From: "Gary Britt" 

That is EXACTLY what you said.  You said that supplies were high because of
Middle East over production and that Big Oil was part of making the over
supply happen.

It is not possible to cut costs to make more profit when oil sells at less
than  $10.00 per barrel as it did during most of the period in question.
Oil isn't profitable for new drilling in and around the USA at under around
$35.00 to $40.00 per barrel.

Gary

"Robert Comer"  wrote in
message news:439dccb3$1{at}w3.nls.net...
> > So your argument boils down to Big US Oil wanted the price of oil to be
> > LOWER.  Which makes all their oil reserves LESS VALUABLE.
>
> No, that's not what I said, they wanted, and did, cut costs to make more
> profit.
>
> --
> Bob Comer
>
>
> "Gary Britt"  wrote in message
> news:439dc8d6$1{at}w3.nls.net...
> > So your argument boils down to Big US Oil wanted the price of oil to be
> > LOWER.  Which makes all their oil reserves LESS VALUABLE.
> >
> > Yeah, that makes sense.  Brilliant....
> >
> > Duh...
> >
> > Gary
> >
> > "Robert Comer" 
wrote in message
> > news:439db82c$1{at}w3.nls.net...
> >> > That's like saying that supply is high because there is a lot of
> >> > supply.
> >>
> >> Not at all, the supply was high because other countries could undercut
> >> prices in the U.S. because costs are less. (and there was probably a
bit
> > of
> >> dumping going on to hurt domestic production.)  It didn't hurt the big
> > U.S.
> >> oil companies because they were part of it.
> >>
> >> > In other words its a meaningless statement especially as
regards the
> >> > profits
> >> > of the oil industry and that chart you linked to that is wrong.
> >>
> >> Talk to the DOE.
> >>
> >> --
> >> Bob Comer
> >>
> >>
> >> "Gary Britt" 
wrote in message
> >> news:439db659{at}w3.nls.net...
> >> > That's like saying that supply is high because there is a lot of
> >> > supply.
> >> >
> >> > In other words its a meaningless statement especially as
regards the
> >> > profits
> >> > of the oil industry and that chart you linked to that is wrong.
> >> >
> >> > Gary
> >> >
> >> > "Robert Comer"
 wrote in message
> >> > news:439db2bb$1{at}w3.nls.net...
> >> >> > Completely wrong.
> >> >>
> >> >> Nope.
> >> >>
> >> >> >They went bankrupt because the price of oil was so low
> >> >> > that they couldn't make a profit.
> >> >>
> >> >> That's exactly what I said with the addition that it
was so low
> >> >> because
> >> >> of
> >> >> overseas production.
> >> >>
> >> >> >  I take it your relatives work as
> >> >> > roustabots on a drilling rig.
> >> >>
> >> >> No, oil rig pump business, but when times got tough,
they also did
> > that.
> >> >>
> >> >> --
> >> >> Bob Comer
> >> >>
> >> >>
> >> >> "Gary Britt"
 wrote in message
> >> >> news:439daf82$1{at}w3.nls.net...
> >> >> >
> >> >> > "Robert Comer"
 wrote in message
> >> >> > news:439da892{at}w3.nls.net...
> >> >> >> So you think.
> >> >> >
> >> >> > So I know.
> >> >> >
> >> >> >> Sorry guy, I had relatives in the oil
industry too, and what
you're
> >> >> > talking
> >> >> >> about is domestic production, and yes, they
went bankrupt because
> > they
> >> >> >> couldn't compete with overseas production,
now isn't it odd that
> >> >> >> the
> >> > big
> >> >> > oil
> >> >> >> producer US companies still make profits,
no it's not, because
they
> >> >> >> are
> >> >> >> producing overseas, not here. (for the most part)
> >> >> >
> >> >> > Completely wrong.  They went bankrupt because
the price of oil was
> >> >> > so
> >> > low
> >> >> > that they couldn't make a profit.  I take it
your relatives work
as
> >> >> > roustabots on a drilling rig.
> >> >> >
> >> >> > The chart was wrong as are your beliefs.
> >> >> >
> >> >> > Gary
> >> >> >
> >> >> >
> >> >>
> >> >>
> >> >
> >> >
> >>
> >>
> >
> >
>
>

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