As Oil Giants Lose Influence, Supply Drops

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As Oil Giants Lose Influence, Supply Drops Tuesday, August 19, 2008
The New York Times -- Oil production has begun falling at all of the major Western oil companies, and they are finding it harder than ever to find new prospects even though they are awash in profits and eager to expand. Part of the reason is political. From the Caspian Sea to South America, Western oil companies are being squeezed out of resource-rich provinces. They are being forced to renegotiate contracts on less-favorable terms and are fighting losing battles with assertive state-owned oil companies. And much of their production is in mature regions that are declining, like the North Sea.
Visit The New York Times for full article

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JT Moderator	Message Posted: 8/19/2008 12:39:49 PM	Ignore JT Report Abuse
	Tuesday, August 19, 2008 The New York Times -- Oil production has begun falling at all of the major Western oil companies, and they are finding it harder than ever to find new prospects even though they are awash in profits and eager to expand. Part of the reason is political. From the Caspian Sea to South America, Western oil companies are being squeezed out of resource-rich provinces. They are being forced to renegotiate contracts on less-favorable terms and are fighting losing battles with assertive state-owned oil companies. And much of their production is in mature regions that are declining, like the North Sea. Visit The New York Times for full article

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Bill313 Champion Author Kansas City Posts:5,363 Points:746,465 Joined:Sep 2006	Message Posted: 8/23/2008 7:37:29 PM	Ignore Bill313 Report Abuse
	Why are we paying for bad management
eaglev All-Star Author Oklahoma City Posts:978 Points:332,145 Joined:Jul 2005	Message Posted: 8/23/2008 5:01:40 PM	Ignore eaglev Report Abuse
	that is why we need to drill here where we know that we have oil deposits.
jb47 All-Star Author Shreveport Posts:512 Points:289,850 Joined:Aug 2007	Message Posted: 8/20/2008 11:50:40 AM	Ignore jb47 Report Abuse
	At least someone is standing up to them, our government sure doesn't. I guess they don't like it when they may not make outrageous profits and have to pay more themselves
Don20 Champion Author Oklahoma City Posts:1,530 Points:1,014,745 Joined:Mar 2005	Message Posted: 8/20/2008 11:08:27 AM	Ignore Don20 Report Abuse
	I would like 10% of their profits I could retire in style.
rusty_armor Sophomore Author Texas Posts:106 Points:41,840 Joined:Jul 2008	Message Posted: 8/20/2008 10:59:54 AM	Ignore rusty_armor Report Abuse
	DRILL! DRILL NOW!
Rutzup All-Star Author Connecticut Posts:540 Points:125,035 Joined:Jun 2006	Message Posted: 8/20/2008 10:56:09 AM	Ignore Rutzup Report Abuse
	AuburnTim correction to your correction. The places they have to drill and are not drilling is because there is no oil in those places. That's why they are not drilling there.
Bannack All-Star Author Florida Posts:750 Points:134,445 Joined:May 2008	Message Posted: 8/20/2008 10:55:22 AM	Ignore Bannack Report Abuse
	Obscene profits are right.
scrounger Champion Author Vancouver Posts:6,271 Points:1,683,595 Joined:Mar 2003	Message Posted: 8/20/2008 10:53:44 AM	Ignore scrounger Report Abuse
	that is what happens when you make obscene profits
AuburnTim Champion Author Indiana Posts:1,343 Points:369,855 Joined:May 2005	Message Posted: 8/20/2008 10:50:59 AM	Ignore AuburnTim Report Abuse
	correctio big oil does have places here yet to drill on land already approve for drill but they don't. So we don't at this time need to approve more place for them to drill.
BoerneWatch Champion Author San Antonio Posts:6,440 Points:831,110 Joined:Oct 2005	Message Posted: 8/20/2008 10:50:09 AM	Ignore BoerneWatch Report Abuse
	Here is an article that is designed to keep the price of oil up artificially. Read closely, it shows that the price should be going down. The headline is misleading.
mfeldstein All-Star Author Ontario Posts:558 Points:430,110 Joined:Feb 2007	Message Posted: 8/20/2008 10:49:48 AM	Ignore mfeldstein Report Abuse
	I agree with Don1222 .... If governments push the automakers, they can adapt to new, more stringent standards.
RochBear Champion Author Minnesota Posts:1,758 Points:505,580 Joined:May 2006	Message Posted: 8/20/2008 10:48:02 AM	Ignore RochBear Report Abuse
	They didn't mention that Nancy and Co. won't let big oil drill in this country. So they are getting pushed out of foriegn countries, and can't drill here. They have the time/money to drill, but no place to drill. (oh sure they have some places they could drill here, but that's not where the oil is! Why drill a dead well?)
DarthDadJr Veteran Author Virginia Posts:457 Points:95,310 Joined:Jul 2008	Message Posted: 8/20/2008 10:43:51 AM	Ignore DarthDadJr Report Abuse
	More reason to diversify our sources of energy.
LanguageMan1 Champion Author Tampa Posts:2,410 Points:169,125 Joined:Apr 2008	Message Posted: 8/20/2008 10:43:31 AM	Ignore LanguageMan1 Report Abuse
	I agree fully that we need to get away from oil, but we also need to drill for and produce more of it here at home, refine more gas and be less dependent upon foreign sources while we're moving away from oil. But the oil companies don't want us to be moving away from oil, especially Exxon! Gas_Buzzer, they cut their own throats, and ours as well; plus our economy and the world's economies as well! [Edited by: LanguageMan1 at 8/20/2008 10:44:45 AM EST]
Gas_Buzzer Champion Author South Carolina Posts:6,465 Points:1,106,300 Joined:Sep 2005	Message Posted: 8/20/2008 10:42:09 AM	Ignore Gas_Buzzer Report Abuse
	No tears from me. They cut their own throats.
LanguageMan1 Champion Author Tampa Posts:2,410 Points:169,125 Joined:Apr 2008	Message Posted: 8/20/2008 10:41:23 AM	Ignore LanguageMan1 Report Abuse
	Keep in mind that they've been drilling less and buying back more of their stock instead! They've brought about the reduction of oil here in this country themselves!
Laser917 Champion Author Minnesota Posts:2,388 Points:798,055 Joined:Oct 2005	Message Posted: 8/20/2008 10:40:30 AM	Ignore Laser917 Report Abuse
	Where were those speculators when we should have been drilling for oil for use today. Guess it never came up on their crystal balls then.
dohanian Champion Author Illinois Posts:2,969 Points:671,755 Joined:Sep 2005	Message Posted: 8/20/2008 10:36:05 AM	Ignore dohanian Report Abuse
	Sorry need to post one more comment. Part that cracks me up is that Greed of the oil companies developing all these resources is now rubbing off on the dictators and they are telling big oil to go scratch. I love it.
dohanian Champion Author Illinois Posts:2,969 Points:671,755 Joined:Sep 2005	Message Posted: 8/20/2008 10:34:18 AM	Ignore dohanian Report Abuse
	I agree. Get out from underneath oil. Even if we drill now it would be several years before we see anything from it. Better idea is to spend that time and money getting out of oil all together.
acknot All-Star Author Seattle Posts:877 Points:643,550 Joined:Sep 2003	Message Posted: 8/20/2008 10:33:16 AM	Ignore acknot Report Abuse
	Duh! There's only so much oil.
Pede Champion Author New Jersey Posts:1,094 Points:147,230 Joined:Apr 2007	Message Posted: 8/20/2008 10:32:53 AM	Ignore Pede Report Abuse
	It is time that the Oil Giants loss some of there greedy profits that took advantage of every body
NavyEOD Champion Author Los Angeles Posts:1,966 Points:432,365 Joined:Jul 2007	Message Posted: 8/20/2008 10:31:52 AM	Ignore NavyEOD Report Abuse
	They have all the excuses!
Mooseman1 Champion Author Manitoba Posts:2,037 Points:310,855 Joined:Jul 2007	Message Posted: 8/20/2008 10:31:44 AM	Ignore Mooseman1 Report Abuse
	Things could get even more complicated.
Mickie08 Sophomore Author Jackson Posts:162 Points:69,645 Joined:Mar 2008	Message Posted: 8/20/2008 10:29:53 AM	Ignore Mickie08 Report Abuse
	I second and third r651981's comments. Let's be the ground breaker in hydrogen, fuel cell or whatever and let the Saudis and Iranians sit with their oil. The value will plummet and other countries will want our technology and or products to clean up their air (China, Mexico) and make them less dependent on foreign oil.
gladtobeamomof3 Rookie Author Iowa Posts:4 Points:1,095 Joined:Jul 2008	Message Posted: 8/20/2008 10:28:44 AM	Ignore gladtobeamomof3 Report Abuse
	We as a country, need to look at ways to utlize the energy capabilities that we have here. We need to cut our dependance on other nations for our energy resources. Yes oil is great and it is essential, HOWEVER, there are other energy prospects out there, that we have right here at home that we need to be investigating, like bio-fuels, and wind, and hydrogen.
techque All-Star Author St. Louis Posts:671 Points:954,000 Joined:Apr 2005	Message Posted: 8/20/2008 10:26:48 AM	Ignore techque Report Abuse
	what a sad problem - too much profit and every jerk-water dictator wants a bigger piece of it. and they'll really scream when the bottom falls out of the market. so sad.
Brockvillian Veteran Author Ontario Posts:437 Points:277,245 Joined:May 2007	Message Posted: 8/20/2008 10:26:27 AM	Ignore Brockvillian Report Abuse
	Maybe they should be developing alternative cleaner fuel sources.
hwnguy All-Star Author Honolulu Posts:625 Points:142,655 Joined:Apr 2008	Message Posted: 8/20/2008 10:25:37 AM	Ignore hwnguy Report Abuse
	Politics will always get in the way.
katkAL Sophomore Author Alabama Posts:227 Points:80,435 Joined:May 2008	Message Posted: 8/20/2008 10:25:25 AM	Ignore katkAL Report Abuse
	Doesn't everyone want to keep control of their own family, possessions, money, etc.?
gasman50 Champion Author Portland Posts:1,315 Points:820,515 Joined:Nov 2005	Message Posted: 8/20/2008 10:24:36 AM	Ignore gasman50 Report Abuse
	We need to drill, drill here, drill now
r651981 All-Star Author Columbus Posts:502 Points:424,975 Joined:May 2006	Message Posted: 8/20/2008 10:23:06 AM	Ignore r651981 Report Abuse
	Our addiction to fossil fuels has placed us at the mercy of OPEC. Neither the Saudis nor the Iranians are our friends. Our primary National Security issue has to be energy independence. We have wasted 35 years since the 1973 Oil Embargo. Development of renewable energy sources and the phasing out of fossil fuels is our only hope.
KopterDoctor Veteran Author Alabama Posts:318 Points:54,045 Joined:May 2008	Message Posted: 8/20/2008 10:22:59 AM	Ignore KopterDoctor Report Abuse
	This is why we must drill here and drill now. The American dollar would rise and it would provide security through independence. We still must conserve. We still need a plan for alternative fuel supplies.
Gerund1 Champion Author Toronto Posts:1,147 Points:828,105 Joined:Apr 2003	Message Posted: 8/20/2008 10:22:37 AM	Ignore Gerund1 Report Abuse
	Maybe that is one of the reasons that oil is increasing in price, again.
SeerLV All-Star Author Las Vegas Posts:537 Points:132,765 Joined:Jun 2008	Message Posted: 8/20/2008 10:20:55 AM	Ignore SeerLV Report Abuse
	Why don't they drill on the land they already own leases on? We should open more land to exploration but not with this administration. Lets's wait for the next one otherwise this guy will give away the farm.
laddyboy62 Champion Author Riverside Posts:1,586 Points:995,310 Joined:Mar 2005	Message Posted: 8/20/2008 10:18:55 AM	Ignore laddyboy62 Report Abuse
	we never know the half of what these people do
justjosey Rookie Author North Carolina Posts:23 Points:13,210 Joined:Aug 2008	Message Posted: 8/20/2008 10:18:21 AM	Ignore justjosey Report Abuse
	totally agree with no1doc!
eaglev All-Star Author Oklahoma City Posts:978 Points:332,145 Joined:Jul 2005	Message Posted: 8/20/2008 10:18:07 AM	Ignore eaglev Report Abuse
	That is why we must drill our own oil. How many billions of $ have gone to other countries that would have stayed here. Talk about jobs too.
no1doc All-Star Author Milwaukee Posts:931 Points:166,925 Joined:Oct 2007	Message Posted: 8/20/2008 10:16:49 AM	Ignore no1doc Report Abuse
	If Western oil companies are being squeezed out of resource-rich provinces, all the more reason why they should drill in the US.
Nofries Veteran Author Atlanta Posts:465 Points:152,800 Joined:Jun 2006	Message Posted: 8/20/2008 10:13:40 AM	Ignore Nofries Report Abuse
	Politicians are to blame for much of our woes.
docwilly All-Star Author Scranton Posts:524 Points:101,435 Joined:Feb 2008	Message Posted: 8/20/2008 10:11:04 AM	Ignore docwilly Report Abuse
	They have so much money to spend, they'll find a way to screw the public
GasholeMI Champion Author Lansing Posts:1,495 Points:114,740 Joined:Jul 2008	Message Posted: 8/20/2008 10:10:57 AM	Ignore GasholeMI Report Abuse
	Is this an article about oil companies having to negotiate with Pelosi? I say drill Nancy drill.
flatcoatfun All-Star Author Orlando Posts:651 Points:196,450 Joined:Nov 2007	Message Posted: 8/20/2008 10:10:49 AM	Ignore flatcoatfun Report Abuse
	Maybe they should start looking into wind and solar energy....
bluebird1 Champion Author Toronto Posts:7,352 Points:1,499,375 Joined:May 2004	Message Posted: 8/20/2008 10:10:26 AM	Ignore bluebird1 Report Abuse
	Do you think oil supply is dropping because we're approaching peak oil???? Need to change some of the regulations to open up some better & more accessible oil areas.
tomok Champion Author Portland Posts:9,640 Points:719,335 Joined:Aug 2006	Message Posted: 8/20/2008 10:07:13 AM	Ignore tomok Report Abuse
	The oil giants have made tremendous profits off this crude oil price increase. No way are they losing influence or money. Oil companies cut production to raise prices, just like the refineries do. '...and they are finding it harder than ever to find new prospects even though they are awash in profits and eager to expand.' Don't believe that! They are expanding into alternative fuels and renewable energy. They do not want to pay taxes on those profits. Spend some money on 'other/emerging' markets - so when the time comes, they will be in control of that area too.
rbdesigns Veteran Author Modesto Posts:492 Points:170,690 Joined:May 2008	Message Posted: 8/20/2008 10:06:42 AM	Ignore rbdesigns Report Abuse
	As McCain said the other day, offshore drilling, wind, solar, nuclear..... we need it all to become less dependant on foreign oil.
Dennis783 Champion Author Wisconsin Posts:5,608 Points:1,123,920 Joined:Sep 2005	Message Posted: 8/20/2008 10:06:40 AM	Ignore Dennis783 Report Abuse
	I'll say they are awash in profits!
jeep2003 Rookie Author New York Posts:60 Points:102,550 Joined:May 2008	Message Posted: 8/20/2008 10:06:36 AM	Ignore jeep2003 Report Abuse
	I don't feel bad for them at all. Can we also stop electing people into the most important chair in this county. That person always ends up having some type of relationship with these oil companies and making money.
ledoy Champion Author Dayton Posts:5,100 Points:1,034,425 Joined:Aug 2005	Message Posted: 8/20/2008 10:06:06 AM	Ignore ledoy Report Abuse
	they drop the supply so they can raise prices again
tobasco Champion Author Los Angeles Posts:3,117 Points:834,195 Joined:Mar 2004	Message Posted: 8/20/2008 10:03:37 AM	Ignore tobasco Report Abuse
	This is New York Times nonsense. There is no supply problem. There is no shortage. Who cares where the oil comes from. It is a commodity, so the source is irrelevant. If there are supplies that are reachable, then allow them to drill. Stop complaining and let the oil companies do what they do best...drill and process crude oil. Sheesh.
Jusy Rookie Author Nashville Posts:21 Points:46,970 Joined:Jun 2008	Message Posted: 8/20/2008 10:01:34 AM	Ignore Jusy Report Abuse
	Just another reason to use public transportation and do alternative energy research