[Kevin]

Interesting... despite all the damage and loss:

3rd quarter profits:
Shell: 9 billion $
Exxon-Mobil: 9.9 billion $

Cry me a river... I feel so bad about those platforms.

[catmando]

Codger what about the Athabasca oil sands? Is the price of crude high enough now to justify extraction?

[catmando]

Originally Posted by AMG

Scary isn´t it? We are burning oil, causing global warming and the force of nature hits back, sweeping away our oil rigs!?

Supreme irony would be more to the point.

[Codger]

Originally Posted by catmando

Codger what about the Athabasca oil sands? Is the price of crude high enough now to justify extraction?

It's ok. The royalties are pretty low. Some issues with water availability....
Lloydminster is a better play.
Long term plays in agriculture with Rapeseed/Canola/Soy for methylesters(bio-diesel). Carbon tax will will have a lot to do with where the returns are.

[brian eiland]

I thought about posting this as a new subject thread, but when I read thru this one I thought there was some history in this one that needs repeating since we seem to relive it over and over.....like the continuation of these subsidies to the few MAJOR oil companies of the world even while ther HUGH profits should dictate that they should fund their own exploration/production just like any other 'for profit business' in this country.

Dan Dicker, a CNBC contributor and the author of "Oil's Endless Bid" talks with Chris Hayes about why, year after year, legislators are unable to pass the repeal of subsidies for the oil industry, despite huge oil profits, public support for repeal and even open admission by oil executives that the subsidies are unnecessary.

Listen about half way thru this video and you will hear both George Bush and all 5 CEO's of the major oil companies testifing before Congress that they do NOT need these subsidies
Senate filibuster kills (another) bid to end oil subsidies - Video on msnbc.com

Look at this graph she presents on this video as to what crude oil prices have done since 9/11
MSNBC - The Rachel Maddow Show - GOP Defends Big Oil Subsidies (again) 5-5-2011 - YouTube

[Pascal]

While subsidies to oil companies (which are granted to other industries) make for nice political rethoric, I fail to see how increasing taxes will affect prices at the pump. It s economic 101... Increase cost of doing business and price go up

Unfortunately, the community organizer in chief missed that part of the course, along with basic constitutional law it seems ...

Funny how it s ok to throw or burn billions into the wind and sun, and into corn fields...

The question of oil subsidies is nothing more than a smoke screen

[blacksheep]

Pascal your 100% correct!Why did the chief give George Soros the 400 million for Brazil oil drilling??

[brian eiland]

Originally Posted by Pascal

While subsidies to oil companies (which are granted to other industries) make for nice political rethoric, I fail to see how increasing taxes will affect prices at the pump. It s economic 101... Increase cost of doing business and price go up

Unfortunately, the community organizer in chief missed that part of the course, along with basic constitutional law it seems ...

Funny how it s ok to throw or burn billions into the wind and sun, and into corn fields...

The question of oil subsidies is nothing more than a smoke screen

In first place this is NOT a tax increase, but rather eliminating a subsidy to an industry that is no longer required. Did you listen to all 5 major CEO's of the oil companies telling Congress that these subsidies were no longer required??

Did you listen to the anaylsis afterward that spoke to the cost of 'mining' that oil verses what they charge it out as. The oil companies don't want the price of oil to come down,...even while at the present time there is a surplus supply in the country right at the moment. Many of the state governments don't want the price to come down either, nor for us to go off onto alternative energies as they derive a lot of their operating budgets from the taxes on oil products.

There are many 'start up' industries that need our subsidy help to get started and work on developing new energy sources. A company that is in the top ten most profitable companies IN THE WORLD does not need public subsidy !!! Yes there will be a few failures in this start-up routine, they're always are. But lets not condem them to failure before they get a chance to succeed.

We really do need to get off the oil standard as much as possible. That source is not going to last forever...very likely not enough for the children of your children. So plan ahead in stead of being so short-sighted.

I would like to see some of that subsidy to big oil be put into new technology for SAFELY getting that natural gas out of shale rock.

We actual need to see the prices we Americans pay for fuel go up,...to encourage the development of alternates. We have had pretty low prices historically compared to a lot of the world. Ask around the globe.

We also need to be conserving some of that remaining oil for all the other products it gives us, rather than foolishly burning it up in automobiles.

We need some conservation measures in an Energy Bill. Imagine if every home in America could do a little 'soul searching' and insulation, and conservation, they might be able to lower their fuel consumption by 15 to 25 percent. WOW, what would that do for our oil import needs.!!

We simply do not need to continue to give these VERY PROFITABLE businesses a subsidy. I had 3 companies of my own over a lifetime, and I've ask about 6 other friends who had companies of their own,....did you ever get a government subsidy for your business??....hell no, was most of the answers....except for a few who were still trying to shelter there income from the repeal of those Bush tax cuts.

[dennismc]

Ireally wish people would get it straight instead of trying to torture facts into something they are not.

There are NO subsidies to the oil Co's. now, go ahead, torture it more so it meets your political bent.

[Pascal]

No I didn't watch the videos... I was anchored in Norman s cay exumas and wasn't going to ruin my day watching an MSNBC clip!!

I think we can all agree that moving away from oil may be good in the long run but the urgency is not what some want us to believe. New technology is giving us access to far greater reserves of oil, and most importantly natural gas.

Developping alternative sources (wind solar or biofuel) is fine WHEN we can afford it not when we are running $1T+ deficits.

But again, eliminate tax subsidies and cash strapped average folks will Pay the price.

[MountainGuy]

Looking from an European perspective, US gas prices are soooo nice:

€1,5 per liter Diesel, including €0,48 tax on oil/gas and 20% VAT (in Austria)

Means: 49% of the gas price are taxes!!! Oil company charges €0,77, taxes are €0,73.

And Autria is the second cheapest country on avg Diesel prices in western Europe....

[brian eiland]

This map shows worldwide retail prices of petroleum diesel (in US cents per litre) in more than 185 countries. Petroleum diesel, also called petrodiesel, or fossil diesel is produced from the fractional distillation of crude oil.

Worldwide Retail Prices of Diesel (US cents per litre)

Interestingly it notes a price of 51 cents per liter in mid-Noc 2010....and then 84 cents now.

These are 'retail prices'. I'd be willing to bet the wholesale price of crude oil didn't go up that same percentage in that time period...in fact MUCH less percentage wise

[weto]

"But again, eliminate tax subsidies and cash strapped average folks will Pay the price." Huh ?? !! You cannot be serious ? I think somebody needs to turn off Fix News, I mean Fux News, oops sorry, I meant Fox News.

[Bamboo]

Brian ... did you not think/understand that your post would result in a nasty political discussion? If you did and still posted it - shame on you. If you did not then God help you and help us if you vote in the USA.

[Capt J]

Originally Posted by weto

"But again, eliminate tax subsidies and cash strapped average folks will Pay the price." Huh ?? !! You cannot be serious ? I think somebody needs to turn off Fix News, I mean Fux News, oops sorry, I meant Fox News.

I was assistant dockmaster of a marina over a decade ago. We ran a margin of .50 per gallon. We took the price we paid for the gas, +taxes, + .50= PRICE of GAS. We did offer a .10 a gallon discount over 500 gallons. So yes, the higher the taxes, the more the consumer pays.