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e passes bill to sue OPEC over oil prices

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  • e passes bill to sue OPEC over oil prices

    House passes bill to sue OPEC over oil prices

    "Foreign investment in U.S. oil infrastructure has declined in the last decade. But the state-owned oil companies of several OPEC nations are owners of U.S. refineries, and those investments could be affected if the legislation becomes law, said Arlington, Virginia-based FBR Capital Markets Corp."

    How many other things vital to our Country have been sold to foreign countries that we don't know about? grrrrrrrrrrrr

  • #2
    It is frustrating right now, it isn't an issue of an oil shortage, but no one has any incentive to get the oil prices down. Why would any of the oil rich nations or worse yet the refiners why should they do anything to decrease any oil prices?


    • #3
      It's not even about that anymore. If OPEC members own some of our refineries, then they have us by the proverbial "nuts". It's a monopoly...pure and simple. They determine what happens over here, they determine what the prices will be. If we cut down on our usage, they just cut down on production...keeping the prices up.
      No wonder our major oil companies have so much profit...they don't have any costs with the refining!!!
      I wonder what Bush really talked about when he traveled to the middle east? It sure wasn't about upping production. That wouldn't make sense in light of this. I also heard that OPEC wasn't going to up their production until September. HMMMMM 2 months before the elections. Now isn't that a coincidence? Right before elections, the price of gas is going to miraculously start dropping and then one of the presidential candidates (GOP) is gonna take credit for it. *shaking head*...and people will be stupid enough to fall for it again. The bad thing is, that if the one to get into office is the one that OPEC wants in office, then we have another 4 years of high gas prices.


      • #4

        Gas prices are now $4.00 a gallon in almost every part of Michigan. Doesn't anyone realize that this is going to affect the economy more(the local economies)
        The United States should impose big taxes on the import of those barrels of oil to the countries that our gouging the U.S. And we should raise the cost to these countries of things that they get nearly free or completely free. Let them get a taste of their own medicine.
        We need our president and the people we elected to get off their butts and start doing something about this. They should be forced to pay some of the costs that we pay for our gasoline...I bet then they would do a lot of changes and force these oil companies to knock off their crap.


        • #5
          part of the blame is with our own government. The following was in our local paper yesterday
          " The next time you empty your wallet while filling your gas tank, thanks a democrat. Their long standing embargo on domestic drilling and needed refinery construction assures continued shortfalls, rising prices and escalating American dependence on unfriendly nations for our oil. "
          Personally I think that is right on.

          The following was written by Kay Bailey Hutchinson, senior senator from Texas.
          " Rather then discourage production, we should concentrate our efforts on securing long-term scources of energy, especially within our borders and along our contry's coastline.
          She is trying to get some new legislation through and goes on " The legislatiin would allow coastal states to petitionthe U.S. Department of Interior to lift drilling moratoria for offshore oil and gas leasing off the Atlantic and Pacific coasts. It would also grant U.S. oil companies access to the 10 billion barrels of available in in the Alaska's Artic National Wildlife Refuge Coastal Plain, ( ANWR ). The bill would allow access to alternative sources, such as the over one trillion barrels of shale oil iln Colorado, Wyoming and Utah. These sources, which presently sit unused, are equal t three times the reserves of Saudi Arabia. "
          Interesting isn't it. We seem to have plenty of gas and oil, but are not allowed to drill.


          • #6
            Sabine ive been saying this for awhile now,we have plenty of oil,not enough refineries,we need to drill the coast and alaska,we have the technology not to disturb the environment much, if at all,the dems vote down drilling and refineries every time,i cant believe they are so tied to the econuts that profuse doom and gloom if we do what we need to do.


            • #7
              TxRogue, have you ever seen a drilling site once the drilling is done? Oil companies do not hold themselves accountable to anykind of standards. It's get the oil out and everything else be damned. The government protects them. Ground water can be destroyed.


              • #8
                this is from 05

                Profit Soars at Exxon Mobil

                Surging Oil Prices Lead to Company's Best Second Quarter

                By Joe Carroll
                Bloomberg News
                Friday, July 29, 2005; Page D02

                Exxon Mobil Corp., the world's largest publicly traded oil company, said yesterday that second-quarter profit rose 32 percent, to $7.64 billion, as Asia and North America used more crude oil and gasoline.

                The quarterly profit was the third-highest in the company's history. Revenue climbed 25 percent, to $88.57 billion, Exxon said. A doubling of oil prices since 2003 has put the Irving, Tex.-based company on a pace to surpass Wal-Mart Stores Inc. this year as the largest U.S. company by total revenue.

                Oil and Gas Prices

                Stock prices, economic forecasts and consumer confidence show that ever-more-volatile oil prices have become a barometer by which consumers, investors, corporate executives and even voters gauge the future.

                * Stocks Fall on Oil Spike, Credit Fears
                * Soaring Crude Pushes Gas Closer to $4
                * Oil Efforts Are Best Possible, Saudis Say
                * Bush Halts Oil Reserve Purchases
                * Companies Start to Lift Veil on Political Spending
                More News

                Profit from worldwide oil and natural gas exploration and production operations jumped 28 percent, to $4.91 billion. Production decreased 4.3 percent, to 3.91 million barrels a day.

                The gap between crude oil costs and prices for refined fuels was the widest ever, as consumption rose faster than supplies. Exxon's refining and marketing profit rose 34 percent, to $2.02 billion, mostly outside the United States.

                Exxon chief executive Lee R. Raymond is investing in oil and gas fields in Africa and the Middle East as demand grows and output declines from older wells in Europe and North America.

                Soaring demand for gasoline, diesel, jet fuel and chemicals helped boost U.S. crude oil futures to a second-quarter average of $53.22 a barrel.

                Exxon Mobil and other oil companies may benefit from $2.6 billion in subsidies in the energy bill that is nearing passage in Congress. The subsidies, designed to encourage domestic oil and gas production, were part of an oil industry "wish list," according to David Hamilton, the Sierra Club's energy programs director.

                About two-thirds of Exxon's profit comes from oil and gas production.

                Royal Dutch Shell PLC, the world's third-largest publicly traded oil company, said yesterday that second-quarter profit rose 34 percent, to $5.24 billion. BP PLC, the second-largest, said on July 26 that profit rose 29 percent, to $5.59 billion.

                ConocoPhillips, the third-largest U.S. oil company, said Wednesday that profit rose 51 percent, to $3.14 billion. Chevron Corp., the No. 2 U.S. oil company, is scheduled to announce second-quarter results today.
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                • #9
                  DH says we got the oil but America will not drill because of enviorment reasons, we even can go into international waters but America doesn't want to upset enviorment. Seems other countries are drilling in international waters, but DH says we got it here. There is no reason for this. Hope the new president can change this.


                  • #10
                    What about alternative fuels and renewable resourses? Shouldn't all our governments be doing more to encourage solar and wind technology as well as developing more efficient uses for the energy we now use--like hybrid cars that reallly work, better mass transportation, better insulation for our homes.....the list seems endless.
                    Communicate. It can't make things any worse!


                    • #11
                      I would like to know, point blank, what exactly do we export to the oil rich nations that are selling us this oil at a ridiculous price? And then, stop it, stop exporting whatever it is, meds, bread, wheat, electronics, clothing, i mean, whatever, stop it RIGHT NOW!


                      • #12
                        If they don't get it from us, they will get from other countries, european countries.


                        • #13
                          well, they would have to get it from other countries, that would work for me.


                          • #14
                            Tree huggers in Alaska have been blocking the drill for years, say the moose would suffer.

                            I know the enviroment is in peril right we need to invest in a CLEAN alternative like wind/solar/water power. NOT the oil rich - terrorist filled - countries like the saudis. If we stop purchasing from them all together...who would they sell there ozone crushing "Texas Tea" to? The Cubans? China? I dont think so! They would dry up...and have NOTHING to export except maybe sand.
                            So the Bush's (who have been in bed with the saudis FOR YEARS) will also suffer...poor little rich people! and all the refinery companies the Bush's friends own will also go bust...poor little stupid rich people. GET THE REPUBLICANS OUT!


                            • #15
                              The saudis and others do sell their oil and gas to european countries, there is no oil or very little off shore drilling in europe. All the oil / gasoline is imported. And the people in Europe pay a lot more for gasoline then we do, always have. Believe me the Saudis are not concerned about who will buy their oil.
                              It was not the republicans who supported the no drilling, no refineries ...put that at the doorstep of the democrats, where it belongs.