You could pay a fair market price for a barrel of oil and cut 50 cents a barrel or a dollar barrel off what you're going to pay Mexico and use that money and put it towards to the building a wall. If they don't like it, too bad we're go buy the oil.
Every barrel of oil that comes out of those sands in Canada is a barrel of oil that we don't have to buy from a foreign source.
Every barrel of oil that we produce around the world benefits Americans because it keeps prices down. We can talk more later about American energy independence, but the facts are, every barrel we produce helps Americans because it keeps prices down.
If a war started, the oil price probably would go up, as you said, maybe $5, $6 a barrel until you saw other oil from the extra supplies that are available elsewhere coming into the world, into the market.
I have never solicited nor received money from Iraq for our campaign against war and sanctions. I have never seen a barrel of oil, never owned one, never bought one, never sold one.
I stick to stuff I'm pretty sure of and I know this: when the price of a barrel of oil is under $80 a barrel and you build a pipeline, you are driving up greenhouse gases.
You know, oil prices from 2007, on the strength of a very robust global economy and a very robust emerging China, many of you will recall, ramped up to near $150 a barrel. Then we had the financial - U.S. financial collapse. Oil prices collapsed all the way down to $40 a barrel.
So long as oil is used as a source of energy, when
the energy cost of recovering a barrel of oil becomes
greater than the energy content of the oil, production
will cease no matter what the monetary price may
be.
In addition, each barrel of oil we save through conservation further decreases our dangerous reliance on unstable Middle East oil.
Oil wells never really run dry. A big company will drain maybe 40% of a field. Pulling out the rest of the oil, which requires an outlay of incrementally more cash per barrel, often proves uneconomical for big companies with big overheads.
The new discovery of a 3.3 billion barrel oil deposit off Norway's coast cements that nation's claim to being Europe's second largest oil producer.
Within my own life, I read all the beloved novels by lamps of vegetable oil; I saw the Standard Oil invading my own village, I saw gas lamps in the Chinese shops in Shanghai; and I saw their elimination by electric lights.
Yet, if we accept the solution offered today by this bill to explore and develop for oil on the coastal plain of ANWR, it will be 5 years, at least, and probably closer to 8 before the first barrel of oil flows from that effort.
There are signs that the age of petroleum has passed its zenith. Adjusted for inflation, a barrel of crude oil now sells for three times its long-run average. The large western oil companies, which cartellised the industry for much of the 20th century, are now selling more oil than they find, and are thus in the throes of liquidation.
In any bureaucracy, the people devoted to the benefit of the bureaucracy itself always get in control, and those dedicated to the goals the bureaucracy is supposed to accomplish have less and less influence, and sometimes are eliminated entirely.[Pournelle's law of Bureaucracy]