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  #1  
Unread 15th May 2012, 10:34 PM
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US Government: We have a lot of oil

"And Obama keeps telling you the United States only has 2 percent of the world’s oil reserves. Liberals can spin it and the numbers any way they want, but what it comes down to is we’ve got a ton of oil. As a matter of fact, the largest known reserves of oil are not in the Middle East, rather they are right here in the United States, and the federal government and the Obama administration won’t let anyone touch it.

Directly from the GAO testimony, which by the way refers to an October 2010 study that does not seem to have been made public at the time. Wonder why?"
In its October 2010 report, GAO noted that oil shale development presents the following opportunities for the United States:
  • Increasing domestic oil production. Tapping the vast amounts of oil locked within U.S. oil shale formations could go a long way toward satisfying the nation’s future oil demands. Oil shale deposits in the Green River Formation are estimated to contain up to 3 trillion barrels of oil, half of which may be recoverable, which is about equal to the entire world’s proven oil reserves.
  • Socioeconomic benefits. Development of oil shale resources could lead to the creation of jobs, increases in wealth, and increases in tax and royalty payments to federal and state governments for oil produced on their lands. The extent of these benefits, however, is unknown at this time because the ultimate size of the industry is uncertain
===========

US Government: We have a lot of oil | Radio Vice Online


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  #2  
Unread 15th May 2012, 11:29 PM
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Why Is The Obama Administration Allowing The Chinese Government To Buy Up U.S. Oil And Gas Deposits Worth Billions Of Dollars?

If we are trying to become independent of foreign oil, then why is the Obama administration allowing the Chinese government to buy up U.S. oil and gas deposits worth billions of dollars? This makes absolutely no sense whatsoever. The United States desperately needs to maintain control over its own domestic energy resources so that we can end our addiction to foreign oil. As I have written about previously, the United States actually has plenty of oil. If we would simply use the resources that we already have, we would never have to import a single drop of foreign oil. But instead, we continue to be the largest importer of oil on the planet and we are allowing China to rapidly buy up oil and gas deposits inside the United States. This is fundamentally wrong and it is a serious threat to our national security. But apparently everything is for sale in the United States today, and that includes our precious energy resources.
The Chinese government is using two giant corporations to buy up these energy resources.
CNOOC recently completed a 570 million dollar deal that gives it a one-third interest in huge oil and gas deposits in Colorado and Wyoming.
"In fact, according to a recent Business Insider article, this deal gives the Chinese government the right to a third of any new oil discovered by Chesapeake Energy in the entire region....
The Niobrara Shale formation stretches over Colorado and Wyoming, as well as Kansas and Nebraska. Chesapeake Energy's position is in Wyoming and Colorado. If Chesapeake find any more oil in this region, CNOOC has the rights to 33.3% of what is found.
But this is not the only area of the country where China now owns energy rights. The following is an excerpt from a recent state-by-state breakdown that appeared in the Wall Street Journal....
Louisiana: Sinopec has a one-third interest in 265,000 acres in the Tuscaloosa Marine Shale after a broader $2.5-billion deal with Devon Energy.

Michigan: Sinopec gained a one-third interest in 350,000 acres in a larger $2.5 billion deal with Devon Energy.

Ohio: Sinopec acquired a one-third stake in Devon Energy’s 235,000 Utica Shale acres in a larger $2.5 billion deal.

Oklahoma: Sinopec has a one-third interest in 215,000 acres in a broader $2.5 billion deal with Devon Energy.

Texas: Cnooc acquired a one-third interest in Chesapeake Energy’s 600,000 acres in the Eagle Ford Shale in a $2.16-billion deal."
==========================

Why Is The Obama Administration Allowing The Chinese Government To Buy Up U.S. Oil And Gas Deposits Worth Billions Of Dollars?

Why does everything about this Hussein regime seem to not be in America's best interest?
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  #3  
Unread 16th May 2012, 02:29 AM
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Here's a little conjecture on my part, but for what it's worth...

They may be allowing China to grab that oil as a result of the massive debt we owe them. Either it's out of the goodness of the politicians hearts (?), or China is leveraging the debt to get its way.

However the real story reads, it's a disgrace.
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  #4  
Unread 16th May 2012, 02:31 AM
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Give me some.


When I recieve it, free oil for everybody.
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Unread 16th May 2012, 02:59 AM
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You guys are going to have to explain your understanding of "free market economy" and "capitalism". Are these things that only apply to Americans, and the rest of the world can go to heck? Why shouldn't China buy US oil deposits if it can?

I always thought you conservatives opposed government regulation of business. Once again it appears to be "government out of my business, but deep in everyone else's".

If it was England, Canada or Australia doing the buying, would you care?
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Unread 16th May 2012, 03:12 AM
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Originally Posted by Blayz View Post
You guys are going to have to explain your understanding of "free market economy" and "capitalism". Are these things that only apply to Americans, and the rest of the world can go to heck? Why shouldn't China buy US oil deposits if it can?
There's a bit more to it, which I'll get to in this response. Suffice to say that were the situation only slightly different, I'd have no problem with it.


Originally Posted by Blayz View Post
I always thought you conservatives opposed government regulation of business. Once again it appears to be "government out of my business, but deep in everyone else's".
I'm a Conservative, to a degree apparently, but I'm a Constitutionalist as well. In other words, the world can go to hell as far as this country's aid is concerned if this country is not living up to its duties to the citizenry.

The United States has a constitutional responsibility to maintain the infrastructure of the country. Right now, oil supply plays a vital role in that infrastructure. The fact that the government is not pulling that oil out and selling it domestically to alleviate the price at the pumps; but is selling it to another country/countries; shows that it is neglecting its duties.

Was the government to be selling to China while also supplying her own citizens, I would have no problem. That is not what is happening. So, China is getting a comparatively good deal on oil, while we "suffer" at the pumps. (Quotes to indicate that I realize others around the world are also dealing with high gas prices.)


Originally Posted by Blayz View Post
If it was England, Canada or Australia doing the buying, would you care?
If our government was doing the same thing with those countries they're doing with China, while not providing for her own citizens? Yes, I would.
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  #7  
Unread 16th May 2012, 03:23 AM
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Originally Posted by RETS View Post
The United States has a constitutional responsibility to maintain the infrastructure of the country. Right now, oil supply plays a vital role in that infrastructure. The fact that the government is not pulling that oil out and selling it domestically to alleviate the price at the pumps; but is selling it to another country/countries; shows that it is neglecting its duties.
So to clarify, you think your government should be in the oil business.

Should private enterprise play a role at all? Should all oil companies be nationalized?

Any of that in the constitution?

Was the government to be selling to China while also supplying her own citizens, I would have no problem. That is not what is happening. So, China is getting a comparatively good deal on oil, while we "suffer" at the pumps.
Evidence please.
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Unread 16th May 2012, 03:26 AM
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Originally Posted by Blayz View Post
So to clarify, you think your government should be in the oil business.

Should private enterprise play a role at all? Should all oil companies be nationalized?

Any of that in the constitution?

Evidence please.
Instead of belittling the responses and adding to them, profess your own belief.

That is only tough for the hypocritical.
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Unread 16th May 2012, 03:32 AM
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Originally Posted by someguy14 View Post
Instead of belittling the responses and adding to them, profess your own belief.

That is only tough for the hypocritical.
I'm not belittling anything. I'm trying to understand why conservatives think a Chinese company buying US oil deposits is Obama's fault, and what they think he/the government should do in response.

I'm not sure you know what hypocritical means, here, let me use it in a sentence for you "Screaming less government involvement in business simultaneously with the government should be in the oil business" is hypocritical.

Here's another example: claiming Obama is refusing people the right to drill for oil whilst simultaneously complaining about people drilling for oil.

To answer your question, I could not give a tinker's cuss who onws the oil. I choose to live in a country with a decent public transport system, and do not own a car.
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Unread 16th May 2012, 03:57 AM
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Originally Posted by RETS View Post
So, China is getting a comparatively good deal on oil, while we "suffer" at the pumps. (Quotes to indicate that I realize others around the world are also dealing with high gas prices.)
Originally Posted by Blayz View Post
To answer your question, I could not give a tinker's cuss who onws the oil. I choose to live in a country with a decent public transport system, and do not own a car.
Exactly. I live in a city that has a decent (and improving) transit system. It's amazing how people complain about gas prices and yet aren't even willing to change their lifestyle a little bit.
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