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Peak Oil News Saturday September 2nd 2006
David Roth talks about the issues and his campaign for Congress
During this interview, candidate Roth put forth his own views on a wide range of issues, including global warming, peak oil, medical insurance, re-instating the draft, the War in Iraq, U.S. policy towards Iran, abortion, embryonic stem cell research, tax policy, the estate tax, the minimum wage, education, immigration, gay marriage, the medical and recreational use of marijuana, the public financing of elections, and the role of ethical considerations in the making of public policy.
Peak Oil Passnotes: Lull What Lull?
It was Katrina that took 2005's nervous, edgy market over the $70 threshold for the first time ever, to $70.85 in fact. This year we have seen a relatively benign hurricane season - so far at least - yet just 12 months on from the ravages of the perfect storm we are surprised when oil falls back below $70, even if it is just for a day here or there. It should be another lesson in how far the price of oil has come.
The Mother of all Economic Problems
Oil and gas cost much more due to 2 causes; inflation and supply & demand. Inflation is a government creation as you know by now. Supply & demand data shows some interesting stuff: 90% of the world’s oil reserves are controlled by government entities (national oil companies such as Aramco).
Private companies such as Exxon Mobil only control 10% of the world’s oil reserves. Aside from the cost of oil itself, the next biggest part of the cost is taxes. People rail about private oil company profits (The average net profit for a company is 9 cents on the dollar) yet taxes dwarf that figure.
Taxes embedded in the price of gasoline, for example, range from 24-52 cents on the dollar (depending on what state, etc.).
We get gasoline from refined oil. Yet we didn’t build a single oil & gas refinery in the United States during the past 25 years due to government regulations, mandates and outright bans. These restrictions greatly limited the supply of gasoline as consumer & industrial demand continued to soar.