"BIG Oil" much like "BAD Weather"

[revwardoc]

Does anyone know if the US government can legally nationalize the oil companies?

[David]

AP


PARIS - A leading global energy monitor said Thursday it is worried that demand for oil will outstrip world supply and is preparing a landmark revision of its closely watched forecasts.

The International Energy Agency is studying depletion rates at about 400 oil fields in its first-ever study of world oil supply, said chief economist Fatih Birol.

"We are entering a new world energy order, " Birol told The Associated Press.

Market analysts call the Paris-based IEA the world's most reliable independent source of oil information, and its new forecasts are likely to further upset markets. Oil prices hit an all-time high Thursday above $135 a barrel before falling back.

Birol said the study, which will be released in November, was prompted by concern about the volatility of world oil markets and uncertainty about supply levels.

"The prices are very high, and demand did not respond in the last few years as much as one would have expected," Birol said. "The growth in terms of production was not great. We did not see enough investment."

He would not speculate on whether the forecast, which will predict supplies through 2030, could go sharply downward.

Birol said oil companies and governments have been cooperative with the IEA experts preparing the report, though analysts were skeptical that the agency would get a complete picture from often-secretive oil producing nations.

He said most demand now and in the coming decades will come from China, India and the Middle East. That is a stark shift from past decades, when the United States and Europe were demand-drivers.

The IEA is part of the Organization for Economic Cooperation and Development, which brings together 30 rich nations. It has no links to OPEC, and its review may challenge the Organization for Petroleum Exporting Countries' view that the world is well-supplied with oil.

Gasoline prices sprinted to a new record high overnight ahead of the Memorial Day weekend. The national average rose above $3.83 a gallon. Some analysts predict gas will break past $4 as early as next week.

Oil prices rose to a record $135.09 a barrel in overnight electronic trading on the New York Mercantile Exchange before retreating to trade down $1.11 at $132.06 a barrel by afternoon in New York.

Unlike last year, oil prices are setting new record highs on a daily basis, pushing gas prices with them.

The fear is that oil producing regions will not be able to meet future demand.

"The oil investments required may be much, much higher than what people assume," Birol told The Wall Street Journal in a story published Thursday. "This is a dangerous situation."

[reconeil]

Being far from a lawyer, I still don't believe that U.S. can nationalize
any privately owned Oil COMPANIES.

However, I see no reason why one of America's natural resources and/or
crude oil usually price manipulated as wanted by others & other nations,...
cannot be nationalized for helping The People & Our Economy.

After all, our politicians and/or political leaders never have a problem leasing
same Oil Reserves that benefit many others. Sooooooooooo what's the-big-deal
with nationalizing same Oil Reserves for greatly benefitting America, INSTEAD?

If Venezuela does so for Venezuelans, Nigeria does it for Nigerians, Russia does
it for Russians, Saudi Arabia does same for Saudis, and so on and so on for
quite a few other nations & economies with no problem,...how come America
and other Oil Exporting Democracies can't do same? Must Oil Rich Democracies
be forever held hostage to Oil Speculators and/or perpetually & greatly
manipulated: "Global Capitalism", INSTEAD?

Plus, and just take a wild guess whom unarguably have most money on hand &
available on earth to SPECULATE & BID UP OIL THROUGH THE ROOF with, anyway?

Yeah, that's right. Oil Barons, Shieks, Dictatorships & Governments in general
have mo$t cash to play with for driving up the World Spot Price for Oil............
TO THE MOON if liked & in concert, or if wishing to profiteer more than already do.

Neil

[DeadlyDaring]

Originally Posted by reconeil

P.S. Deadly-D,
Sorry that you find the subject of BIG Oil screwing-over of The Public, so un-important,
trivial or boring. Why is that. Aren't you Aussies being even More screwed-over by Oil
Dictators than We Americans? Or, could it be that you & family have oil wells in your
back yard or are an oil paid & bought politician (or both)??

Well you certainly did not absorb what I meant...

Have a look at the posts on oil ...MANY!!!
Every one is starting a new topic on OIL!!!
Dont you think at least most of them should come under the same banner/topic as it is starting to get confusing in how to reply to some of this???
And if I or my family did have oil wells I would not be on this site at all ...I'd be in the bank counting the cash as I would not have time for this

Maybe you should go and re-read my comments on this in depth, a few toons to look at as well

In comparrison with your $US4:00 gallon
In Australia it is as it covert out at Aust$6:44 a gallon
or Aust$1:70 a litre

Dont you think that WE AUSSIE DIGGERS are suffering as well!!!!!!!!!!!!!!!!!!!!!!

[DeadlyDaring]

Pose some questions???

How many, oil companies & countries that have found oil only to recap them and use someone else’s oil instead.

Russia did! Now they are reaping the benefits

Why does America pump Oil back into the ground????

Also America is currently sitting on one of the worlds biggest oil finds of the century ...Not yet fully explored

[reconeil]

Your: "Don't you think that WE AUSSIE DIGGERS are suffering as well!!!!!!!!!!!!!" (?) actually
makes the point of where I'm coming from quite well,...and even more so with the
ridiculously high price for fuel given for Australia, Mate.

Regardless, there currently just cannot be enough words or rhetoric printed countering the
continual & false or phony & people-pacifying excuses given by governments, press &
corporations,...for such a grandiose worldwide rip-off of MANY Civilian Oil Consumers/Purchasers.
Public Sectors, Governments & Militaries could care less about Outrageous Fuel Costs.

Maybe if enough truths sneak out INSTEAD of the typical echoed bull SPOUTED by all
someway: "Connected" or affiliated & profiteering from that GREAT BIG BLACK OIL;
"Golden Goose",...The World Public will become OUTRAGED at being Oil Victimized for-a-change.
Hey,...you never know until you (or many) try to get the truth out, INSTEAD?

Also, it's OK to joke or enjoy a joke about oil. Many victims actually do.
But, I'll bet you a mil that no one better enjoys a good joke about oil,...than do Oil Fat Cats.

Neil

P.S. Just noticed your questions,...and MUCH MORE OF SUCH types should be asked.