies on petroleum fuels not just for transport but also for cooking, lighting, and irrigation.
read this article
http://ngm.nationalgeographic.com/2008/06/world-oil/roberts-text