While I quite agree that oil prices are high mostloy because of demand from developing countries and NOT because of misanthropy from US oil companies, this chart doesn't really show what you want it to show --- US oil companies do a lot of the extraction (under contract to foreign state owned firms) of the oil on your chart (after all, Haliburton et al. _aren't_ selling, really, oil extracted from America). Or they do the downstream stuff --- for example, the US is effectively a middleman on all that Venezuelan oil, because nobody else can refine it --- so US oil really _does_ set that price, it's just that, yes, they're setting it in accordance with supply and demand, and if that's "gouging," it ain't necessarily inappropriate.
So, good sentiments, good graph, bad data to support sentiments. You abuse graphs as often as you use them, y'know.
Your desire to debunk me overrides your ability to. Yes, US oil companies to control the downstream operations. Thus, when Hurricane Katrina hit, domestic prices jumped, despite international prices not, but that was a domestic supply issue. It still doesn't change the fact that when international oil prices increase, due to a terrorist attempt on a Saudi oil factory or demand from China, it is largely outside "Big Oil's" control.
You're more than welcome to debunk my arguments and data any time as my primary concern is to know the truth and I certainly want to be corrected if I'm wrong. Just do it because you sincerely want to know the truth, not to bloat your ego.
CC, I'm not trying to debunk you. I think the basic thesis you've outlined --- oil prices are high essentially because of growth in third world demand -- is correct. I'm just sayin' (correctly) that this chart doesn't support that thesis --- NOT ONLY because US companies often set the prices at refineries, BUT IN FACT because US "Big Oil" doesn't really sell US reserves -- Exxon Mobil ain't selling gas from America. You're dodging that point.
So, no debunking. Your claim is correct. But THIS GRAPH does not support THAT CLAIM. Anyone think it does? Anyone? Anyone? Bueller?
(A better graph might track, say, China's and India's oil consumption over time...)
While I quite agree that oil prices are high mostloy because of demand from developing countries and NOT because of misanthropy from US oil companies, this chart doesn't really show what you want it to show --- US oil companies do a lot of the extraction (under contract to foreign state owned firms) of the oil on your chart (after all, Haliburton et al. _aren't_ selling, really, oil extracted from America). Or they do the downstream stuff --- for example, the US is effectively a middleman on all that Venezuelan oil, because nobody else can refine it --- so US oil really _does_ set that price, it's just that, yes, they're setting it in accordance with supply and demand, and if that's "gouging," it ain't necessarily inappropriate.
ReplyDeleteSo, good sentiments, good graph, bad data to support sentiments. You abuse graphs as often as you use them, y'know.
Your desire to debunk me overrides your ability to. Yes, US oil companies to control the downstream operations. Thus, when Hurricane Katrina hit, domestic prices jumped, despite international prices not, but that was a domestic supply issue. It still doesn't change the fact that when international oil prices increase, due to a terrorist attempt on a Saudi oil factory or demand from China, it is largely outside "Big Oil's" control.
ReplyDeleteYou're more than welcome to debunk my arguments and data any time as my primary concern is to know the truth and I certainly want to be corrected if I'm wrong. Just do it because you sincerely want to know the truth, not to bloat your ego.
CC, I'm not trying to debunk you. I think the basic thesis you've outlined --- oil prices are high essentially because of growth in third world demand -- is correct. I'm just sayin' (correctly) that this chart doesn't support that thesis --- NOT ONLY because US companies often set the prices at refineries, BUT IN FACT because US "Big Oil" doesn't really sell US reserves -- Exxon Mobil ain't selling gas from America. You're dodging that point.
ReplyDeleteSo, no debunking. Your claim is correct. But THIS GRAPH does not support THAT CLAIM. Anyone think it does? Anyone? Anyone? Bueller?
(A better graph might track, say, China's and India's oil consumption over time...)
You mean a chart like this:
ReplyDeletehttp://photos1.blogger.com/img/162/1754/640/Big%20Oil.jpg
If the link doesn't work, try the whole post;
http://captaincapitalism.blogspot.com/2005/03/of-black-helicopters-and-big-oil.html