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Bush on $4 gas: 'I hadn't heard that'
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[QUOTE]Originally posted by glassman: [QB] the "obscenity" here is that nobody ANYWHERE has run out of gas or oil... there is no shortage, there hasn't been any real disruption in supply. there HAS been a huge consolidation of the large oil co's . we now have five co's that are larger than the next twenty combined... as of '03: The largest five oil companies operating in the United States (ExxonMobil, ChevronTexaco, ConocoPhillips, BP and Royal Dutch Shell) now control: · 14.2% of global oil production (nearly as much as the entire Middle East members of the OPEC cartel). · 48% of the domestic oil production (which is significant given the fact that the U.S. is the 3rd largest oil producer in the world). · 50.3% of domestic refinery capacity. · 61.8% of the retail gasoline market. · These same five companies also control 21.3% of domestic natural gas production. These figures are in stark contrast to just a decade ago, when the top five oil companies controlled only: · 7.7% of global crude oil production. · 33.7% of domestic crude oil production. · 33.4% of domestic refinery capacity. · 27.0% of the retail market In 1993, the top five U.S. companies controlled only 12.7% of domestic natural gas production. that's the real problem... it's not environmental whackos and socialistas, it's anti-trust violations unchecked... it would only take TWO months of profits for Exxon to build ONE more refinery and that includes the costs of all the envrinnmental impact statemnts too.... sure, more US drilling would help run down world market prices too.. but drilling in ANWAR would have no significant impact on world oil prices, it's too remote... if you want to make a difference? you need to drill on the Gulf side of FLA, AL, and MS.... there's lots of oil there... and FLA is a GOP state.... has been for years... [/QB][/QUOTE]
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