The Oil Drum

47 comments on DrumBeat: June 17, 2006

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AlanfromBigEasy on June 17, 2006 - 5:43pm

You fail to fully understand the "American Way".

SCENARIO

(AP) October 30. 2017

The Shell CEO, Ibriham al-Tikriti, explained before Congress that the shale oil production was too low for the valuable electricity inputed, that $2,120/barrel was just not enough to give an adequate return on capital and that oil taxes of $16/gallon should be waived for any "Renewable American Oil" (TM) or ShellExxonMobilBPChevronTexacoConocoPhillips would have to, reluctantly, sell their electricity on the open market and pump whatever oil continued to seep out during the next year or so before abandoning the project.

The loss of the 120,812 barrels/day would reduce US oil production by 4.8%; oil that the US could scarcely buy elsewhere with it's limited foreign currency reserves "especially after the recent limited wheat harvest".

He pointed out that the other oil company, Aramco North America, has shown no interest in developing a comparable project.

He called questions about his salary and perks "irrelevant" and "pandering".

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Dave Cohen on June 17, 2006 - 7:56pm

Yes,

, I've still got a lot to learn. Don't we all?

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“This order [i.e. capitalism] is now bound to the technical and economic conditions of machine production which today determine the lives of all the individuals who are born into this mechanism, not only those directly concerned with the economic acquisition, with irresistible force. Perhaps it will so determine them until the last ton of fossilized coal is burnt.”

—Max Weber, 1905