$100 A Barrel Oil is on the Way

#251
#251
Owning wells and owning the oil are different things.

I don't have the source near but Big Oil controls very little of the actual oil reserves (single digit percentage).
 
#252
#252
define "control." the saudis may own the actual oil, but exxon does a lot of the drilling, owns and/or manages many of the rigs and has long term contracts. :dunno: Their cost of oil from the saudi's is around $15 a barrell (if i recall correctly).
 
#253
#253
by control I mean own - Exxon is a vendor/customer with a tight relationship with the Saudi's. However, they don't control in the sense that they have to purchase it from the owner and conceivably the Saudi's could choose to do it themselves or negotiate with other vendors.
 
#254
#254
This is meant to contrast with ANWAR or other US based reserves where the ownership is not foreign (still not controlled by Exxon, etc.).
 
#258
#258
I wonder how Obama is going to save us from $100 oil? I really haven't heard them say ANYTHING about it. hrmmm
 
#259
#259
Obama is all about "change". Don't worry he will fix this myrobbins. When you are about "change" you can do anything.
 
New posts
You must log in or register to reply here.
Advertisement





Back
Top