It shows that 94% of world gas and oil reserves are controlled by state owned companies.
And, that US companies are minor players in the global oil industry:
Click to Enlarge
Power Line reported:
With 94% of the world's oil supply locked up by foreign governments, most of which are hostile to the United States, the relatively puny American oil companies do not have access to enough crude oil to significantly affect the market and help bring prices down. Thus, Exxon Mobil, a small oil company, buys 90% of the crude oil that it refines for the U.S. market from the big players, i.e, mostly-hostile foreign governments. The price at the U.S. pump is rising because the price the big oil companies charge Exxon Mobil and the other small American companies for crude oil is going up.So, even if Maxine Waters and the Democrats are successful in taking over the oil companies it would not make any difference on gas prices unless Congress decides to allow American companies to explore and drill.
But, Democrats want to sue OPEC.
Democrats want to sue OPEC? The U.S. is dependent on foreign gas and oil; they have no leverage against the foreign gas and oil countries. What are they going to threaten them with? "We aren't going to buy from you anymore?" This just shows you how truly moronic those democrats are in office. Foreign gas and oil distributors are just loving the fact that a bunch of environmental moonbats call the shots in the U.S.
ReplyDeleteIt's even worse than that. The list does not say US companies control 6% of world reserves, it says _privately held_ companies hold 6% of world reserves. This includes BP (British Petroleum) and Total (Total Fin Elf, the French oil company)as well as Lukoil of Russia and Royal Dutch Shell, which at least by Chevron's color codes are privately held. I'd have thought they'd be state owned, but having done zero research in it I'll take Chevron's word for it.
ReplyDeleteEyeball the size of Lukoil, BP, Shell and Total, compared to the rest, and we have maybe 3-4% of the world reserves under US company control.
What is amazing to me is that powerline also links a post wherein the following is quoted:
ReplyDeleteLater in the hearing, Senator Orrin Hatch walked Hofmeister through the Democrats' latest efforts to block energy independence:
HATCH: I want to get into that. In other words, we're talking about Utah, Colorado and Wyoming. It's fair to say that they're not considered part of America's $22 billion of proven reserves.
HOFMEISTER: Not at all.
HATCH: No, but experts agree that there's between 800 billion to almost 2 trillion barrels of oil that could be recoverable there, and that's good oil, isn't it?
HOFMEISTER: That's correct.
HATCH: It could be recovered at somewhere between $30 and $40 a barrel?
HOFMEISTER: I think those costs are probably a bit dated now, based upon what we've seen in the inflation...
HATCH: Well, somewhere in that area.
HOFMEISTER: I don't know what the exact cost would be, but, you know, if there is more supply, I think inflation in the oil industry would be cracked. And we are facing severe inflation because of the limited amount of supply against the demand.
-End quote:
Note here that the low end estimate of 800 billion barrels is more than the top two on your chart (Iran and Saudi Arabia) combined. Yet as far as I can tell no one has really said anything about the fact that the US is sitting on this much oil in an easily accessible place and the Congress just voted against developing ANY of it!
Ever dime spent on gas and oil to nations which hate America, is another dime given to terrorist supporting regimes that use those monies to support terrorists that kill and target American troops and citizens. In essence, the democrats who do not support American companies being able to access their oil reserves are essentially contributing to terrorism, which is being perpetrated against their own people.
ReplyDelete++
ReplyDeletemy favorite "it's all about the OIL" link..
RTWT!!
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Democrats are on the take from Saudi Arabia. There can be no other explanation. They are willing to see this country go down for their own pocket books. How else do these grifters wind up millionaires on the public dole? It amazes me that the public do not see this and vote these swine out.
ReplyDeleteThe graphic is misleading at best.
ReplyDeleteWhich country is the largest supplier of oil to the US?
Canada.
Odd. I see no mention of Canada, whose reserves are argued to exceed those of Saudi Arabia, on the chart.
tenebris:
ReplyDeleteThose are nationalized oil fields on the chart. Canada's are 100% privately owned. Including the oil (tar) sands, which are about 2 trillion barrels, unfortunately not light or clean.
The big US field, by the way, also extends into southern Canada. It's called the Bakken field.