Saturday, November 5, 2011
Who benefits from oil pumped in the U.S. ?
I'm confused about the push for increased drilling for U.S. oil: when the government grants oil leases to private oil companies (many of which are foreign-owned)...don't the oil companies do whatever they wish with that crude oil once they pump it out? In other words, they don't have to sell that oil for U.S. consumption...they don't have to charge U.S. refineries and end users any less for the products made from this oil, even though it came from our own back yard...they can sell the oil to anybody, anywhere, for any price! What good does it do us citizens here in the United States when this precious commodity is being sold to other countries for their use? Sure, it might increase world supply for a while, lowering prices a little bit, but world demand will eat up this extra supply. Also, I'm sure the oil companies will get huge profits from this U.S. oil, which will NOT be used to benefit anybody in the United States, it will benefit the management and shareholders of these private corporations as usual. Pumping out our precious oil supplies to sell on the world market? WHAT'S IN IT FOR US?????
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