Should US oil cpompanies who sell their oil outside of the US lose their subsidies?

[Big Bend Texas]

Yes it is refined in the Midwest. They pay $29 a barrel for it. I have explained it 50 times on this board.

Then why were you so adamant in your claims to the contrary?

 

[surada]

I've never seen any evidence of either being true.

I have. I was there and it was an everyday thing.

 

[Big Bend Texas]

I have. I was there and it was an everyday thing.

You say a lot of things that aren't true. Just how old are you?

 

[surada]

Then why were you so adamant in your claims to the contrary?

Because the Chinese can't make a profit in the Midwest. With keystone XL they will stop selling to those refitted refineries in the Midwest.

 

[surada]

You say a lot of things that aren't true. Just how old are you?

Old. I lived in Arabia for decades and visit when I can.

 

[Rigby5]

I've never seen any evidence of either being true.

I know less about drilling than you do, but doesn't it stand to reason that Saudi Arabia would be the ultimate in drilling since they have the most oil, the most wells, and the most drilling expertise?
This says slant drilling was 1928.

 

[Big Bend Texas]

I know less about drilling than you do, but doesn't it stand to reason that Saudi Arabia would be the ultimate in drilling since they have the most oil, the most wells, and the most drilling expertise?

Well no since they had no understanding of their own on how to exploit it.

That's why BP and then several US companies handled their drilling and exploration for decades.

 

[Big Bend Texas]

Because the Chinese can't make a profit in the Midwest. With keystone XL they will stop selling to those refitted refineries in the Midwest.

Those refineries are already getting the oil from Keystone.

 

[Rigby5]

Well no since they had no understanding of their own on how to exploit it.

That's why BP and then several US companies handled their drilling and exploration for decades.

Saudi Arabia nationalized their oil in 1980, so have over 50 years experience doing it on their own.

 

[Big Bend Texas]

Saudi Arabia nationalized their oil in 1980, so have over 50 years experience doing it on their own.

Which came first, 1940 or 1980?

Those technologies were developed in the sixties and seventies no the eighties.

 

[Ray From Cleveland]

You have no clue what modern fracking is. For one thing, previously they couldn't do horizontal drilling.

They did it but many companies didn't invest in it because it was no real financial advantage. It's kind of like automation. It isn't worth it unless you can do better paying for a machine than a human. As automation became cheaper, more advanced, less maintenance and breakdowns, more and more companies began replacing us and it continues today. In fact most American jobs were not lost to outsourcing or moving to China. Most of our jobs in the US (and around the world) were lost to machines.

 

[surada]

Those refineries are already getting the oil from Keystone.

Yes and with the completion of the keystone XL they stated they would stop supplying those refineries because it's a loser for them. Their gunk only brings $29 a barrel.

 

[there4eyeM]

Too much power tied up in one industry.

 

[surada]

Too much power tied up in one industry.

They are all in competition with each other. This isn't socialism. They have to make a profit for their stockholders and to stay in business.

 

[there4eyeM]

Hundreds of dollars per second of net profit is grotesque. There is so much obviously wrong with our utter dependence upon these few profiteers that one cannot understand those who defend them as if they were friendly.

 

[surada]

Hundreds of dollars per second of net profit is grotesque. There is so much obviously wrong with our utter dependence upon these few profiteers that one cannot understand those who defend them as if they were friendly.

They also have hundreds of dollars per second in expenses.

 

[there4eyeM]

They also have hundreds of dollars per second in expenses.

Net profit.

 

[CowboyTed]

A cheap excuse really. The oil is going through the US by road, train or pipeline. Which one is safer for the environment?

Road and Train...

Us has a bad history of pipeline spills... The pipeline wis going over a very important Water Basin which feeds to a large amount of crops for US food production

What an Underground Keystone XL Spill Would Mean for Nebraska Groundwater

nebraskapublicmedia.org

Keystone Pipeline Leaks 383,000 Gallons of Oil in North Dakota (Published 2019)

The spill in the northeastern part of the state, which occurred along a different stretch than the controversial XL pipeline addition, coated an estimated half-acre of wetland, officials said.

www.nytimes.com

Severe oil leaks worsened Keystone pipeline’s spill record, GAO finds

The spills came as TC Energy was planning to build the Keystone XL project to expand the amount of crude the pipeline system would carry into the U.S.

www.politico.com

At least with trains and road a crash is covered... We know that these spills will be covered up and lobbyists will make sure they have next to no liability... So they could pollute farmers land with no recourse..
The pipeline operators want the US people to take on that risk so they can make more money with reduced extraction costs, do not believe for one minute the consumer is seeing that benefit...

 

[CowboyTed]

Daily crude output is 12,500 x 1000 barrels per day.

U.S. Field Production of Crude Oil (Thousand Barrels per Day)

That's 1.25 million barrels per day and again, we cannot even process a lot of our own oil because of environmental regs and again, we're bound by international agreements and trade treaties to import some oil from outside as well as to provide US crude to other countries.

Texan,

Lets start with the Environmental regs... So you think that Oil refineries should be allowed to pollute and put people in danger.. Abandoning health and safety saves oil workers lives

Seven Years Later, BP Still Paying for Texas Refinery Violations | FRONTLINE

The $13 million settlement is the latest in the regulatory body's efforts to hold the company accountable for a 2005 refinery explosion, which killed 15 people and injured 170.

www.pbs.org

Workplace Fatalities Fell 95% in the 20th Century. Who Deserves the Credit? | Marian L. Tupy

As with child labor and working hours, government regulations tend to affirm that which is already happening in the labor marketplace

fee.org

Health and Safety maybe a pain in the hole but it saves a huge amount of lives, they estimate almost 100,000 Americans lives a year ( and that doesn't take into account injuries)

 

[surada]

Net profit.

Look at the profit margin. It's been under 7% for decades. You should compare it to profit margins for other industries.