[Marxism] Immediate History....

rrubinelli rrubinelli at earthlink.net
Sun Nov 20 19:14:58 MST 2005


Not a press release.  Numbers available from various non-corporate
sources.

 But of no matter.   Maybe what's really going on is overproduction.
Consequently you get OPEC price manipulations to flush profit  into the
oil majors.  Maybe that's why you get reduced capital expenditures
overall, severaly reduced expenditures in new exploration, and the
focusing of spending on development of already purchased assets.

That's what the production numbers tell me... overproduction,
inventories at highs, no apocolypse after the damaging of Gulf of Mexico
production.  Price increases, sure,  like around Gulf War 1, 2, and
saber rattling against Iran. Profit.  Follow the cash.

Oil companies don't give a rat's ass about oil; they care about money.
Look at the annual rates of return in the industry.

China?  Don't know if there is another super giant like Daiqing, do know
that production has not peaked.  Drilling like crazy offshore is
supposed to signify what?  Impending depletion of reserves?  Jesus, Jon,
last time I looked 3/4 of the planet was fucking offshore.  Why wouldn't
they drill there?

rr

----- Original Message ----- 
From: "Jon Flanders" <jonflanders at jflan.net>
To: "Activists and scholars in Marxist tradition"
<marxism at lists.econ.utah.edu>
Sent: Sunday, November 20, 2005 8:56 PM
Subject: Re: [Marxism] Immediate History....





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