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On Thu, 28 Apr 2011 22:40:34 -0400, Wayne B
wrote: On Thu, 28 Apr 2011 20:55:36 -0400, wf3h wrote: On Thu, 28 Apr 2011 20:32:40 -0400, Wayne B wrote: On Thu, 28 Apr 2011 13:55:18 -0700, wrote: You read it right... Big Oil made $18B in three months and nearly $1T in 10 years Next time you fill up your car/truck/boat/whatever, you should thank them for investing countless billions of dollars in exploration and drilling. that would drive prices down, not up You'd think so wouldn't you? There's only one problem - they are discovering less new oil than they are selling. The fact that they are spending huge amounts of money on exploration and drilling is a matter of public record. You can look it up as Casey Stengel used to say. Every new barrel of oil that is discovered and developed costs a great deal more than the oil that it replaces. Here's a good start if you're interested: http://en.wikipedia.org/wiki/Hydrocarbon_exploration And yet... they made $18B and didn't pay their fair share in taxes, plus they got gov't subsidies... sounds like they're doing just fine. |
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