July 24, 2008 /

Follow The Oil

Cenk brings up an interesting point (via Cesca): The oil that comes from that drilling will not be United States property (Republicans aren’t suggesting we nationalize the oil companies, are they?). It will be the property of whichever oil company got the rights to that contract. They can then sell it to whoever they like […]

Cenk brings up an interesting point (via Cesca):

The oil that comes from that drilling will not be United States property (Republicans aren’t suggesting we nationalize the oil companies, are they?). It will be the property of whichever oil company got the rights to that contract. They can then sell it to whoever they like — and they will. They will sell it on the world market, so the Chinese will have just as much access to the oil that comes out of the coast of Florida as we will.

We don’t here the Republicans ever talk about this fact. Once the oil is extracted (if it is), where will it go? People think that they will automatically put it back into the U.S.’s supply, but evidence shows that isn’t the case:

While the U.S. oil industry want access to more federal lands to help reduce reliance on foreign suppliers, American-based companies are shipping record amounts of gasoline and diesel fuel to other countries.

A record 1.6 million barrels a day in U.S. refined petroleum products were exported during the first four months of this year, up 33 percent from 1.2 million barrels a day over the same period in 2007. Shipments this February topped 1.8 million barrels a day for the first time during any month, according to final numbers from the Energy Department.

So if the high oil prices are a result of lack of supply, why are we shipping off this supply? Perhaps the oil companies should cut back on the exports to help the people here at home. This is something the GOP never wants to talk about. They don’t care if you or me are struggling, as long as their buddies are thriving all is just fine.

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