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  1. #1
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    "Share The Wealth" Obama To Let China Drill For Gas & Oil In America!

    China is losing jobs fast, they pay at least 400% more for their natural gas and they currently don't have fracking techonolgy, not for long though!

    http://endoftheamericandream.com/arc...ons-of-dollars
    INXS

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  2. #2
    Sure they can if we charge them 500% more than we can do it for, we get royaltys and keep a lot for ourselves..... But that aint gonna happen. News today is talking about Biden for 2016! This isn't over by a long shot.

  3. #3
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    They only want the intell. properties, the patients-secrets on fracking! By a US company and you own them!
    INXS

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  4. #4
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    How is this any different thsn BP having drilling rights? The rights are sold to the highest bidder. Should the government sell the rights to a lower bidder? Any increase in production will only be offset by a subsequent OPEC production cut. The oil and gas is sold into the world market, just like it normally is. American drilling companies don't sell their oil here any cheaper than the Arabs do.
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  5. #5
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    Its the tech they want, certain deals with China have been knocked down for nat. security and other issues. China couldn't buy out one of our defence contracotrs, oil and gas are a security issue.
    INXS

    88 Checkmate/Starflite/225 Johnson
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  6. #6
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    Quote Originally Posted by INXS View Post
    Its the tech they want, certain deals with China have been knocked down for nat. security and other issues. China couldn't buy out one of our defence contracotrs, oil and gas are a security issue.
    I agree 100%. China may be our "friend" but they are one of those friends that would sneak in the back door and bang your wife while your kids are asleep up stairs and you're stuck working mandatory 12's just to pay the light bill........

  7. #7
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    Quote Originally Posted by pyro View Post
    How is this any different thsn BP having drilling rights? The rights are sold to the highest bidder. Should the government sell the rights to a lower bidder? Any increase in production will only be offset by a subsequent OPEC production cut. The oil and gas is sold into the world market, just like it normally is. American drilling companies don't sell their oil here any cheaper than the Arabs do.
    http://www.bloomberg.com/news/2012-0...h-bp-sale.html
    BTW, BHP mentioned in this article already produces wells in the GoM. They leased a compressor package from the company I worked for.

    BP isn't owned by the British government. That is one difference. CNOOC is owned by China. Since we owe China so much money will our government overlook violations by CNOOC in the GoM? Will they overlook safety concerns on the production platforms and drilling rigs endangering workers lives?

    Also, American drilling companies don't sell oil. They drill and work over the wells. The drilling companies are hired to drill by Energy companies like, Exxon, Chevron, El Paso, Devon, etc., who LEASE the block from the US government. Those energy companies are the ones who produce the oil and gas that is sent into a pipeline, one for oil and one for gas, that comes to shore.

    On a side note here is a list of who owns BP.

    Most relevant sources agree that 40% of the shares of BP are held in the United Kingdom, 39% of the shares are held in the United States, while the remaining 21% are held throughout Europe and the rest of the world:

    JP Morgan Chase (New York) 28.34%
    BlackRock (New York) 5.9%
    Legal & General (United Kingdom) 4%
    Barclays Global Investor (owned by BlackRock) 3.8%
    Norges Bank Investment Management (Norway) 1.8%
    Kuwait Investment Authority (manages funds for the Kuwaiti Government) 1.75%
    M & G Investment Management (UK asset owned by the Prudential) 1.67%
    Standard Life (Scottish insurance company) 1.5%
    Capital Research & Management Company (Los Angeles) 1.3%
    China’s State Administration of Foreign Exchange 1.1%
    Last edited by CDave; 01-23-2013 at 11:17 AM.
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  8. #8
    Quote Originally Posted by pyro View Post
    Any increase in production will only be offset by a subsequent OPEC production cut. The oil and gas is sold into the world market, just like it normally is. American drilling companies don't sell their oil here any cheaper than the Arabs do.

    Where the hell do you get this info from, are you sitting in the tent with them. They will do whatever they want. Maybe, just Maybe, they would glut the market to drive price down and hurt the us drilling. Maybe, they will sell directly into China at a price/delivery advantage . Maybe, the russians are the ones to think about.

  9. #9
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    So, you're saying that the OPEC cartel doesn't respond to worldwide supply and demand by ordering changes in their member countries' rates of oil production?

    Would it be in the taxpayers' best interest for the government to sell public land drilling rights to a lower bidder?

    I share the feelings of outrage here... but this is how a free market works, like it or not.
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  10. #10
    Quote Originally Posted by pyro View Post
    So, you're saying that the OPEC cartel doesn't respond to worldwide supply and demand by ordering changes in their member countries' rates of oil production?
    I did not say that.

    You made a specific statement that OPEC would REDUCE output.

    Quote Originally Posted by pyro
    Any increase in production will only be offset by a subsequent OPEC production cut.
    Unless you eat homus with the sheiks, you dont know what action, if any, they would do in response to whatever condition.

    I said who knows what they would do. In fact, they get together, and then the individuals dont always obey with what they agreed with.

    In fact, them sheiks have a lot of overhead, mercedees, rolls, and the many wifes.. you think they would just roll over and cut their income, I dont think so.
    Last edited by BoatGoFaster1; 01-23-2013 at 01:40 PM.

  11. #11
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    If they reduce production, they lose money, even if the price doesn't change. Only way they can make the same or more money is to raise the price.

    Lower price = more volume to make the same money
    Higher price = less volume to make the same money

    Assuming of course their overhead costs stay the same.

  12. #12
    wait a minute, from Economics 101 Supply and Demand.

    Cut supply by reducing Production....If Demand is the same or greater, price goes up. If you assume that the US oil does not fill the supply gap.

    Raise supply and lower price, Price war with US. They wont lose money, they will just keep the bentley an extra 6 months.

    There's a lot of variables here.

  13. #13
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    Chad, just admitt, you screwed up! Free markets can never be totally free!
    INXS

    88 Checkmate/Starflite/225 Johnson
    Member, The Paul Revere Society
    Always Live Life In Excess

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