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[quote]QUOTE: Originally posted by spbed Oil closed yesterday @ a new hi over $56.50 a barrel. The best 2 words this counrty can ever hear is self sufficent[:D] [/quote] Unless you mean a different form of energy, "self sufficient" is a myth. Oil is an international commodity and many of the big oil companies are foreign owned. In the U.S. and many other parts of the world. once the lease is issued and the royalties paid, any oil that comes out of the ground belongs to the oil companies. They ship it by the shortest route to wherever it's needed and since Supertankers don't fit through the canals, that means some North Slope oil currently goes to Japan. The OPEC countries do set quota's, the spot-market prices from the commodity market speculators jumps when they tighten, and the corner gas station price jumps the very next morning, but most of the oil sold to the large oil companies is covered under longer-term contracts. They earn record profits and are happy to see OPEC and the spot-market prices take most of the blame. Why did we allow IRAQ to become an OPEC member? Would such a cartel be legal in the U.S. Is it even ethical under a system of free-market Capitalism? And why are we taxpayers paying to put oil into the Strategic Reserve at record prices when it's 98% full? The answer IMO is the current administration was bought and paid for by oil. What we need is a competitive form of energy. Many parts of the world have already figured out that nuclear is the answer, but the current administration seems hell-bent on preventing countries from building new plants on the pretext they might make weapoms, never mind that there's plenty of weapons grade stuff floating around the former USSR, virtually un-secured. We could be using natural gas for transportation, but instead we're burning it up heating homes and making electricity. Use nuclear & coal to make electricity and provide stationary energy needs like heating using that. But my guess is that one of the current administrations "secret" campaign promises to financial backers for a second term was $80/barrel oil.
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