High gas prices change plans for Memorial Day
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#1 May 24, 2008
FOREIGN WARS OR DOMESTIC OIL
If the US Government spent a trillion dollars over 8 years on domestic oil exploration and coal gasification instead of the war in Iraq gas would be $2 a gallon or less. America could quit sending billions to countries that sponsor terrorism. And reducing our trade imbalance keeps jobs in America. Every billion of trade deficit costs 13,000 jobs.$400 billion for oil last year: do the math.
How long will it take for America to produce enough synfuel to make a difference?
There are already a number of small plants being designed around America, but a large-scale national effort must involve the federal government and will take a number of years. Given South Africa's success in this field, we can assume that if the federal government became meaningfully invested in this concept, America could have a strong synfuel industry within the next decade.
In the U.S., Aramco is under attack because of a highly complex tax break. The company pays Saudi Arabia the fixed price for the oil that it extracts and then collects a production fee of 25¬Ę per bbl. But 85% of its payments are considered Saudi income taxes, which Aramco's four parents ultimately can use to reduce their U.S. income taxes. Every time Saudi Arabia increases its oil prices, Aramco's local tax payments rise, and so do its benefits under the U.S.'s so-called foreign tax credit. President Carter has vowed to tighten up on the credits, but he has not made much progress partly because Aramco's owners argue that they need the benefits to stay competitive in world markets. http://www.time.com/time/magazine/article/0,9...
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