No more "Shell" in the Houston Open

[Other Barry]

This kind of sucks for me. Shell is going to stop being the title sponsor of the Houston Open. I work for Shell and have heard that as an employee you could volunteer to work this tournament and it was something I was planning on doing next year. It being in Texas, this was going to be worked into a vacation with the fam, guess I'll just have to keep watching it on tv.

[Other Barry]

Mods, can you please delete? Posted twice for some reason

[lumberman2462]

Plenty of big companies in Houston to pick up the sponsorship....

 

Then again? 50$ oil probably has most of Houston strapped for cash.

[wcbjr]

Being from Fort Worth, I already miss the Colonial. Ugh.

[Barto78]

This isn't surprising. Shell has had a tremendous amount of layoffs over the last 12-18 months. A good friend of mine is a VP for them and said it's very tough right now in the oil business, as one might imagine. I have another buddy who used to work on the development side for their rigs and would travel back and forth between New Orleans and Houston a couple times a month. He ended up taking a demotion and went into compliance, just so he could stay a couple extra years since he's close to retirement. He said the 80's were bad in the oil business, but the current climate is even worse if you can imagine.

 

It's not surprising Shell is doing what's right for it's shareholders and trying to cut expenses while this current downturn in the price of oil exists. That said, i greatly prefer $2.00/gallon gas and those oil companies have been sticking it to the consumer for years, so my heart doesn't ache for them one bit.

[golfandfishing]

This kind of sucks for me. Shell is going to stop being the title sponsor of the Houston Open. I work for Shell and have heard that as an employee you could volunteer to work this tournament and it was something I was planning on doing next year. It being in Texas, this was going to be worked into a vacation with the fam, guess I'll just have to keep watching it on tv.

 

In another thread you said you were currently in the military. You also work for Shell?

[QuigleyDU]

This isn't surprising. Shell has had a tremendous amount of layoffs over the last 12-18 months. A good friend of mine is a VP for them and said it's very tough right now in the oil business, as one might imagine. I have another buddy who used to work on the development side for their rigs and would travel back and forth between New Orleans and Houston a couple times a month. He ended up taking a demotion and went into compliance, just so he could stay a couple extra years since he's close to retirement. He said the 80's were bad in the oil business, but the current climate is even worse if you can imagine.

 

It's not surprising Shell is doing what's right for it's shareholders and trying to cut expenses while this current downturn in the price of oil exists. That said, i greatly prefer $2.00/gallon gas and those oil companies have been sticking it to the consumer for years, so my heart doesn't ache for them one bit.

 

if i could like this more than once i would. Oil companies pay zero taxes, and for a decade were raking in record profits. i dont feel bad for them. This coming froma very conservative person as well.

[2putttom]

This kind of sucks for me. Shell is going to stop being the title sponsor of the Houston Open. I work for Shell and have heard that as an employee you could volunteer to work this tournament and it was something I was planning on doing next year. It being in Texas, this was going to be worked into a vacation with the fam, guess I'll just have to keep watching it on tv.

 

In another thread you said you were currently in the military. You also work for Shell?

internet go figure...I'm ten feet tall and bullet proof.... :cheesy:

[lumberman2462]

This isn't surprising. Shell has had a tremendous amount of layoffs over the last 12-18 months. A good friend of mine is a VP for them and said it's very tough right now in the oil business, as one might imagine. I have another buddy who used to work on the development side for their rigs and would travel back and forth between New Orleans and Houston a couple times a month. He ended up taking a demotion and went into compliance, just so he could stay a couple extra years since he's close to retirement. He said the 80's were bad in the oil business, but the current climate is even worse if you can imagine.

 

It's not surprising Shell is doing what's right for it's shareholders and trying to cut expenses while this current downturn in the price of oil exists. That said, i greatly prefer $2.00/gallon gas and those oil companies have been sticking it to the consumer for years, so my heart doesn't ache for them one bit.

 

if i could like this more than once i would. Oil companies pay zero taxes, and for a decade were raking in record profits. i dont feel bad for them. This coming froma very conservative person as well.

 

I'm in the oil business and I pay plenty of taxes....even with a #*)$#@ year like 2015.

[c7015]

usually they are pretty willing to accept volunteers in my experience since they cant run the event without them , so don't let the fact that shell is not the sponsor stop you from volunteering

[Corsair]

This isn't surprising. Shell has had a tremendous amount of layoffs over the last 12-18 months. A good friend of mine is a VP for them and said it's very tough right now in the oil business, as one might imagine. I have another buddy who used to work on the development side for their rigs and would travel back and forth between New Orleans and Houston a couple times a month. He ended up taking a demotion and went into compliance, just so he could stay a couple extra years since he's close to retirement. He said the 80's were bad in the oil business, but the current climate is even worse if you can imagine.

 

It's not surprising Shell is doing what's right for it's shareholders and trying to cut expenses while this current downturn in the price of oil exists. That said, i greatly prefer $2.00/gallon gas and those oil companies have been sticking it to the consumer for years, so my heart doesn't ache for them one bit.

 

if i could like this more than once i would. Oil companies pay zero taxes, and for a decade were raking in record profits. i dont feel bad for them. This coming froma very conservative person as well.

 

I am sorry but I think you are very wrong

 

From ExxonMobil's Annual Report it appears that in the 3 years 2015, 2014, 2013 ExxonMobil had 47,000,000,000 USD in Income Tax Expenses. That is 47 Billion bucks. And please know, it looks like they paid even more in sales taxes, other taxes and duties. Not all of that was in this country, because they operate all over the world.

 

The reason this country is benefitting from much lower energy prices is that our very competitive domestic Oil and Gas industry - with no help from our federal government - rapidly and significantly increased the rate of oil production. Yes, we have very large shale reserves - but so do many other countries. When it comes to developing shale based oil and gas reserves, no other country will be able to do what we did.

 

Directly from the XOM annual report -

2015

Income, sales-based and all other taxes and duties totaled $57.9 billion in 2015, a decrease of $25.0 billion or 30 percent from 2014. Income tax expense, both current and deferred, was $5.4 billion, $12.6 billion lower than 2014, as a result of lower earnings and a lower effective tax rate. The effective tax rate was 34 percent compared to 41 percent in the prior year due primarily to a lower share of earnings in higher tax jurisdictions. Sales-based and all other taxes and duties of $52.5 billion in 2015 decreased $12.4 billion as a result of lower sales realizations.

2014

Income, sales-based and all other taxes and duties totaled $82.9 billion in 2014, a decrease of $8.4 billion or 9 percent from 2013. Income tax expense, both current and deferred, was $18.0 billion, $6.2 billion lower than 2013, as a result of a lower effective tax rate. The effective tax rate was 41 percent compared to 48 percent in the prior year due primarily to impacts related to the Corporation’s asset management program and favorable U.S. deferred tax items. Sales-based and all other taxes and duties of $64.9 billion in 2014 decreased $2.1 billion

[bogey_bakes]

This isn't surprising. Shell has had a tremendous amount of layoffs over the last 12-18 months. A good friend of mine is a VP for them and said it's very tough right now in the oil business, as one might imagine. I have another buddy who used to work on the development side for their rigs and would travel back and forth between New Orleans and Houston a couple times a month. He ended up taking a demotion and went into compliance, just so he could stay a couple extra years since he's close to retirement. He said the 80's were bad in the oil business, but the current climate is even worse if you can imagine.

 

It's not surprising Shell is doing what's right for it's shareholders and trying to cut expenses while this current downturn in the price of oil exists. That said, i greatly prefer $2.00/gallon gas and those oil companies have been sticking it to the consumer for years, so my heart doesn't ache for them one bit.

 

if i could like this more than once i would. Oil companies pay zero taxes, and for a decade were raking in record profits. i dont feel bad for them. This coming froma very conservative person as well.

 

I am sorry but I think you are very wrong

 

From ExxonMobil's Annual Report it appears that in the 3 years 2015, 2014, 2013 ExxonMobil had 47,000,000,000 USD in Income Tax Expenses. That is 47 Billion bucks. And please know, it looks like they paid even more in sales taxes, other taxes and duties. Not all of that was in this country, because they operate all over the world.

 

The reason this country is benefitting from much lower energy prices is that our very competitive domestic Oil and Gas industry - with no help from our federal government - rapidly and significantly increased the rate of oil production. Yes, we have very large shale reserves - but so do many other countries. When it comes to developing shale based oil and gas reserves, no other country will be able to do what we did.

 

Directly from the XOM annual report -

 

2015

Income, sales-based and all other taxes and duties totaled $57.9 billion in 2015, a decrease of $25.0 billion or 30 percent from 2014. Income tax expense, both current and deferred, was $5.4 billion, $12.6 billion lower than 2014, as a result of lower earnings and a lower effective tax rate. The effective tax rate was 34 percent compared to 41 percent in the prior year due primarily to a lower share of earnings in higher tax jurisdictions. Sales-based and all other taxes and duties of $52.5 billion in 2015 decreased $12.4 billion as a result of lower sales realizations.

 

2014

Income, sales-based and all other taxes and duties totaled $82.9 billion in 2014, a decrease of $8.4 billion or 9 percent from 2013. Income tax expense, both current and deferred, was $18.0 billion, $6.2 billion lower than 2013, as a result of a lower effective tax rate. The effective tax rate was 41 percent compared to 48 percent in the prior year due primarily to impacts related to the Corporation’s asset management program and favorable U.S. deferred tax items. Sales-based and all other taxes and duties of $64.9 billion in 2014 decreased $2.1 billion

 

Does that say U.S. taxes, or are those amounts paid to other governments? I think it is the latter.

[Corsair]

I said - "Not all of that was in this country" which implies that some of it was. Taxes are complicated for sure but the number I quoted was Income Tax Expense which is the sum total of all income tax expense incurred around the world - to many different countries, including the US. The point is that Oil Companies pay taxes just like any other company - and they pay a bunch. The statement made by the other poster "Oil companies pay zero taxes" is absolute fiction - to put it nicely.

 

In fact, although I don't have the numbers handy, I believe the profit made on the sale of gallon of gasoline in the US is dwarfed by the taxes imposed State(s) and Federal government. In my mind the "government" makes more "profit" on gasoline sales than do the oil companies. From ExxonMobil's AR they paid $82.61 Billion in Sales Taxes in 2015,'14,'13 (that is in addition to the $47+ Billion in income tax expense). This is much more than their profit.

 

Go to Edgar-SEC and look at the Annual Report yourself.

[lumberman2462]

I said - "Not all of that was in this country" which implies that some of it was. Taxes are complicated for sure but the number I quoted was Income Tax Expense which is the sum total of all income tax expense incurred around the world - to many different countries, including the US. The point is that Oil Companies pay taxes just like any other company - and they pay a bunch. The statement made by the other poster "Oil companies pay zero taxes" is absolute fiction - to put it nicely.

 

In fact, although I don't have the numbers handy, I believe the profit made on the sale of gallon of gasoline in the US is dwarfed by the taxes imposed State(s) and Federal government. In my mind the "government" makes more "profit" on gasoline sales than do the oil companies. From ExxonMobil's AR they paid $82.61 Billion in Sales Taxes in 2015,'14,'13 (that is in addition to the $47+ Billion in income tax expense). This is much more than their profit.

 

Go to Edgar-SEC and look at the Annual Report yourself.

 

Severance taxes alone on Exxon's domestic US & Offshore production is massive. Roughly 5% of all sales of oil & gas before anything else happens.

[Corsair]

I said - "Not all of that was in this country" which implies that some of it was. Taxes are complicated for sure but the number I quoted was Income Tax Expense which is the sum total of all income tax expense incurred around the world - to many different countries, including the US. The point is that Oil Companies pay taxes just like any other company - and they pay a bunch. The statement made by the other poster "Oil companies pay zero taxes" is absolute fiction - to put it nicely.

 

In fact, although I don't have the numbers handy, I believe the profit made on the sale of gallon of gasoline in the US is dwarfed by the taxes imposed State(s) and Federal government. In my mind the "government" makes more "profit" on gasoline sales than do the oil companies. From ExxonMobil's AR they paid $82.61 Billion in Sales Taxes in 2015,'14,'13 (that is in addition to the $47+ Billion in income tax expense). This is much more than their profit.

 

Go to Edgar-SEC and look at the Annual Report yourself.

 

Severance taxes alone on Exxon's domestic US & Offshore production is massive. Roughly 5% of all sales of oil & gas before anything else happens.

 

Yeah, and that is one company - I just looked at XOM's numbers because I knew they would be big. Most people do not realize just how many oil companies there are out there. Shell, ConocoPhillips, Chevron, Oxy, and others, are all part of the larger tax paying pie. The government takes in an immense amount of money in taxes, royalties, lease bonuses, permitting fees from them - but it is never enough is it because after all, they just screw everybody... I get so tired of hearing the "they pay no taxes" and "they have been screwing the consumer for years" crap.

 

Here are some other statistics for the "Big Oil" haters - ExxonMobil's Effective Tax Rates: 2015 - 34%, 2014 - 41%, 2013 - 48%

Apple Inc's Effective Tax Rates: 2015 - 26%, 2014 - 26%, 2013 - 26%

 

These numbers were pulled from their respective annual reports.

[Arizonalefty59]

I'm sure the new sponsor won't be as bad as the "Dean and DeLuca Championship". Then again, nothing will ever be as bad.

[that0neguy]

WTI below $50 and hitting the $20s in Feb will do that to ya. With all the speculative oil trading / futures, it's hard to really determine true supply/demand equilibrium. IMHO, unfortunately, I think they're in for more pain with current inventory levels, slowing global growth. Maybe Yellen will continue to prop it up.

[ProphetLogic]

 

In another thread you said you were currently in the military. You also work for Shell?

 

Not really my place to answer for him, but I'd guess he's probably a reservist.

[ebk]

I'm sure the new sponsor won't be as bad as the "Dean and DeLuca Championship". Then again, nothing will ever be as bad.

 

Is it Dean, or DeLuca that bothers you more?

 

 

 

 

 

 

jk

 

I too, Miss Colonial in the name...

[george49]

This isn't surprising. Shell has had a tremendous amount of layoffs over the last 12-18 months. A good friend of mine is a VP for them and said it's very tough right now in the oil business, as one might imagine. I have another buddy who used to work on the development side for their rigs and would travel back and forth between New Orleans and Houston a couple times a month. He ended up taking a demotion and went into compliance, just so he could stay a couple extra years since he's close to retirement. He said the 80's were bad in the oil business, but the current climate is even worse if you can imagine.

 

It's not surprising Shell is doing what's right for it's shareholders and trying to cut expenses while this current downturn in the price of oil exists. That said, i greatly prefer $2.00/gallon gas and those oil companies have been sticking it to the consumer for years, so my heart doesn't ache for them one bit.

[george49]

Agree with the $2.00. More $$ into golf for more

[knock it close]

Agree with the $2.00. More $$ into golf for more

Idk cheap at the pump just means it allows the government to add more tax to the fuel, that's at least what happened up here.

[SwingMan]

GE is recognized, and brags about paying no US taxes. It has a huge dept of tax attorneys from media reports. Not an oil co.

 

Oil Companies do get benefits from the US in the form of tax benefits like IDC - intangible drilling costs - instead of capitalizing many costs, they get to deduct them. Personally, I'd let everyone deduct all costs - forget depreciation or amortization - but that's just me.

 

Houston is having a tough time with oil at the moment - engineers outside the normal oil co are getting laid off - hope they are spending R&D on non-fossil fuel development if they want to thrive in the future.

[KirkNo-yes]

Just because Exxonmobil is a US company doesn't mean they pay ALL of their taxes to the US government. Right now Exxonmobile operates ( that means drill for oil) 80% of their drilling operations OUTSIDE the USA. If you think taxes are bad here then try going to West Africa or Southeast Asia, Middle East where they make up laws and tax laws as you go. People who are rooting against big oil have no clue how their health plays into the overall Economy and how little they are "sticking it to us". I was in the O&G business for 23 years before selling my stake off last year. at one point the company I worked for I was the Global account manager for Exxonmobil so I am intimately involved with how and where they work. Oh and as for getting rich...when oil was $100 a barrel XOM made a $.05 per gallon of gas in profit...that's a whole NICKEL of profit per gallon. So its an economy of scale and right now they aren't making very much.

[oldschoolrocker]

Agree with Kirk on this one. The "oil companies" bid on and lease a plot. If they are awarded the location, then, in a Monopoly game like scenario, they have X amount of time to make improvements. Due diligence in seismic and research, exploratory drilling, at the tune of 1/2 to a million USD per day, with an at best at the moment 1 in 3 chance of actually being able to produce product at some time in the future with the well. Depending upon the formation and target depth the exploration could take from 90 days to 9 months, then the fun begins. The circus of underwater construction necessary to get the product to production.

The oil company itself is the client, hiring everything from drilling to catering to complete the hole.

They do get incentives, but they, and all of their employees, and all of the 3rd party companies and their employees pay taxes, usually to more than one government and/or state.

50USD a barrel is the bare bones low limit to turn the bit.

Sorry for the soapbox, just thought I'd throw that out.

[KirkNo-yes]

Agree with Kirk on this one. The "oil companies" bid on and lease a plot. If they are awarded the location, then, in a Monopoly game like scenario, they have X amount of time to make improvements. Due diligence in seismic and research, exploratory drilling, at the tune of 1/2 to a million USD per day, with an at best at the moment 1 in 3 chance of actually being able to produce product at some time in the future with the well. Depending upon the formation and target depth the exploration could take from 90 days to 9 months, then the fun begins. The circus of underwater construction necessary to get the product to production.

The oil company itself is the client, hiring everything from drilling to catering to complete the hole.

They do get incentives, but they, and all of their employees, and all of the 3rd party companies and their employees pay taxes, usually to more than one government and/or state.

50USD a barrel is the bare bones low limit to turn the bit.

Sorry for the soapbox, just thought I'd throw that out.

 

And here is the kicker everyone...That's NOT a guarantee that they will even FIND ANYTHING. They drill what is called a "dry hole" more than they hit it big. So they spend millions upon millions upon millions to not find anything. What other business makes that kind of gamble? They pay more taxes than you could fathom. It has gotten a lot better in the last decade with technology in finding successful holes ( trust me...the energy business is nothing but sexual innuendo). There is so much misinformation out there as to how big oil operates. Do people realize that big oil puts more money and research into alternative fuel research than ALL OTHER COMPANIES IN THE WORLD COMBINED. Big oil has also made more advances with alternative fuel opportunities than anyone else. Oil and Gas is the most heavily regulated business in the world. It is the world's currency. It controls everything. So unless you live in a tree built lean-to and wear fig leaves as clothes then big oil plays a HUGE part in your life...Sorry...not trying to start a riot or massive debate.

[Christosterone]

Agree with Kirk on this one. The "oil companies" bid on and lease a plot. If they are awarded the location, then, in a Monopoly game like scenario, they have X amount of time to make improvements. Due diligence in seismic and research, exploratory drilling, at the tune of 1/2 to a million USD per day, with an at best at the moment 1 in 3 chance of actually being able to produce product at some time in the future with the well. Depending upon the formation and target depth the exploration could take from 90 days to 9 months, then the fun begins. The circus of underwater construction necessary to get the product to production.

The oil company itself is the client, hiring everything from drilling to catering to complete the hole.

They do get incentives, but they, and all of their employees, and all of the 3rd party companies and their employees pay taxes, usually to more than one government and/or state.

50USD a barrel is the bare bones low limit to turn the bit.

Sorry for the soapbox, just thought I'd throw that out.

 

And here is the kicker everyone...That's NOT a guarantee that they will even FIND ANYTHING. They drill what is called a "dry hole" more than they hit it big. So they spend millions upon millions upon millions to not find anything. What other business makes that kind of gamble? They pay more taxes than you could fathom. It has gotten a lot better in the last decade with technology in finding successful holes ( trust me...the energy business is nothing but sexual innuendo). There is so much misinformation out there as to how big oil operates. Do people realize that big oil puts more money and research into alternative fuel research than ALL OTHER COMPANIES IN THE WORLD COMBINED. Big oil has also made more advances with alternative fuel opportunities than anyone else. Oil and Gas is the most heavily regulated business in the world. It is the world's currency. It controls everything. So unless you live in a tree built lean-to and where fig leaves as clothes then big oil plays a HUGE part in your life...Sorry...not trying to start a riot or massive debate.

 

 

[knock it close]

Agree with Kirk on this one. The "oil companies" bid on and lease a plot. If they are awarded the location, then, in a Monopoly game like scenario, they have X amount of time to make improvements. Due diligence in seismic and research, exploratory drilling, at the tune of 1/2 to a million USD per day, with an at best at the moment 1 in 3 chance of actually being able to produce product at some time in the future with the well. Depending upon the formation and target depth the exploration could take from 90 days to 9 months, then the fun begins. The circus of underwater construction necessary to get the product to production.

The oil company itself is the client, hiring everything from drilling to catering to complete the hole.

They do get incentives, but they, and all of their employees, and all of the 3rd party companies and their employees pay taxes, usually to more than one government and/or state.

50USD a barrel is the bare bones low limit to turn the bit.

Sorry for the soapbox, just thought I'd throw that out.

 

And here is the kicker everyone...That's NOT a guarantee that they will even FIND ANYTHING. They drill what is called a "dry hole" more than they hit it big. So they spend millions upon millions upon millions to not find anything. What other business makes that kind of gamble? They pay more taxes than you could fathom. It has gotten a lot better in the last decade with technology in finding successful holes ( trust me...the energy business is nothing but sexual innuendo). There is so much misinformation out there as to how big oil operates. Do people realize that big oil puts more money and research into alternative fuel research than ALL OTHER COMPANIES IN THE WORLD COMBINED. Big oil has also made more advances with alternative fuel opportunities than anyone else. Oil and Gas is the most heavily regulated business in the world. It is the world's currency. It controls everything. So unless you live in a tree built lean-to and where fig leaves as clothes then big oil plays a HUGE part in your life...Sorry...not trying to start a riot or massive debate.

Great post, careful though someone that watched gasland might stop in here and throw a fit. O&G companies have planted far more trees up here than any of the environmental groups

[KirkNo-yes]

Agree with Kirk on this one. The "oil companies" bid on and lease a plot. If they are awarded the location, then, in a Monopoly game like scenario, they have X amount of time to make improvements. Due diligence in seismic and research, exploratory drilling, at the tune of 1/2 to a million USD per day, with an at best at the moment 1 in 3 chance of actually being able to produce product at some time in the future with the well. Depending upon the formation and target depth the exploration could take from 90 days to 9 months, then the fun begins. The circus of underwater construction necessary to get the product to production.

The oil company itself is the client, hiring everything from drilling to catering to complete the hole.

They do get incentives, but they, and all of their employees, and all of the 3rd party companies and their employees pay taxes, usually to more than one government and/or state.

50USD a barrel is the bare bones low limit to turn the bit.

Sorry for the soapbox, just thought I'd throw that out.

 

And here is the kicker everyone...That's NOT a guarantee that they will even FIND ANYTHING. They drill what is called a "dry hole" more than they hit it big. So they spend millions upon millions upon millions to not find anything. What other business makes that kind of gamble? They pay more taxes than you could fathom. It has gotten a lot better in the last decade with technology in finding successful holes ( trust me...the energy business is nothing but sexual innuendo). There is so much misinformation out there as to how big oil operates. Do people realize that big oil puts more money and research into alternative fuel research than ALL OTHER COMPANIES IN THE WORLD COMBINED. Big oil has also made more advances with alternative fuel opportunities than anyone else. Oil and Gas is the most heavily regulated business in the world. It is the world's currency. It controls everything. So unless you live in a tree built lean-to and where fig leaves as clothes then big oil plays a HUGE part in your life...Sorry...not trying to start a riot or massive debate.

Great post, careful tho someone that watched gasland might stop in here and throw a fit.

 

man...don't get me started on these "oil field" movies and falseumentories. The shale gas stuff is a whole other ball of wax and there is more misinformation than regular big oil. How a few actors think they have figured it out or have a "gotcha" moment only proves how stupid they actually are and need to stick to acting. There are so many lies in these things that it is past comical.

[knock it close]

Agree with Kirk on this one. The "oil companies" bid on and lease a plot. If they are awarded the location, then, in a Monopoly game like scenario, they have X amount of time to make improvements. Due diligence in seismic and research, exploratory drilling, at the tune of 1/2 to a million USD per day, with an at best at the moment 1 in 3 chance of actually being able to produce product at some time in the future with the well. Depending upon the formation and target depth the exploration could take from 90 days to 9 months, then the fun begins. The circus of underwater construction necessary to get the product to production.

The oil company itself is the client, hiring everything from drilling to catering to complete the hole.

They do get incentives, but they, and all of their employees, and all of the 3rd party companies and their employees pay taxes, usually to more than one government and/or state.

50USD a barrel is the bare bones low limit to turn the bit.

Sorry for the soapbox, just thought I'd throw that out.

 

And here is the kicker everyone...That's NOT a guarantee that they will even FIND ANYTHING. They drill what is called a "dry hole" more than they hit it big. So they spend millions upon millions upon millions to not find anything. What other business makes that kind of gamble? They pay more taxes than you could fathom. It has gotten a lot better in the last decade with technology in finding successful holes ( trust me...the energy business is nothing but sexual innuendo). There is so much misinformation out there as to how big oil operates. Do people realize that big oil puts more money and research into alternative fuel research than ALL OTHER COMPANIES IN THE WORLD COMBINED. Big oil has also made more advances with alternative fuel opportunities than anyone else. Oil and Gas is the most heavily regulated business in the world. It is the world's currency. It controls everything. So unless you live in a tree built lean-to and where fig leaves as clothes then big oil plays a HUGE part in your life...Sorry...not trying to start a riot or massive debate.

Great post, careful tho someone that watched gasland might stop in here and throw a fit.

 

man...don't get me started on these "oil field" movies and falseumentories. The shale gas stuff is a whole other ball of wax and there is more misinformation than regular big oil. How a few actors think they have figured it out or have a "gotcha" moment only proves how stupid they actually are and need to stick to acting. There are so many lies in these things that it is past comical.

Yup I heard enough crap about real time climate change from Leo when he filmed the Revenant up here. I'll stop before I get too hot though.

 

Here's the "climate change" he was referencing fwiw https://en.wikipedia.org/wiki/Chinook_wind