On 2008-04-15, Jay Honeck wrote:
Whether it's 4 billion, or 400 billion barrels -- who cares? It's *ours*.

Well, actually, it's not; it belongs to the companies that extract it.
It will be therefore traded on the world market along with all the other
oil. Oil companies, like any other firm, want to maximise their profits
and so will sell the oil where it's most profitable to sell it.

So it'll barely change oil prices.

To make it "your" oil, you would have to take the socialist step of
making it a nationalised industry. To make it lower the cost of oil in
the United States, you'd also have to make it a nationalised industry
selling below market price.

The country 50 miles to the right of me is a net exporter of oil (the
UK). That's where Brent sweet crude comes from, one of the benchmark
prices. Their oil price goes up and down with the global market just
like everyone else's. Being an oil producing country does not get you a
price break from the global oil market.

--
From the sunny Isle of Man.
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