US set to become biggest oil producer

[BaalsTears]

Fracking isn't the only way to extract oil and gas from tight reserves.

Obama's immediate announcement of the fracking prohibition is an indication of things to come. Obama has a vision of green energy unrelated to a cost/benefit analysis.

 

[gopher]

I have heard that same sad country song sung in Canada too, but magically, those calculations (in Canada) never seem to include the reality that gas (oil) is subject to a 'sin tax' and gets nailed all the way along through the process.... I don't know about the US, but in Canada, the various levels of government make more off of a liter of gas than the actual producer makes.

I wonder if that's the same as the tax a local body shop or a baker gets saddled with?

But if it makes you feel better, tax the crap outta the b*stards - that will fix your economy in a jiff.

End corporate welfare preference items and recoup the monies lost by the government. This way tax increases won't be needed.

 

[Bar Sinister]

No. Different types of oil make different types of products. It's not all the same and it not all used in the same way.

It's funny you use the word cracked.

http://en.wikipedia.org/wiki/Cracking_(chemistry)

Using "cracked" may or may not have been funny, but it was deliberate. I do understand some basic processes of refingin oil.

 

[petros]

Nice to see you took the time to learn,

 

[captain morgan]

End corporate welfare preference items and recoup the monies lost by the government. This way tax increases won't be needed.

Great.... Put an end to the 'special' taxes that are exclusive to the oil/gas industry and we'll probably see a wash transaction.

The corporate welfare you speak of is also a bribe to get certain over taxed industries to invest more heavily into the local economies... Ignoring the gvt's role in creating the need for corp welfare is telling only 1/2 the story