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Test Tickel
Join Date: Feb 2007
Location: houston, texas
Posts: 1,737/2.67
Threads: 75
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Re: Anwar and other off limit oil fields... One more time..
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Originally Posted by Juan.©amaney
Yes, because without oil, we are all doomed. Except all those tribes and amish people and junk.
I say, the status quo is nice and good. We've seen people change their ways and oil is a business.
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More like a cartel than a business..... Maybe not so much now but in the past when we had surplus, the only changes being made now are do deal with or offset depletion......... Then oil was big in the US and we were the world's leading producer, controlled the supply to control the price, this was done under the Texas Railroad Commission, and they did so until 1971 when we were pumping flat out.... OPEC realized we reached allowable output then they started to fix prices and hold us hostage by our addiction.... This is why carter put 25 billion into R&D for coal gasification and wrote the Carter Doctrine...
The changes that needed to be made, needed to be made 35 years ago, the transition will come too quickly for a smooth adjustment..... They needed to be legislated and regulated and we did the opposite......... :-(
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The Oil Cartel
To many, the phrase "oil cartel" brings to mind the Organization of Petroleum Countries, or OPEC. OPEC was founded in 1960 by five countries—Saudi Arabia, Iraq, Iran, Kuwait and Venezuela—and later joined by nine others—Qatar, Indonesia, Libya, the United Arab Emirates, Algeria, Nigeria, Ecuador, Angola, and Gabon. Its headquarters was initially in Geneva, Switzerland, but moved to Vienna, Austria in 1965.
OPEC was a British creation, a way of keeping the oil-producing nations in line, and creating a uniform oil price for the benefit of the oil companies. It was based upon the Texas Railroad Commission, a state agency created in 1891 to protect the operations of the British-linked Harriman railroad operations in Texas. With the discovery of oil in Texas in 1901, that state became a major producer of oil, and in 1919, the Railroad Commission was given authority to "regulate" oil. Texas Gov. Ross Sterling, one of the founders of Humble Oil & Refining, and a former chairman of that company, sent the Texas National Guard into the oilfields in 1931 to enforce production quotas on behalf of Big Oil, with the Railroad Commission given the power to set the quotas. Limiting production is a way of controlling the price, so OPEC was actually a global version of the oil cartel's price-fixing mechanism in Texas
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