The Promised Land is swimming in oil and production’s barely begun

Hi readers. Thanks for coming by. I have great news for you today. Your elected representatives and senators, and the US president are going to make sure you get some benefits from all these new shale oil deposits being discovered under US soil.

That’s right readers. They’re keeping it as a surprise, planning to spring it on you around Christmas. But since we’re about to have to export crude oil, because we’ve got so damned much, and since our gasoline prices go up instead of down because export of refined petroleum is allowed, the people who look out for your interests are going to tax crude exports when they allow it to be exported.

They let those multi-nationals send all the US jobs overseas, and now they’re going to let the refinery jobs follow them. But the government is going to make certain regular US citizens are going to be taken care of. Not just the rich wealthy Americans, the way they do in Saudi Arabia and all those backward barbaric greedy Middle Eastern places.

They’re going to tax every gallon, every barrel of US petroleum products and give every adult citizen $20,000 per year income from it. No matter what neighborhood those citizens live in, no matter what social strata they occupy.

Isn’t that nice?

US crude oil exports may be inevitable – http://www.reuters.com/article/2012/10/15/us-column-kemp-us-oilexports-idUSBRE89E0OQ20121015

EXPORTS OF LIGHT SWEET OIL
The same oversupply problem that has bedeviled NGL producers is likely to occur with the light sweet crude oils being produced from Bakken and other shale plays.
U.S. imports of light sweet crude (mostly from West Africa) will dry up by 2014, according to Total, due to rising production from Bakken and other shale deposits as well as because of U.S. refinery closures.
But the increasing domestic output of light sweet crude is a poor match for U.S. refineries, which have been reconfigured to process much heavier and sulphurous oils and need heavier oils to produce more heating oil and diesel.
Pressure will therefore build for the federal government to permit crude exports.
CCL EXPORT RESTRICTIONS
Crude exports are regulated under the Energy Policy and Conservation Act (1975), the Mineral Leasing Act (1920), the Outer Continental Shelf Lands Act Amendments (1978), and the Naval Petroleum Reserves Production Act.
Crude is listed as a commodity in “short supply” on the Commerce Control List (CCL) drawn up and enforced by the Bureau of Industry and Security (BIS) at the U.S. Department of Commerce.
“A license is required for the export of crude oil to all destinations, including Canada,” according to BIS (15 CFR 754.2).

Imagine that. Just freaking imagine that. Those elected people recognize that the regular people of the US could enjoy some benefits from all these new oil discoveries under US soil. They know the citizenry’s having to compete with Chinamen and other foreigners at the gas pumps because the refined products are being sold to them instead of exclusively for domestic use. So they’re going to compensate for it.

Isn’t that nice?

Imagine that! Regular US citizens drawing benefits from US natural resources! Whether their parents and grandparents and great grandparents got into the oil business or not. Whether someone among their ancestors bought up oil rights a century ago, or didn’t!

Isn’t that nice?

They might keep it a secret from you longer than I said earlier, though. They’ve got a lot going on and they might forget to tell you about it at all.

Old Jules

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4 responses to “The Promised Land is swimming in oil and production’s barely begun

  1. Hi Jules,
    That reminds me of another “Promised Land”. Years ago it was Golda Meir, Israel’s then Prime Minister, who once said, “Dear Lord, you’ve made us wander around the deserts for 40 years, only to lead us to the one and only spot around here that has no oil!”
    Best regards from southern Texas, and have a great weekend,
    Pit

  2. What you been smokin’?

    Whacky Tobaccy? Gubm’t types’ll
    just take a few more holidays on the taxpayers and take their dogs and horses on different planes with scores of secret service men and will keep it a secret! 20K!

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