Senater Schumer & Breaking up Big Oil into smaller companies.

[HRDROKN]

Without a doubt... I didn't say it was free!

 

[Shrimpy]

But as the Main Stream Media (MSM) does, your words IMPLIED that they owned the oil. Watch CNN, they are masters of this.



P. S. There are only millions of barrels of oil produced daily, not billions as you state. Unless of course you are talking Barrels of Oil Equivalent (BOE) for all Natural Gas,Crude and Distillate. Even then, there is NO WAY billions of barrels are extracted daily.



Jim

 

[RustyJC]

So I think that it is safe to say that Big Oil :-laf owns and produces billions of barrels of crude oil per day!

Worldwide crude oil production (including lease condensates but not including NGL) for calendar year 2004 was 72. 48 million barrels per day. Source - the Energy Information Agency, a division of the U. S. Department of Energy.



Rusty

 

[HRDROKN]

Splitin hairs... . Is it gray or a shade of gray! (billion barrels of oil-equivalent) million, billion or zillion... . it's a **** load of oil



Point being is that these Big Oil companies just don't buy oil at $71/barrel. They explore, drill, extract, produce ect ect... in partnerships/agreements with other countries ect, ect... and they are not paying $71/barrel.

 

[RustyJC]

Not splitting hairs - there's a lot of difference between 72. 48 million bbls/day and billions of bbls/day.



Rusty

 

[HRDROKN]

Whats your point?

 

[RustyJC]

I'm not making any point - just correcting your erroneous information. A rational discussion generally is based on facts, so let's get accurate information on the table.



Rusty

 

[HRDROKN]

Would you feel better if I went back and edited my wording to state "million" ?

 

[RustyJC]

That's up to you. While you're there, are you going to correct your statement that "big oil" owns the oil they produce?



Rusty

 

[HRDROKN]

If that will make you feel better... I will do that too!

 

[HRDROKN]

OWNERSHIP



Lease Total Reserves

* Total reserves prior to deducting any parties interest



Company 100% (gross) Reserves

* Share of reserves based on companies operating interest

* Includes lessor's royalty share

* Includes share of reserves attributed to any applicable overriding royalty interest



Working Interest (net) Reserves

* Company 100% gross reserves minus the lessor's royalty share and minus overriding royalties paid to others

* Includes any applicable company overriding royalty

 

[john3976]

Not splitting hairs - there's a lot of difference between 72. 48 million bbls/day and billions of bbls/day.



Rusty

You Big Oil backers are twisting in the wind as each new profit report comes out and you know you can't justify the high prices.



Big Oil owns a lot of rights in overseas companies they also buy oil but they pump a lot that they have the rights to for very little money to the lease holders.

 

[RustyJC]

Your post has absolutely nothing to do with my quote that you cited.



Rusty

 

[Shrimpy]

Hey Rusty, let the closet socialist rant... ... ... Facts just get in his way :-laf



Jim

 

[john3976]

Hey Rusty, let the closet socialist rant... ... ... Facts just get in his way :-laf



Jim

You would not know a fact if it smacked you in the back of the head.

 

[HRDROKN]

Your post has absolutely nothing to do with my quote that you cited.

You are right and I didn't say that it had anything to do with the quote I cited above... . you were still stuck on the word "owns" from a generalizing statement that I made earlier about what I quoted from my employers website.



So Rusty, is it your position that the big oil companies don't "own" any oil? Oh... and be sure to be specific with your answer as the forum Nazi's may hold you to your "specific" word...



So what accurate information do you have... ?

 

[john3976]

You are right and I didn't say that it had anything to do with the quote I cited above... . you were still stuck on the word "owns" from a generalizing statement that I made earlier about what I quoted from my employers website.



So Rusty, is it your position that the big oil companies don't "own" any oil? Oh... and be sure to be specific with your answer as the forum Nazi's may hold you to your "specific" word...



So what accurate information do you have... ?

I think he was refering to me, but you are right, the only thing the Big Oil boys have in here is what they read in the press. They don't have an opinion of their own.

 

[RGardner]

Funny thing I just heard on the radio that SW Kansas crude and Tex Panhandle crude closed down a dollar to about $66 a barrel but the futures which hold us all hostage at the pump closed up today. Food for thought.

 

[RustyJC]

You are right and I didn't say that it had anything to do with the quote I cited above... . you were still stuck on the word "owns" from a generalizing statement that I made earlier about what I quoted from my employers website.

My post was responding to john3976's, not yours.

So Rusty, is it your position that the big oil companies don't "own" any oil? Oh... and be sure to be specific with your answer as the forum Nazi's may hold you to your "specific" word...



So what accurate information do you have... ?

They "own" oil in the ground if they hold the mineral rights to it. Generally, however, these mineral rights are held by those who own (or owned in the past) the property under which the oil lies. That's why the oil company who has leased the land for exploration and production pays royalties to the holder of the mineral rights.



Rusty

 

[RGardner]

True but they pay the royalty owner only a small fraction of the production, usually 1/8 to 3/16. And it seems that the oil companies are trying to steal that small part from the mineral owners.