Wednesday, May 11, 2011
President Obama slams oil prices as GOP blames Obama for their crisis
Obama slams oil company profits as gas prices surge
Obama seeks end to oil industry tax breaks
First Canada is America's largest foreign supplier of crude
February 2011 Import Highlights: Released April 28, 2011:
Monthly data on the origins of crude oil imports in February 2011 has been released and it shows that two countries exported more than 1,000 thousand barrels per day to the United States (see table below). The top five exporting countries accounted for 77 percent of United States crude oil imports in February while the top ten sources accounted for approximately 92 percent of all U.S. crude oil imports. The top five sources of US crude oil imports for February were Canada (2,193 thousand barrels per day), Saudi Arabia (1,114 thousand barrels per day), Mexico (998 thousand barrels per day), Nigeria (948 thousand barrels per day), and Venezuela (878 thousand barrels per day). The rest of the top ten sources, in order, were Angola (357 thousand barrels per day), Iraq (263 thousand barrels per day), Ecuador (242 thousand barrels per day), Brazil (175 thousand barrels per day), and Colombia (175 thousand barrels per day). Total crude oil imports averaged 8,013 thousand barrels per day in February, which is a decrease of 1,056 thousand barrels per day from January 2011. top 15 suppliers
Canada remained the largest exporter of total petroleum in February, exporting 2,831 thousand barrels per day to the United States, which is an increase from last month (2,826 thousand barrels per day). The second largest exporter of total petroleum was Saudi Arabia with 1,114 thousand barrels per day. That said I first have a problem with supposedly what is going on in Libya being the reason for skyrocketing oil prices. We get more than half our oil from Canada and South America.
Next: Obama has no control over the cost of oil; if he did it would mean it is a nationalized enterprise. Its purchase, distribution and sale as well as domestic production here isn't privatized. We do buy from several nationalized sources but ours isn't among them.
A week before the BP Gulf spill. Lisa Murkowski cast the deciding vote to hold big oil culpable for only $750,000,000 in damages. Obama nixed that and went after them for 136 times that in damages -- and he got it.
Last: I understand that from beginning to drill a well seeing it at the pump is around 10 years ( I had trouble researching figures) That makes it Bush's fault despite his secret oil meetings with the so called oil barons to put them in charge and create messes like the Gulf of Mexico. I also understand that we can blame generations of Politicians for this mess but of course they would take no credit for this as they have not for our financial crisis.