Re: 'drill, baby, drill'

On Fri, 29 Nov 2024, Auric Hellman wrote:

On 11/28/2024 5:02 AM, D wrote:

  On Wed, 27 Nov 2024, JAB wrote:
 

US oil firms unlikely to go 'drill, baby, drill' under Trump, says
Exxon executive
 U.S. oil and gas producers are unlikely to radically increase
production under president-elect Donald Trump as companies remain
focused on capital discipline, a senior executive at Exxon Mobil
(XOM.N), said on Tuesday.
 https://www.reuters.com/markets/commodities/us-oil-producers-unlikely- shift-drill-baby-drill-mode-says-exxon-executive-2024-11-26/

 It is very simple. If there is a demand, there will be drilling. Looking at my sweet, sweet, dividends and capital gains, I'd say that there is a demand! =)

>
>
What still has not ever been adequately explained to me is why do the oil companies control the crude that has been drilled on American territory. This oil belongs to the American people, not the oil companies

This I can easily explain! The US is more or less a capitalist country, built on strong property rights. That means the US oil belongs to the owners of the land under which it resides, that is, the companies.
So by extension it is owned by the companies and the share holders of the companies, and sold on the semi-free market.
The beautiful thing is, you can also become an owner of oil in the US by buying shares in these companies, so ownership is open to anyone, and in the form of dividend, the profits are distributed equally to all owners, according to their shares.
This is more equal and democratic, than any other socialist nation, where the oil money goes to the government and the politicians, and the people seldom see a penny of that money.
One exception is Alaska, and they have a state-tax (?) or something, and the money is then distributed to the inhabitans in alaska. I do not hav a lot of details, but let us pray that some fellow group member can fill us in on the details! =)