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A Real Energy Strategy for America: Shale Oil
New Media Journal ^ | May 31, 2008 | Jonathon Moseley

Posted on 06/09/2008 6:03:48 AM PDT by K-oneTexas

A Real Energy Strategy for America: Shale Oil by Jonathon Moseley
May 31, 2008

If shallow talk could solve America’s energy crisis, politicians in Washington would have all the answers. But Americans are still carrying a crushing burden while little changes. Fortunately, there are many real solutions available for the U.S. economy even if the politicians don’t seem to know it.

America’s dependence on foreign oil is more than a threat to our economy. It has become a threat to America’s national security. American money is being funneled to America’s enemies around the world and is strengthening our enemies while weakening America.

The Mid-West hides the largest untapped oil reserve in the world — estimated at 1 to 2 TRILLION barrels of oil trapped inside shale (rock). This could be more than 8 times Saudi Arabia’s proven oil reserves of 261 billion barrels. In fact, an article in The Denver Post estimated this to be more than all the other oil reserves on the planet earth.

If only we could discover out how to extract this oil from its shale prison economically and with environmental safety, America might have the largest single source of oil in the world. So, why isn’t the U.S. running on home-grown U.S. oil? There are four reasons – all false.

Official Washington decided a long time ago that extracting oil from shale is too expensive. However, oil was trading for as little $19 per barrel at the time. Shale oil becomes competitive when prices stay consistently above $40 per barrel. In recent years, oil has risen from $19 per barrel to over $130 per barrel. It is now high time to unleash this vast resource.

The technology to extract usable oil from shale deposits has been proven. Shale oil currently supplies about 90% of the electricity and 76% of the total energy for Estonia, in Eastern Europe, on the Baltic Sea. An oil shale demonstration plant in Queensland, Australia produced 700,000 barrels of oil between 2001 and 2003.

Early reports dating to the Carter Administration incorrectly claimed that the ‘retorting’ process would require large amounts of energy and water. Repetition of this false information in government studies has discouraged the immediate use of shale oil.

The Unocal commercial demonstration plant project in the Colorado Piceance Creek Basin actually produced more water than it consumed, as former Paraho Corporation head Larry Lukens found from talking with Unocal’s engineers. Colorado oil shale contains, on average, 2-5% by weight of water. That water is liberated from the rock during the ‘retorting’ process. Unocal actually had to construct evaporation ponds to get rid of all the excess water generated.

Similarly, the waste rock, still containing some oil residue, becomes a fuel in its own right. So the process actually produces its own energy. Larry Lukens estimates that a 100,000 barrel a day plant would actually produce enough surplus energy to generate 500 megawatts of electrical power which can be exported to other uses or nearby cities. Once jump-started, the shale oil extraction process actually feeds itself. After all, it is oil we are extracting…

The fourth obstacle is the popcorn myth. Environmental opponents claim that disposing of the left-over gravel will be a problem. However, rock does not expand. Instead, when rock is ground into smaller sizes, air pockets are introduced. The solution is to compact the gravel debris back into place with heavy machinery. The gravel is also good for building roads.

It is time to take the lessons from these demonstration projects and build much-more efficient retorting plants to harness America’s vast shale oil reserves now that oil is trading at $120 per barrel and up. This should be given a crash-program status as the highest priority, like landing a man on the moon and the Manhattan Project. The only real problem is the lack of political will to truly achieve energy independence.

Progress on shale oil could be stimulated by (a) private business, (b) a consortium of State governments for States containing shale oil deposits, (c) Congress, or (d) the President through leadership of the bully pulpit and through action in the Executive Federal Departments. Any Presidential or Congressional candidate could also call attention to this opportunity by issuing a John F. Kennedy style challenge to the nation.


Jonathon Moseley is the Executive Director of the U.S. Seaports Commission for the nonprofit US Intelligence Council


TOPICS: News/Current Events
KEYWORDS: energy; oilshale; shaleoil

1 posted on 06/09/2008 6:03:48 AM PDT by K-oneTexas
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To: K-oneTexas

Private business should do this, if it is to be done at all. The fact that they haven’t suggests to me that it’s more hype than anything else, much like the other pi in the sky solutions to the energy crisis.

I wonder if anyone has considered the idea of drilling into the shale to see if there are pockets of pumpable oil, possibly even a massive reserve somewhere down there?


2 posted on 06/09/2008 6:11:04 AM PDT by Brilliant
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To: K-oneTexas

We may eventually go this route. In any event it looks like we are in for a painful decade or so while the energy situation shakes out.


3 posted on 06/09/2008 6:11:29 AM PDT by Poison Pill
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To: K-oneTexas

Local water supplies for processing?


4 posted on 06/09/2008 6:13:34 AM PDT by Paladin2 (Huma for co-president!)
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To: K-oneTexas
Let's see. A domestic source that is now economically viable that is huge in volume that will actually solve part of the problem.

No way they will let THAT happen.

5 posted on 06/09/2008 6:18:52 AM PDT by TLI ( ITINERIS IMPENDEO VALHALLA)
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To: K-oneTexas

We have either a quart bottle or two trillion barrels of oil locked up in shale. Something like that.


6 posted on 06/09/2008 6:23:04 AM PDT by decimon
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To: K-oneTexas
Couple oil shale with drilling the OCS (offshore continental shelf), ANWR, tar sands, plus coal gasification would solve the problem. Congress is the ONLY obstacle. They know this. I just wonder why people like Charlie Rangle recently stated: "Drilling for more oil will not solve the problem." Really?

Well, perhaps not, you idiot, but it sure as hell would help those of us who aren't on the take to survive $4/gallon gas. If you clowns would simply sign a bill to allow development of those resources, that sucking sound you'd hear would be the spot price of oil falling back to about half its current price. DRILL NOW!

7 posted on 06/09/2008 6:28:41 AM PDT by econjack (Some people are as dumb as soup.)
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To: K-oneTexas

Why even talk anout oil from shale while there are tens of billions of barrels of oil domestically that are merely set off limits for oil exploration by the U.S. Congress?

The high price of oil and gasoline is not the problem, it’s a symptom.

The socialists want the oil industry to fail so the federal government will then be able to ceize control of all oil compamies in the name of national security. It’s a set up.

We should not even be speaking of “shale oil”, we should instead be thinking of ways of kicking the liberal, socialists Democrats and the “environmentalists” to the curb.


8 posted on 06/09/2008 6:29:41 AM PDT by reaganator
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To: K-oneTexas
***If only we could discover out how to extract this oil from its shale prison economically and with environmental safety***

There lies the problem. No matter how environmentally conscience the companies are in extracting the product, it won't be good enough for the eco-terrorist and activist judges.

9 posted on 06/09/2008 6:46:58 AM PDT by tobyhill (The media lies so much the truth is the exception)
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To: Brilliant
http://www.youtube.com/watch?v=aGg0ATfoBgo

This video is of the fella who accidentally stumbled upon a way to release hydrogen from salt water.....and ignite it.

University researchers have repeated these experiments time and time again.....to their amazement.

I'm no chemist, but it appears that the low powered freq agitates the hydrogen molecules to a point where they are released using salt as a catalyst.

The hydrogen burns clean and HOT. Saltwater is limitless!!!!

It's all about money folks, the producers and energy companies make too much money on oil.

Coal, natural gas, shale oil, wind, solar, hydrogen, nuclear, hydro, bio-fuel.

Energy crisis? There's no energy crisis, this is yet one more scheme to separate YOU, from your money.

10 posted on 06/09/2008 6:48:12 AM PDT by servantboy777
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To: servantboy777

What’s stoppoing YOU from producing your engine that runs on hydrogen extracted from sea water?


11 posted on 06/09/2008 6:51:34 AM PDT by reaganator
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To: reaganator

The lack of record billions in profit realized from shamming Joe six pack from the sale of energy.

Your turn.


12 posted on 06/09/2008 6:57:50 AM PDT by servantboy777
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To: Brilliant

Extracting oil from shale is a very expensive process. Would you invest Billions of dollars in a business that has a good chance of being nationalized in less than a year? We are overrun with socialists.


13 posted on 06/09/2008 7:08:49 AM PDT by Big Horn (I am bitter, I just want to eat my waffle.)
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To: Brilliant
Private business should do this, if it is to be done at all. The fact that they haven’t suggests to me that it’s more hype than anything else

Shell has invested a lot of money in shale but they are being blocked by Washington.

http://money.cnn.com/2008/06/06/news/economy/birger_shale.fortune/index.htm

14 posted on 06/09/2008 7:08:56 AM PDT by Straight Vermonter (Posting from deep behind the Maple Curtain)
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To: servantboy777

Welcome to the free market. This is due to one thing and one thing only and that’s a energy policy hostile to oil for the last 30 years.


15 posted on 06/09/2008 7:09:21 AM PDT by Free Vulcan (No prisoners. No mercy. Fight back or STFU!!!)
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To: reaganator
I thought I read that Royal-Dutch Shell had invented a process to extract oil from shale that is cost effective when oil was at or over $100/barrel. I don't know what effect it had on the environment but it didn't take the shale out of the ground (like strip mining or something similar).

Also, I think a bigger problem is that the US hasn't built any new refineries for almost 30 years. The refinery capacity of the US would need to be increased otherwise even getting more oil would not put more gas on the market.
16 posted on 06/09/2008 7:12:43 AM PDT by K-oneTexas (I'm not a judge and there ain't enough of me to be a jury. (Zell Miller, A National Party No More))
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To: Free Vulcan
>>Welcome to the free market. This is due to one thing and one thing only and that’s a energy policy hostile to oil for the last 30 years.”

I agree wholeheartedly, but where I differ a bit, I feel the energy producers have in fact capitalized on this market speculation with little loyalty to America and her economic health and security.

It is ALL our responsibility to guard the security of this nation. We all share in the blame game. Consumers should do their part as well, however congress has allowed the liberal enviro nuts to run energy policy, but on the same token, corporate America has turned a blind eye as well just so the dollars will just keep on flowin.

17 posted on 06/09/2008 7:18:12 AM PDT by servantboy777
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To: servantboy777

shammimg? Do you not know why oil and gas prices are so high? U.S. domestic oil production has fallen 40% since 1985, at the same time domestic oil consumption has risen 30%. Get it? There’s no sham, supply is being restricted.

How does a industry with companies that have a typical profit margin of only 9% to 10% recording billions of dollares in profit because the are huge companies hamper you from producing your hydrogen from seawater engine.

Do it....


18 posted on 06/09/2008 7:21:56 AM PDT by reaganator
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To: Brilliant
The fact that they haven’t suggests to me that it’s more hype than anything else

You forget that nearly all of the richest oil shale like Green River reside on Government land.

Estonia, one of the few other countries with significant oil shale deposits has used oil shale to produce most of their petroleum for over a decade. They are now building a power plant in Jordan that runs on oil shale.

Jordan's first oil shale power plant expected in 7 years
http://www.menafn.com/qn_news_story_s.asp?storyid=1093194908

19 posted on 06/09/2008 7:23:34 AM PDT by thackney (life is fragile, handle with prayer)
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To: servantboy777

Read this article: http://www.freerepublic.com/focus/f-news/2028280/posts

The majority of the price rise is due to speculation combined with a falling dollar and surge in demand from countries like China and India, who subsidize their oil.

If anything the rise has spurred exploration by oil companies, problem is they do it overseas because they can’t do it here in most places, though apparently they are being successful in the Bakken field in the upper plains states.


20 posted on 06/09/2008 7:28:48 AM PDT by Free Vulcan (No prisoners. No mercy. Fight back or STFU!!!)
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To: K-oneTexas
I thought I read that Royal-Dutch Shell had invented a process to extract oil from shale that is cost effective when oil was at or over $100/barrel.

No, it was $30. but the price will have risen some since it is energy intensive (3.5 units output for 1 unit input).

Seebach: Shell's ingenious approach to oil shale is pretty slick
http://www.rockymountainnews.com/drmn/news_columnists/article/0,1299,DRMN_86_4051709,00.html

Shell's method, which it calls "in situ conversion," is simplicity itself in concept but exquisitely ingenious in execution.

Drill shafts into the oil-bearing rock. Drop heaters down the shaft. Cook the rock until the hydrocarbons boil off, the lightest and most desirable first. Collect them.

They don't need subsidies; the process should be commercially feasible with world oil prices at $30 a barrel. The energy balance is favorable; under a conservative life-cycle analysis, it should yield 3.5 units of energy for every 1 unit used in production. The process recovers about 10 times as much oil as mining the rock and crushing and cooking it at the surface, and it's a more desirable grade. Reclamation is easier because the only thing that comes to the surface is the oil you want.

21 posted on 06/09/2008 7:32:50 AM PDT by thackney (life is fragile, handle with prayer)
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To: K-oneTexas

This was hyped on a thread yesterday.


22 posted on 06/09/2008 7:33:55 AM PDT by RightWhale (We see the polygons)
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To: Straight Vermonter

Washington should not block them, but they should not subsidize it either, which is what the article suggests.


23 posted on 06/09/2008 7:47:44 AM PDT by Brilliant
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To: K-oneTexas

Mosley left out Reason 5, the real reason for not exploiting shale oil. It would be contrary to the wishes of one of the constituency groups of the democrat party.


24 posted on 06/09/2008 7:48:50 AM PDT by RobinOfKingston (Man, that's stupid ... even by congressional standards.)
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To: servantboy777

Well? Tell me how oil companies recording billions of dollars in profits stops YOU from developing a hydrogen from seawater engine.


25 posted on 06/09/2008 7:49:20 AM PDT by reaganator
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To: Poison Pill
ZWe may eventually go this route. In any event it looks like we are in for a painful decade or so while the energy situation shakes out.

Shell has been studying oil shale for years, and was ready to bid on leases which were to have been made available next year. But, Colorado's illustruous junior DEMOCRAT senator, Salazar, made sure the leases will be unavailable for years.

GOT $ 5/ gallon gas ? Thank a Democrat !

26 posted on 06/09/2008 7:49:27 AM PDT by Red Boots
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To: Brilliant

No, in fact the government should be making a killing leasing the mineral rights.


27 posted on 06/09/2008 7:51:59 AM PDT by Straight Vermonter (Posting from deep behind the Maple Curtain)
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To: K-oneTexas
Shale Oil would be a great resource, but this guy's information sounds old. The new technologies for getting shale oil are in place, and don't create waste rock or tailings piles. The technology is viable, and the oil companies want to lease the land to develop it,but the Democrats , led by Colorado Senator Salazar, have delayed the leasing process indefinitely, to protect the “environment”.
28 posted on 06/09/2008 7:53:20 AM PDT by Red Boots
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To: K-oneTexas

Or we could just drill some of the oil deposits in Alaska, or off the coast of California, Washington, Texas, Florida, ...


29 posted on 06/09/2008 7:57:30 AM PDT by <1/1,000,000th%
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To: reaganator
Thanx for your inquiry.

Sorry for not following you down your rabbit trail...have fun though.

30 posted on 06/09/2008 8:04:29 AM PDT by servantboy777
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To: Brilliant
Sorry, not so. The reason kerogen production from shale is not going full blast right now is that the Regress have established a ''moratorium'' on shale until rules and regs can be written. The a&&hole Salazar of CO is the lead delayer here. The bozos just extended the moratorium for another year, too.

Shell, Unocal, and Chevron each have processes to extract kerogen from shale, and two of these processes are field-tested and known to produce in the $35-$45/bbl-equivalent range.

What is needed is a president who will declare domestic production to be a matter of national security (which of course it is, DUH!), and thereby sweep the NOPATs into the dustbin of history.

31 posted on 06/09/2008 8:08:11 AM PDT by SAJ
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To: Red Boots
GOT $ 5/ gallon gas ? Thank a Democrat !

And folks are poised to vote for more Dems this Nov. 2+2 does not equal 4 for lots of people. Like I said a rough 10 years, maybe more.

32 posted on 06/09/2008 8:12:34 AM PDT by Poison Pill
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To: reaganator
Well? Tell me how oil companies recording billions of dollars in profits stops YOU from developing a hydrogen from seawater engine.
Easy, every time we go to the beach, my wife spends all my money!
33 posted on 06/09/2008 8:15:32 AM PDT by Aut Pax Aut Bellum (I haven't voted "for"anybody since Ronald Reagan, just have voted against...)
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To: servantboy777

What does that mean?

That you don’t have an answer to my question?

How is Joe sixpack getting scammed out of his money?

How are the oil companies having money keeping you from developing a hydrogen from seawater engine?

If you are going to throw accusatory, empty, asinine statements out you should atleast notice that you are unable to substantiate them in a serious question and debate.


34 posted on 06/09/2008 8:24:59 AM PDT by reaganator
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To: K-oneTexas
A Real Energy Strategy for America: Shale Oil

Won't fly until we get a REAL Energy Strategy...
...telling the extreme envior-whackos to get stuffed and start
drilling, putting up windmills outside Teddy Kennedy's window,
and building new-gen nuclear and clean coal plants.

Until that is done, the enviro and landuse NIMBYs will stop any
major sane initiatives.
35 posted on 06/09/2008 8:32:09 AM PDT by VOA
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To: reaganator
Wow! havin a bad day are ya?

No, it was your sophomoric attempt to paint me into your lil corner so you could heap all your sarcastic rhetoric down on my head.

RELAX fella! It's an opinion forum....you have yours and we all have ours.

If you don't like my opinion, find another, don't blow a gasket and risk a stroke.

The energy companies are a portion of the equation. They've done little to help forge a way through this.

All I see from the major oil companies is the blame game.

It's all a matter of public record. Huge salaries, perks, bonuses and HUGE RECORD PROFITS.

Sorry that hurts your feelings.

36 posted on 06/09/2008 8:41:37 AM PDT by servantboy777
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To: servantboy777

I’m having a good day, you didn’t hurt my feelings at all.

I have my facts and you have your opinions. I suspect that you may be like some others that I know that will not allow facts to interfere with what they WANT to believe.

Yes, the oil companies are part of the equation. The oil companies are the ones who would provide oil and gasoline at a reasonable price if only Congress would let them.

Now, please elaborate on how the oil companies are shamming Joe Sixpack out of money. (Any emotion you detect in my typed words are fabricated from your end)


37 posted on 06/09/2008 1:36:30 PM PDT by reaganator
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To: reaganator

You choose to turn a blind eye....that’s ok. Most who are affiliated with a particular industry tend to hold a self preservation mentality...thats ok too. It is however, embarrassing to witness oil company execs shifting around in their chairs attempting to dodge questions regarding their exorbitant compensation packages. Funny really. It was reported yesterday that it cost approximately two dollars a barrel to pump from the ground in Saudi. Do you dispute this? Who gets the other $137. dollars a barrel? http://www.consumersunion.org/profitscover.pdf Major oil companies have ♦ achieved more than $100 billion in excess profits from 2000 to 2005 as a result of anti-competitive practices; ♦ strategically underinvested in refinery capacity to tighten supplies and gain market power over gasoline prices; ♦ carried out a deceptive and misleading PR campaign telling a huge profit story to Wall Street and a small profit story on Main Street; ♦ sought to blame factors other than their own behavior for higher consumer gasoline prices. I submit that the major oil companies have in fact been an integral variable in the latest surge in prices at the pump. Do they shoulder ALL the blame? Certainly not, theirs enough blame to go around. Congress, consumers, foreign interest, market forces and players all play a part to be sure, but American owned oil needs to exhibit some level of loyalty to America and her economic health rather than playing the blame game all the while raking in billions in excess profit to the detriment of the American consumer. You have your opinion, I have my facts. boom!


38 posted on 06/10/2008 7:50:53 AM PDT by servantboy777
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To: servantboy777

U.S. domestic oil production has fallen 40% since 1985 because of environmental restrictions and areas of potential oil fields put “off limits” by Congress. Since 1985 U.S. oil consumption has risen 30%.

China and India have hundreds of millions of consumers with recently enhanced lifestyles, oil consumers. World demand for oil has risen dramtically.

Oil companies typically show a profit margin of 9% to 10%. Is this out of land with other industries? Oil companies would much rather expand their businesses and production and provide their product to the consumer at a more reasonable price. This would be much more profitable for them.

You have many empty speculative remarks that are meaningless. Not fact based. I try to stay with facts, when I project, as to what the outcome of the attack of the privately owned oil companies by the socialists might be, I’ll say it is projection.

My meager Mutual Funds may have energy in them, that would be my only affiliation.

Oil is the lifeblood of the American economy, the American economy is what funds the American military. The American military currently cannot be defeated, the economy can be harmed by limiting it’s lifeblood. I want the oil companies to succeed and be profitable. They are huge, that is why their earnings may seem overwhelming to you. Do you want them to be able to expand their oil exploration and be more profitable? I do. (That’s a real question I hope you answer for me.)

How much it costs to pump oil from the ground in Saudi Arabia should be meaningless to us because there are estimated to be 112 billion barrels of oil in areas that are now placed off limits domestically.

Blame the “environmentalists” and Democrats in Congress for this. I have environmentalists in quotes because I believe they do not care any more about the environment than anyone else they are merely using it to advanced their socialism.

What is my “blind eye” not seeing?


39 posted on 06/10/2008 5:50:35 PM PDT by reaganator
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To: servantboy777

I am reading the consumers union thing you sent me.

I am at the point where it mentions that oil companies have refused to build refineries for 30 years.

WOW! I’m telling you, the motive behind propaganda like this is to nationalize the oil industry. What else could be the explanation?


40 posted on 06/11/2008 5:12:02 AM PDT by reaganator
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To: reaganator
The point was, there are others with research that indicate abuses.

I am not anti-business. I am however weary of corporate Americas relentless pursuit of the bottom line to the extent that it has harmed the middle class standard of living substantially over the last decade.

Corps have been shifting manufacturing all over the world in an attempt to get the cheapest labor force, circumvent the cost of basic worker benefits, rid themselves of any or all environmental safeguards and worker safety regulation.

True, Congress has made doing business here in the states burdensome, but with over 60 thousand lobbyist in Washington alone, I can't help but to think corporate America indeed has the upper hand when it comes to policy favorable to their interest.

Tell me, do the American people have sixty thousand lobbyist roaming the halls of Congress with pockets stuffed full of cash and perks to sway policy????

I'm thinking we have a government for and by the corporate / foreign lobby. Again, sad.

41 posted on 06/11/2008 6:50:49 AM PDT by servantboy777
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To: reaganator
>>Oil companies typically show a profit margin of 9% to 10%”

I'm thinking your facts are a bit skewed.

Over the past 12 months, for example, ExxonMobil has made pre-tax profits of $164 billion on sales of $369.5 billion.

This would be 45% margin.

42 posted on 06/11/2008 6:58:23 AM PDT by servantboy777
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To: servantboy777

Taxes are not part of business profits. They are an expenses and include things like the pass through excise taxes and royalties.

No business in any industry includes taxes as part of their profits. That is an attempt to make oil industry seem more profitable when the reality is more of the revenue goes to taxes than nearly any other industry.


43 posted on 06/11/2008 7:03:37 AM PDT by thackney (life is fragile, handle with prayer)
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To: thackney
The GAO reported in 2000, 94% of all U.S. companies paid less than 5% — and 61% paid nothing at all.

In 2000 alone, 94% of all U.S. corporations paid less than 5% of their total income in corporate taxes, the GAO said in a report. Among the largest corporations — the 1% of all corporations that owns 93% of all corporate assets — 82% paid less than 5% of their income in taxes.

Yea, that's fair. Small to medium business and the middle class are left to pick up the tab for the willy nilly spending of our federal government.

44 posted on 06/11/2008 7:11:49 AM PDT by servantboy777
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To: servantboy777
Among the largest corporations — the 1% of all corporations that owns 93% of all corporate assets — 82% paid less than 5% of their income in taxes.

Show me some oil companies that get to pay those rates.

ExxonMobil 2007
Revenue $404.6 Billion
Profit $40.6 Billion (10.0%)
Taxes $102.5 Billion (25.3%)

Sales-Based taxes $31.728B
Other taxes and duties $40.953B
Income taxes $29.864B

2007 Financial & Operating Review
http://www.exxonmobil.com/corporate/files/news_pub_fo_2007.pdf
Page 16

- - - - - - - - -

ConocoPhillips 2007
Revenue $194.5 Billion
Profit $11.9 Billion (6.1%)
Taxes $30.4 Billion (15.6%)

Taxes other than income taxes $18.990B
Income taxes $11.891B

2007 Annual Report
http://www.conocophillips.com/NR/rdonlyres/3838234F-F20C-4BCE-AE8D-78DE29D67455/0/07RevisedARfinal.pdf
Page 60

- - - - - - - - -

Chevron 2007
Revenue $220.9 Billion
Profit $18.7 Billion (8.5%)
Taxes $35.7 Billion (16.2%)

Taxes other than income taxes $22.266B
Income taxes $13.479B

2007 Annual Report Supplement
http://media.corporate-ir.net/media_files/irol/13/130102/reports/CVX_ARsupp07.pdf
Page 3

- - - - - - - - -

Marathon 2007

Revenue $62.8 Billion
Profit $4.0 Billion (6.3%)
Taxes $8.5 Billion (13.5%)

Consumer excise taxes $5.163B
Other taxes $0.394B
Income taxes $2.901B

2007 Annual Report
http://www.marathon.com/content/documents/investor_center/annual_reports/annual_report_2007_book.pdf
Page F-4

45 posted on 06/11/2008 7:29:37 AM PDT by thackney (life is fragile, handle with prayer)
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To: servantboy777

$42 billion a quarter? Okay. I think I remember hearing something like $14 billion last quarter. I’ll be checking.

I’m all for drilling more oil and producing more fuel, and I know it will be the oil companies doing it, if Congress let’s them.


46 posted on 06/13/2008 2:20:55 PM PDT by reaganator
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To: servantboy777

I went to the Exxon Mobil finacial report for year 2007.

Sale and other operating revenue $390 billion,

Net Income $40 billion, 10%

Where the money goes is laid out, dividends, shareholders, reinvestment, much more.

The oil companies profit margin is not out of line compared to other industries.


47 posted on 06/13/2008 2:33:52 PM PDT by reaganator
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