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BIDEN BLOWS UP OIL PRICES BY CANCELLING DRILLING IN U.S. NOW BEGS OPEC
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<blockquote data-quote="bacha29" data-source="post: 5880327" data-attributes="member: 58386"><p>Time you finally get to the facts.</p><p>A couple of weeks back Jim Cramer had Vicki Hollub CEO and mineral engineer of Occidental Petroleum on the show.</p><p>And Vicki showed you where the bear recently had a bowel movement in the woods.</p><p></p><p>According to Hollub and speaking for the record on one of the nation's biggest financial and business news network.....97% of the crude oil we are pulling out of the ground is coming from oil fields that were discovered prior to the year 2000. </p><p></p><p>Moreover for every 2 barrels of oil we're drawing out of the ground we are only replacing it with 1 barrel. The reason being is that all of the major oil fields have been discovered and developed. All that remains are smaller, lower yielding fields that due to their lower yields will result in a higher per barrel cost. In addition US crude oil production is at an all time high.</p><p></p><p>Now despite the fact that Vicki Hollub CEO of the very large and publicly traded Occidental Petroleum was speaking for the record and in behalf of her company, you people can dismiss what she has to say if you think it will make a difference. The only question is.....can you disprove it? </p><p></p><p>Unfortunately, the situation is not as simple as those industry analysists at Fox News try to make it out to be. Then again Fox News has no choice but to break information down to the simplest components possible If not it's viewership unable to understand what it's saying would get up out of their recliners and leave. And for Fox News...that would be a bad thing.</p></blockquote><p></p>
[QUOTE="bacha29, post: 5880327, member: 58386"] Time you finally get to the facts. A couple of weeks back Jim Cramer had Vicki Hollub CEO and mineral engineer of Occidental Petroleum on the show. And Vicki showed you where the bear recently had a bowel movement in the woods. According to Hollub and speaking for the record on one of the nation's biggest financial and business news network.....97% of the crude oil we are pulling out of the ground is coming from oil fields that were discovered prior to the year 2000. Moreover for every 2 barrels of oil we're drawing out of the ground we are only replacing it with 1 barrel. The reason being is that all of the major oil fields have been discovered and developed. All that remains are smaller, lower yielding fields that due to their lower yields will result in a higher per barrel cost. In addition US crude oil production is at an all time high. Now despite the fact that Vicki Hollub CEO of the very large and publicly traded Occidental Petroleum was speaking for the record and in behalf of her company, you people can dismiss what she has to say if you think it will make a difference. The only question is.....can you disprove it? Unfortunately, the situation is not as simple as those industry analysists at Fox News try to make it out to be. Then again Fox News has no choice but to break information down to the simplest components possible If not it's viewership unable to understand what it's saying would get up out of their recliners and leave. And for Fox News...that would be a bad thing. [/QUOTE]
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BIDEN BLOWS UP OIL PRICES BY CANCELLING DRILLING IN U.S. NOW BEGS OPEC
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