The U.S. is about to be the world’s top crude oil producer

[Darts]

Oil is a "sunset industry". It is possible that the demand for oil in 2040 will actually be much lower than in 2018. In that case much of the oil currently in the ground in the Middle East could stay in the ground forever. Plus, more oil lies under the Arctic which could be accessible in 2040 due to global warming, new technology and the opening of the NorthWest Passage.

https://theecologist.org/2017/may/15/oil-industrys-sunset-years-low-prices-weak-demand-poor-outlook

 

[JohnLarue]

It is also grossly stating the Norway model by the usual leftist posters.

After all, in our very own Ontario, every single person is in debt by the same amount basically.

We ain`t dead yet.

No.
I believe the Ont debt is $40 K for every man woman & child in the province

 

[JohnLarue]

Oil is a "sunset industry". It is possible that the demand for oil in 2040 will actually be much lower than in 2018. In that case much of the oil currently in the ground in the Middle East could stay in the ground forever. Plus, more oil lies under the Arctic which could be accessible in 2040 due to global warming, new technology and the opening of the NorthWest Passage.

https://theecologist.org/2017/may/15/oil-industrys-sunset-years-low-prices-weak-demand-poor-outlook

Do not kid yourself , world consumption is 100 Million barrels a day and increasing
Green efforts will never replace that amount in your lifetime or your kids lifetime.
At best they may slow the growth in oil consumption.

 

[PornAddict]

You are unbelievably clueless
If you understood what was written, you would have realized how much the WORLD has benefited by the risk taking & wealth generation by the US oil industry
Risk taking which would be totally inappropriate for a government to undertake with tax payers capital.

Norway has generated a lot of wealth on a per capita basis, however that is nowhere as impressive when you consider there are only 5 million people.

The US oil industry has generated far more wealth on an absolute basis & if you were to include the value created from re-investment of dividends in the US economy and tax dollars remitted to the government, the per capita basis would still massively exceed Norway's .

The absolute dollar figure that US has invested in hospitals, infrastructure & social programs again, makes Norway's investment look like a rounding error

The debt?
That is the cost of the US deciding they want the worlds most powerful military & the US deciding they wanted to act as the world policeman for the last century.
That is a completely different issue.

Sources of funding i.e. state controlled industry vs taxation of privately controlled industry is a different question relative to the question of how those funds are used.

Your problem is you start with the uses and then decide you can spend more immediately via government controlled industry.
You do this without regard for the huge advantage the private sector has in generating massive excess economic development and advancing technology in the pursuit of profit.


Norway's oil wealth is primarily undersea.
There is no way in hell the Norwegian government would have been able to independently develop the technology to drill deep sea wells.

Private non-government firms developed this technology & they had to take a lot of risks

Now pay attention
Had the US oil industry been government controlled from the start, Norway's oil would sill be trapped inaccessible under the North Sea
The value of Norway sovereign fund would be defendant on the size of the herring catch from year to year & a mere fraction of today's infrastructure, health and social investments would exist in Norway.

The depth of your thinking is extremely shallow and is driven by ideals rather than true understanding, logic and rational evaluation.
i.e. you are a fool

+1 of my vote "Frankfooter is a fool" ... his thinking is driven by ideology instead of facts!!

 

[Frankfooter]

You are unbelievably clueless
If you understood what was written, you would have realized how much the WORLD has benefited by the risk taking & wealth generation by the US oil industry
Risk taking which would be totally inappropriate for a government to undertake with tax payers capital.

Norway has generated a lot of wealth on a per capita basis, however that is nowhere as impressive when you consider there are only 5 million people.

The US, through foreign policy and the seven sisters, has not aided the world. Instead we've had multiple middle east wars for over a century, instability throughout the world and a US whose divide between rich and poor and crumbling infrastructure are putting it in an end of empire state.

Norway is a stable and relatively rich country.

In the US you have declining life expectancy, serious issues with infrastructure and wealth concentrated in the super rich.
On top of that, the US is now being left as the only country in the world refusing to do something about climate change caused through the oil and fossil fuel industries.
While the rest of the world is moving to cheaper renewable energy you've got Trump pushing coal and bragging about pumping more oil.

Norway used their resources intelligently and for the better of the country, they are in a way better position, despite their smaller size, then the US now.
You're stuck in the past.

 

[onthebottom]

I love the obsession with Norway.

5m people who have pumped oil out of the North Sea and own1.4% of global equities. If you think that’s a model for anything you are an idiot, which I guess explains why it’s such a hot topic here.

 

[Frankfooter]

I love the obsession with Norway.

5m people who have pumped oil out of the North Sea and own1.4% of global equities. If you think that’s a model for anything you are an idiot, which I guess explains why it’s such a hot topic here.

That's 0.1% of the world owning 1.4% of equities.
Doesn't sound bad at all.

 

[danmand]

I love the obsession with Norway.

5m people who have pumped oil out of the North Sea and own1.4% of global equities. If you think that’s a model for anything you are an idiot, which I guess explains why it’s such a hot topic here.

They are too smart to immigrate to USA.

 

[JohnLarue]

The US, through foreign policy and the seven sisters, has not aided the world. Instead we've had multiple middle east wars for over a century, instability throughout the world and a US whose divide between rich and poor and crumbling infrastructure are putting it in an end of empire state.

You would getting around via a horse if it were not for the US oil industry.
There have been middle wars since time began.
Rich and poor have existed since time began. Without the US oil industry the pie would be smaller the net result is the poor would be poorer.

Norway is a stable and relatively rich country.

Simply because the US oil industry developed the technology that enabled Norway to access its undersea oil

In the US you have declining life expectancy, serious issues with infrastructure and wealth concentrated in the super rich.

Did you want fries with that?
New York state alone has more miles of road than Norway
News flash it is a capitalist society where risk takers are rewarded & all of society benefits.
You would be wearing rags and working 14 hours a day just to feed yourself without the advancements capitalism has created

On top of that, the US is now being left as the only country in the world refusing to do something about climate change caused through the oil and fossil fuel industries.
While the rest of the world is moving to cheaper renewable energy you've got Trump pushing coal and bragging about pumping more oil.

Not at all related to state vs private ownership of oil

Norway used their resources intelligently and for the better of the country, they are in a way better position, despite their smaller size, then the US now.

Can I donate to help you move there?
Oh yeah, they would not have you

Comparing the Norwegian oil industry to the US oil industry is like comparing the local corner store to Loblaws
The local store may do well, but Loblaws operations are far more complicated, capital intensive and critical to feeding millions
They can not be run the same

You're stuck in the past.

And you are stuck in fairyland thinking the government can manage an economy
In the past ?
Venezuela tried your brain dead experiment, now the people can not afford toilet paper


The more you post the more obvious it becomes how uneducated and miss-guided you are.
You are incapable of applying logic or sound judgement and allow your ideals to dictate your conclusions while ignoring factual information and objective reasoning.
And that makes you a fool

 

[Frankfooter]

You would getting around via a horse if it were not for the US oil industry.
There have been middle wars since time began.
Rich and poor have existed since time began. Without the US oil industry the pie would be smaller the net result is the poor would be poorer.

No, other people would have drilled and developed it. Just as they have done in other countries.
The US just wasted their opportunities and gave all that cash to international corps, instead of using it for the country's good like Norway.

 

[JohnLarue]

No, other people would have drilled and developed it. Just as they have done in other countries.

Undersea drilling??
Once again you prove how little you actually understand

It is about one of these most technically challenging & expensive endevours man has ever undertaken
There is no way in hell a government would have devoted the time & capital the US oil industry put into deep sea exporation
Nor should any government put taxpayers money (& it was lot of $ ) into such a risky proposition

You are truly clueless.
Yet you have an uncompromising opinion about issues you do not understand

Frankfooter the Fool

The US just wasted their opportunities and gave all that cash to international corps, instead of using it for the country's good like Norway.

The wealth and technological advancements the US oil industry have created are massive & obviously beyond your comprehension (Just like grade 10 was beyond your comprehension)
The US is the most powerful nation both ,militarily and economically. The primary driver of that power was the US oil industry.

Read "The Prize" by Daniel Yurgin before you embarrass yourself any further

 

[Frankfooter]

Undersea drilling??
Once again you prove how little you actually understand

And I'm sure you think Aramco is really American as well and that OPEC is really just a front for Exxon.

 

[JohnLarue]

And I'm sure you think Aramco is really American as well and that OPEC is really just a front for Exxon.

And I am sure you would be wrong AGAIN!!!

Explain what Aramco has to do with your brain dead statement that the US oil industry should have been nationalized from word go ?

BTW the middle east oil industry owes its origins to the US oil industry,
Without the capital & expertise of the US oil companies, the middle east would just be a bunch of poor groups who hate each other instead of rich groups who hate each other.
The original concession was a pittance (loose change)as the Saudi King thought there was nothing but sand there.

And you think governments would have independently developed the technology for deep sea drilling??
Frank footer the Fool

Again Read "The Prize" by Daniel Yurgin before you embarrass yourself any further

 

[Frankfooter]

And I am sure you would be wrong AGAIN!!!

Explain what Aramco has to do with your brain dead statement that the US oil industry should have been nationalized from word go ?

BTW the middle east oil industry owes its origins to the US oil industry,
Without the capital & expertise of the US oil companies, the middle east would just be a bunch of poor groups who hate each other instead of rich groups who hate each other.
The original concession was a pittance (loose change)as the Saudi King thought there was nothing but sand there.

And you think governments would have independently developed the technology for deep sea drilling??
Frank footer the Fool

Again Read "The Prize" by Daniel Yurgin before you embarrass yourself any further

Are you so racist to really believe that only americans could develop deep sea drilling?
Its one thing to support US 'interventions' and wars designed to attempt to control oil production, but its another thing to try to claim that 'only americans' are smart enough.
Aramco is the largest oil company in the world, they had the resources as well.

 

[onthebottom]

That's 0.1% of the world owning 1.4% of equities.
Doesn't sound bad at all.

I’m not surprised you didn’t understand my point.

 

[onthebottom]

They are too spoiled and drunk to immigrate to USA.

There, fixed it for you, they do often attend US universities.

 

[Frankfooter]

I’m not surprised you didn’t understand my point.

I'm not surprised you didn't understand mine.

 

[onthebottom]

I'm not surprised you didn't understand mine.

You are the TERB village idiot, your monosyllabic points are quite easy to decipher.

 

[JohnLarue]

Are you so racist to really believe that only americans could develop deep sea drilling?

Are you so stupid you think you can blame everything on racism?

To answer your question
No
The American oil companies are only ones with the capital, innovation and the ability to assume the financial risks which were needed to develop deep sea drilling

Its one thing to support US 'interventions' and wars designed to attempt to control oil production, but its another thing to try to claim that 'only americans' are smart enough.

It is the risk capital & technical expertise which was required & only they had it.
Governments should not take risks like that with taxpayers money. END OF STORY
What a moron!

Aramco is the largest oil company in the world, they had the resources as well.

Aramco only exists because the US oil companies poured billions into developing the Saudi oil fields
There is no way the Saudis could have created such a company without the US oil industry doing most of the heavy lifting
Had the US oil industry been government owned, morons like you wold have screamed bloody murder at the thought of investing Billions of taxpayer money in the desert on the other side of the earth

Besides Aramco is going to market with an IPO, so your shining example of a govt owned oil company is about to prove your theory wrong

For the third time: Read "The Prize" by Daniel Yurgin as you have embarrassed your self enough.

What I find truly amazing is how you can be so consistently wrong on so many varied subjects
Do you work at being wrong?

 

[Frankfooter]

Are you so stupid you think you can blame everything on racism?

To answer your question
No
The American oil companies are only ones with the capital, innovation and the ability to assume the financial risks which were needed to develop deep sea drilling

Once again, Aramco is the biggest oil company in the world, with the most capital.
What you really should do is take a look at Chinese innovation vs US innovation over the last couple of decades and really tell us that you think only Americans can come up with tech.
And yes, its part of that Trump 'make america white again', mentality that claims that nobody else in the planet can innovate or invest.