Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: tejek who wrote (96397)	7/9/2011 12:14:24 PM
From: koan	Read Replies (1) \| Respond to of 149317

Most of our oil is sold in California.

To: tejek who wrote (96397)	7/9/2011 12:35:36 PM
From: Wharf Rat	Read Replies (1) \| Respond to of 149317

3/4 th of your oil comes from Alaska. None comes from Cushing. Message 27480337 maybe 15% of my oil comes from alaska; none comes from Cushing. Cushing today means jack.

To: tejek who wrote (96397)	7/9/2011 1:06:46 PM
From: Wharf Rat	Read Replies (1) \| Respond to of 149317

The amount of Alaskan oil sold to Japan, China, India, and Russia combined is about equal to the amount sold to Saudi Arabia.... zero. As the Trans-Alaska Pipeline was authorized that same year to open Alaska's North Slope oil fields, Congress banned exporting the oil amid concerns that it might wind up being shipped overseas while Americans stood in lines at gas stations. Soon after, oil companies and Alaskan leaders started lobbying to lift the export ban, arguing it threatened to flood West Coast refineries, artificially depressed the price of Alaskan oil and forced oil shipments to parts of the U.S. that lay much farther from Alaska than Asian ports. The ban was overturned in 1995, an effort led by Alaska's congressional delegation, including Rep. Don Young and Stevens. Stevens at the time hailed the decision as a "great victory for Alaska" that would encourage further oil development and create more jobs. "This ban is unconstitutional and unjust. Lifting the ban would mean Alaska could sell its oil on the world market, which would increase state revenues by as much as $700 million," he said in a press release. The end to the export ban never produced the big jump in foreign shipments some predicted, though it did boost prices for Alaskan oil, according to a report from the U.S. General Accounting Office. Just 4 percent of North Slope oil trickled to Asia between 1996 and 2000, before the flow shut off almost entirely. Since then, the only export was a single tanker in 2004, which delivered a load of oil to China en route to getting repaired at an Asian port. The reason is that Alaskan oil fields aren't gushing crude as they once did. Alaskan oil production was cut in half between the 1988 peak and 2000. Now West Coast refineries soak up nearly every drop, according to data from the federal Energy Information Administration. Washington is one of the major destination points for that oil. A string of refineries near Anacortes and Bellingham rely on Alaska for more than 90 percent of their crude oil, according to a 2004 report from the Seattle and Pierce County chambers of commerce. seattletimes.nwsource.com snopes.com