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Posted by Bob H [72.250.198.127] on Tuesday, September 11, 2012 at 12:06:14 :
In Reply to: Sold Buxton twice posted by Rick Bowman [96.249.13.192] on Monday, September 10, 2012 at 22:06:41 :
Rick,
First; off the Saudi's are not our enemy the Iraq's Iranian's are.
We only import 20-25% of our oil from Saudia Arabia, most of our oil comes from the Gulf of Mexico and Venezuela.
Second;
The base price of oil is determined by OPEC or Orginazation of Petroleum Exporting States which there are 12-15 countries and they are, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.
Wall street oil speculators, federal, and state governments determine the the actual price for a barrel of oil.
Since "Obummer" has taken office the price of oil has risen over from 95.9/10 cents to an average of $3.78-9/10 a gallon in 3-1/2 years largely due to his lack of concise energy policies.
Chevron formerly Gulf Oil Company used Power Wagons in the hunt and exploration for oil in Saudi Arabia and Aramco is still using power wagons in country. They take exceptional care of them. (I know this first hand as I worked for Aramco in country for 20-years 1985 thru 2005).
Bob H
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