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randalln
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The UST is not buying oil from any country they would be shut down so fast

guy you must be smoking something the purpose of the UST is to supply banks with currency NOT BUY OIL............................

Exactly. Which is why I asked if you meant the US Treasury when you said "the US is buying oil ...". A simple "no I meant US oil companies" would have jumped right to the end, but instead you had to go 3 rounds of smart ass.

tax is payed to the IRS and then put in to the UST

By doing it overseas they circumvent the IRS and make BILLIONS per year

The USG sells oil to the OIL companies that is on GOV land and makes some profit but not as much as the OIL companies

The USG has to buy there gas just like you do but for a discount from the OIL companies (this ant China son the GOV dont own the oil companies )land of the free home of the brave ...............huh.gif

All that is clear. We still haven't got to the claim that the US oil companies are getting crude from Iraq at $40+ per barrel.
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Thank you again!

Also, look at Debeers and diamonds in light of your quote above. Scarcity and supply...

Bottom line, "SHOW ME THE MONEY"! cool.gif

And guess where the compony i work for just got a contract Guinea, Africa

Right next to Sierra Leone laugh.gif

Very good grasshopper the force is strong with this one

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Hear read this

News

World news

Those are links to general news pages, I didn't see an oil or Iraq article there, If there is one you are referring to perhaps a specific link to it would help

US buys up Iraqi oil to stave off crisis

Seizing reserves will be an allied priority if forces go in.

....

As the article makes clear it was US oil companies buy oil from Iraq to make up for the loss when Venezuela stopped selling to us in 2003 just prior to the Iraq invasion. What point are you making here? You highlight in red that the US dept of Energy estimates the cost of oil production in Iraq at $1 per barrel. I don't dispute that, it is the idea that tehy would sell it for $40 per barrel when they can get more than double that on the world market that I question.
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Those are links to general news pages, I didn't see an oil or Iraq article there, If there is one you are referring to perhaps a specific link to it would help

As the article makes clear it was US oil companies buy oil from Iraq to make up for the loss when Venezuela stopped selling to us in 2003 just prior to the Iraq invasion. What point are you making here? You highlight in red that the US dept of Energy estimates the cost of oil production in Iraq at $1 per barrel. I don't dispute that, it is the idea that tehy would sell it for $40 per barrel when they can get more than double that on the world market that I question.

We own the field(call it like a 50 year lease ) We pay iraq a % of the profit in exchange for supplied oil for they're use because the have no capability to do it they're self ................

Oil companies lease oil fields for prospecting..........

We do this all over the world we supply the transport from their border to the end point (they supply in country transport)and (this is how it works all over the world )

and we build the refineries ,Coker plants ,and the pipe lines for them by using contractors for labor ,and oil companies for supervision ...............THAT IS JUST THE WAY IT IS.....................(at the end of the contract they own it in return for free oil)

by the time it gets to the end consumer the cost is maybe 60% of the price of the barrel of oil

The end consumer is the country it was refined for (say China) and now there distribution network has 40% profit margin to the pump

price of the bbl. goes up(because of say a earthquake SPECULATORS run up the pump) 40% becomes 50% at the pump but the price dose not change to get it out of the ground it stays 60%(and now costs the customer at the pump 110%)of production

Edited by randalln
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Wow! I enjoyed reading this thread, for the most part everyone Played Nice! :lol:

Randalln, I must say that I am impressed! +1.

I would love to go way back and see what you thought was the rate and date and when you said it.

If you don't mind posting on my profile when you made the post with the rate and date I would be thankful. :)

My profile is set to where I have to approve it before being seen by the public! :P

Good job on this mini debate in this thread.

Bump

Btw: someone gave you a -1 on this last post so I evened you out with a +1 ;)

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Wow! I enjoyed reading this thread, for the most part everyone Played Nice! :lol:

Randalln, I must say that I am impressed! +1.

I would love to go way back and see what you thought was the rate and date and when you said it.

If you don't mind posting on my profile when you made the post with the rate and date I would be thankful. :)

My profile is set to where I have to approve it before being seen by the public! :P

Good job on this mini debate in this thread.

Bump

Btw: someone gave you a -1 on this last post so I evened you out with a +1 ;)

I have been looking thru both but i cant find it but if you do put it up i may have been drinking at the bar that night no telling what the rate was

but i bet i was at least 100,000 down after the girls started taking dinar hahahahahahahahahaah

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We own the field(call it like a 50 year lease ) We pay iraq a % of the profit in exchange for supplied oil for they're use because the have no capability to do it they're self ................

Oil companies lease oil fields for prospecting..........

We do this all over the world we supply the transport from their border to the end point (they supply in country transport)and (this is how it works all over the world )

and we build the refineries ,Coker plants ,and the pipe lines for them by using contractors for labor ,and oil companies for supervision ...............THAT IS JUST THE WAY IT IS.....................(at the end of the contract they own it in return for free oil)

Yea all that seems reasonable except for the "free oil" part on the end. But I don't follow the numbers below

by the time it gets to the end consumer the cost is maybe 60% of the price of the barrel of oil

The end consumer is the country it was refined for (say China) and now there distribution network has 40% profit margin to the pump

So all the costs add up to 60% of the price of a barrel of crude, but then the consumer (the company that bought the crude to refine) does not have a 40% profit margin as they paid the full price for the crude. In your example the 40% profit would be distributed among all the players that were involved in bringing that barrel to end customer, the refiner.
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No body pays 100 dollars a barrel ITS JUSt TO MAKE THE customer pay a high gas price ..............

1 barrel of crude oil = 42 US gallons (159 liters or 35 imperial gallons). It produces from about 21 percent to 35 percent of gasoline or petrol, plus many other products such as kerosene, etc.

More detail:

The yield of gasoline from crude oil depends upon the quality of the crude oil ("Crude Type"), and the amount and type of processing at the refinery.

So called "light" crude yields usually more gasoline per barrel than "heavy" crude, for a given amount of refinery processing. That a crude is "sweet" refers to sulphur content, - sweet makes it low sulphur and sour high sulphur, and a "package" to remove sulphur is called a "Crude Sweetener". Producing gasoline involves two steps in the refinery, beside post-processing. First is the distillation of the gasoline stream from the crude, and then the refomation of this to "hike it up". The final refomation is to adjust to the actual "Octane" numbers and add ingredients to make it suited for cars - such as lead in old days, now various alcohols and glycol to achieve the same.

More extensive processing -- cracking, reformation, etc. -- can greatly improve yields, but of course, at the cost of the increased processing. Overall, refineries in the USA are yielding about 49% gasoline (20.5 gallons) from the mix of crudes they process (2004 data).

Actually, a barrel of oil is 42 gallons. When the barrel is processed, you may get something like 15 gallons of gasoline, 9 gal. of fuel oil (See Gasoil / D2), 10 gal. of jet fuel (Kerosene) and 4 gal of other "heavy" products such as lubricants, grease, asphalt / bitumene and plastics and 4 gallons of lighter condensates/naphtha.

In energy equivalents, 1 barrel=42 u.s. gallons of oil is estimated to be around 19.5 u.s. gallons of gas (natural gas).

Not disputing the answer at all, but if crude is now $80 per barrel, this should make gasoline nearly $1,90 per gallon, and this without refining and transport costs and assumes that the other cuts of the crude can be sold to the same price!

Here is the #'s

Edited by The RockStar
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And the REP. are telling you even now that they are going to get gas at the pump to $2 for your vote

As the oil world turns

It cant go up one year and then go down the next .

But my pay only goes up and has for the last 10 years (as has all the other people that work in the oil field or for those companies )its priced in ......

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I will answer your Q ? when you show me where I say that the UST is buying oil

If you will read the posts instead of glancing at them you will see that it only requires $10 in the us,$2.50 in Saudi ,and $1 in iraq to get it out of the ground SOOOOOOOOOOOOOO

if your the one that gets it out of the ground why would you pay somebody $80 a barrel when it costs one

And you can get a good look at a steak by sticking your head in a bulls ass But i take the butchers word for it.................CF 96'

Positive zipper

Real funny!

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Randalln, GREAT insight you've provided here. Something you might want to throw in is that the oil contracts are long termed (5 years i believe) and the expireing ones are in the $30.00 to $40.00 range. Those will certainly be negotiated higher, thus raising the base price of oil based products.

Mak63

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Randalln, GREAT insight you've provided here. Something you might want to throw in is that the oil contracts are long termed (5 years i believe) and the expireing ones are in the $30.00 to $40.00 range. Those will certainly be negotiated higher, thus raising the base price of oil based products.

Mak63

You are correct

But i was not going to go in to detail ( I was challenged )by a certain someone.

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April 29, 2003

How much oil does Iraq have?

Iraq has 112.5 billion barrels of proven oil reserves, or about 10 percent of the world's known remaining oil--making it a distant second to Saudi Arabia, which possesses some 300 billion barrels, or one-quarter of the world's known reserves.

How much oil did Iraq produce before the 2003 conflict?

Its output varied, but in 2002 Iraq averaged about 1.5 million barrels per day--far less than the 3.5 million barrels a day it was producing before its August 1990 invasion of Kuwait.

What held Iraq back from producing more oil?

Economic sanctions imposed on Iraq in 1990 by the U.N. Security Council to pressure it to, first, withdraw from Kuwait and, later, give up its suspected arsenal of unconventional weapons. The sanctions banned oil exports, purchases of oil equipment purchases, and other trade or investment in the state-run industry. Production plummeted as a result. In 1996, Iraq revved up production when it agreed to participate in the U.N.-sanctioned "oil for food" program, which let Iraq sell limited quantities of oil and buy humanitarian goods with the proceeds through deals subject to approval by the United Nations. Later U.N. resolutions lifted restrictions on how much oil Iraq could export through oil-for-food and permitted the purchase of spare parts to repair production facilities. Even so, Iraq's oil system is in disrepair, and some energy experts estimate that raising production to its estimated capacity of 2.8 million barrels a day will take at least two years and cost $50 billion.

Where in Iraq is the oil located?

Iraq has two main oil fields: Kirkuk, in the Kurdish-dominated north, and Rumaila, in the Shiite Arab south. Prospecting for new oil has not been possible since the 1991 Gulf War, but oil experts say these two areas probably have other deposits that remain undiscovered.

Where did Iraq sell its oil before the 2003 war?

Domestic consumption amounted to about 300,000 barrels per day. About 1.1 million barrels per day were sold through the oil-for-food program. The rest--about 400,000 barrels, according to industry estimates--was smuggled out through Jordan, Syria, Iran, and Turkey in violation of U.N. sanctions. Until September 2002, the Iraqi government tacked an illegal surcharge onto the smuggled oil.

Did the United States buy Iraqi oil?

Yes. The United States was Iraq's biggest customer, through the oil-for-food program.

Could Iraq have hurt the United States by withholding oil sales?

Not unless other countries had gone along. In April 2002, for instance, Saddam Hussein announced that Iraq would cut off its oil-for-food exports for 30 days to protest Israel's incursion into the West Bank. But the effect on oil prices was negligible, because Russia and other exporters with excess production capacity sold America the oil it would otherwise have bought from Iraq.

What role did oil play in the Iraq showdown?

Though not a central motivating factor for the U.S.-led assault- the threat of terrorism and weapons of mass destruction took priority in the Bush administration's case for war— experts say oil played a significant role in the decision to confront Iraq. The United States has a long-standing interest in the free flow of oil from the Persian Gulf, which has been threatened repeatedly by Saddam, most dramatically in his 1990-91 occupation of oil-rich Kuwait. The United States is the world's largest consumer of oil, and past disruptions of the global oil supply have hurt the American economy. Much of the world's oil lies beneath Iraq and its Gulf neighbors, such as Saudi Arabia and Kuwait. Some experts argue that, if Iraq had built a nuclear weapon, it would have been much harder to deter Saddam from trying to control the Gulf region and, with it, the world oil market.

Why is Iraq such a prize? Not only does it have the potential to become the world's largest producer, but no other country can do it as cheaply. That's because, for geological reasons, Iraq boasts the world's most prolific wells. In 1979, the year before Iraq's oil fields were devastated by the first of three wars, its wells produced an average of 13,700 bbl. each per day. By contrast, each Saudi well averaged 10,200 bbl. U.S. wells, which are gradually drying up, averaged just 17 bbl. It would take more than 800 U.S. wells to pump as much oil as a typical Iraqi well. Consequently, production costs in Iraq are much lower. The average cost of bringing a barrel of oil out of the ground in the U.S. is about $10. In Saudi Arabia, it's about $2.50. And in Iraq, it's less than $1, according to Fadhil Chalabi, executive director of the Center for Global Energy Studies in London and former Under Secretary of Oil in Iraq. What's more, most of Iraq's known oil deposits are waiting to be developed. That's why everyone has cast a covetous eye on the country. And why each one of the world's major powers and international groups has an agenda for Iraqi oil. Among them:

CHINA

Like Russia, China signed contracts with Saddam's government to produce oil, in China's case 90,000 bbl. a day. But unlike Russia, China needs all that oil, and much more, for its own growth. For many years, it was believed that China would be self-sufficient in oil. But that doesn't seem likely. China is already importing 2 million bbl. daily and is on its way to becoming the second largest importer after the U.S. China needs a new major producer to emerge.

+1

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The United States (US) oil supply is a frequent topic of discussion within the US, because of increasing concerns about dependence on oil as a source of fuel. According to the US Department of Energy, 40% of America's energy needs are met through petroleum products. Many citizens are worried about the impacts of oil on the environment, and would like to see the country moving towards more sustainable sources of oil. In addition, there is a great deal of controversy over the sources for American oil, and the political maneuvering which is necessary in order to meet American demands for oil.

Approximately 40% of America's oil comes from domestic oil fields in states like Texas, Alaska, and California. Some of this oil is actually sold to other countries, such as Japan. The other 60% of the US oil supply is from foreign sources. Contrary to popular belief, however, the US has very diverse oil interests all over the world, and receives oil and petroleum products from almost every continent on Earth. This diversity within the US oil supply allows allows for the manufacture of a wide range of petroleum products, using crude oil of various chemical makeups.

Canada, Saudi Arabia, Colombia, Nigeria, Angola, and Iraq all contribute sizable amounts to the US oil supply. America also imports oil from Kuwait, Norway, the United Kingdom, Venezuela, Equatorial Guinea, and Algeria. Numerous other countries ship refined oil products to the United States to supplement the output of American refineries. The diversity of the US oil supply makes it difficult to cut off the country's supply of oil altogether, although wrinkles in the supply chain could be problematic.

Much of the US oil supply comes from member nations of the Organization of the Petroleum Exporting Countries (OPEC). OPEC member nations are supposed to work together to ensure stable oil prices while safeguarding oil reserves and ensuring that countries around the world have access to oil when they need it. The US oil supply is not, however, restricted to OPEC sources, and the country regularly imports oil from countries which are not member nations, such as Canada, at varying prices.

While the sources for American oil are myriad, many of the countries which contribute the bulk of the US oil supply are economically and politically unstable. This has led to concerns about the security of the US oil supply, since a major political disturbance could be devastating. For this reason, the US also maintains an oil reserve for emergency situations, and is devoting funding to the development of energy alternatives.

Very Interesting! Thanks for sharing your input. :)

RV Already!! smile.gif

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