TexasTDI

http://wtrg.com/daily/crudeoilprice.html

Friday, October 22, 2004: NYMEX West Texas Intermediate for December delivery closed up $0.70 at $55.17 per barrel.

Dave65

Yep Cheney is sure raking in the BIG BUCKS

Shovelhead

Let's do some math.

Heinz Ketchup 14 oz bottle......$1.49

Price per oz. ........................$0.11

Price per Gallon.....................$14.08 (128 oz per gal)

Price for 42 gallons.................$591.36 (42 gal. per barrel of oil)

Now who's getting rich?

amartinson

I thought we were over in Iraq "just to STEAL their oil".

I guess we aren't stealing enough, huh?

bkrukow

Or what more of us use more of than Ketchup. 20oz bottles of soda. At most convinence stores they are $1.30 a bottle.

$.065---oz
$8.32---Gallon
$349.44---42 gallons.

I personaly drink a few a day, But I do try to by them from the vending machine at work where they are 75 cents. The other day the pepsi man stoped to deliver at work and they guy that normaly sighns for it was out to lunch. So his superviser sighned for it and got the invoice. We sat down and figured it out and it cost 56 cents a bottle for our company to buy. Our company owns the machines and fills them themselves. 56 cents is our companys cost with pepsi still making a profit. Later I talked to the guy in charge of filling the machines and he said we go threw around $300 a week of soda from Pepsi and Coke each. $600 total at 56 cents a bottle.

MikeyB

http://www.bloomberg.com/markets/com...rgyprices.html

MikeyB

pogorules

You know you work for a cheesy company when they make money off their employees on cokes...

12PACK

You know your company is on the way down when they get rid of the water cooler and start filtering the city water with used urinal cakes.

TPilaske

But my 14oz. bottle of ketchup could last for months...

Shovelhead

It won't last but about a week in my house.
Daughter puts it on everything.

And you CAN grow more tomatoes.

Txwelder

Its long but its good.


BAGHDAD, IRAQ - It was supposed to be the linchpin of Iraq's bright future: oil, and plenty of it, pooled in great reservoirs below the surface of this tormented land.

But some 250 guerrilla attacks have blown apart pipelines and other oil infrastructure, squandering between $7 billion and $12 billion in potential export revenue. Experts say the losses, as much as $490 for each of the 26 million Iraqis, have hamstrung Iraq's development.

The country's sputtering oil revenues have fallen far short of prewar Bush administration predictions that Iraq could finance its own reconstruction.

"The country has been deprived of badly needed revenue to rebuild infrastructure, jump-start the economy and alleviate high unemployment," said Jamal Qureshi, an Iraq oil-sector analyst for Washington-based consultancy PFC Energy.

More than $1 billion in Iraqi oil revenues also flowed to U.S. and British firms, who landed expensive contracts from the now defunct U.S.-led occupation authority, often without competitive bidding.

Halliburton Co., the oil-services company that Vice President Dick Cheney once ran, landed 60 percent of the large contracts financed by Iraqi oil funds, audits show.

But Iraq's losses don't just affect Iraqis.

They also mean U.S. taxpayers must pay a larger share of the reconstruction, starting with the massive $18.4 billion approved by Congress last year. The American outlay, only $1 billion of which has been spent, comes despite pre-invasion predictions of Deputy Defense Secretary Paul Wolfowitz, who said Iraqi oil could generate $50 billion to $100 billion over two or three years.

"We're dealing with a country that can really finance its own reconstruction, and relatively soon," he told a House committee in March 2003.

But 19 months after the invasion, Iraq has generated just $17 billion, according to Oil Minister Thamer al-Ghadhban. At current rates, Iraqi oil sales might not reach $25 billion by Wolfowitz's two-year mark.

Al-Ghadhban estimated that emergency repairs and lost revenue had cost the country $7 billion since exports resumed after the invasion, an amount equivalent to almost a third of this year's $22.4 billion budget.

"There is an aggressive assault on our oil installations, and some of our people have been killed," said Sameer Jassim, spokesman for Iraq's Southern Oil Co. "As a country that just came out of a war, we need the income to reconstruct the country. That $7 billion should have gone to provide services Iraqis need."

Sharif Ghalib of Energy Intelligence Research in New York estimated Iraqi losses at $12.7 billion. He compared current revenues with an estimate of what Iraq would've earned had it not been invaded, even considering U.N. sanctions in place under Saddam.

Iraq's oil production has reached 2.5 million barrels per day but is short of the prewar levels of 2.8 million barrels per day. Current exports run between 1.8 million and 2 million barrels per day.

The incessant pipeline blasts, which have destroyed crucial choke points — such as a junction at the northern city of Beiji that has been bombed twice — have left crews repairing creaky 1970s oil infrastructure they were sent to replace.

Shovelhead

BUT,....
If we attempted to station troops to protect their oil infastructure........all we'd hear is "You see, it WAS all about oil".......

Danged if ya do, danged if ya don't.

Txwelder

Id rather take the scrutiny than pay to re-build an Iraq that destroyed their main source of income.