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Posted by D Sherman [72.47.9.228] on Wednesday, May 11, 2011 at 17:35:09 :
In Reply to: Re: fuel rip off posted by Tom Petroff (IL) [205.188.116.76] on Wednesday, May 11, 2011 at 17:23:46 :
Don't forget the Arab oil sheiks, the Nigerian kleptocrats, and Hugo Chavez. Saudi Arabia may indeed be running out of oil, but the oil that they're selling still doesn't cost any more to produce than it did when they had lots of it. Same with much of the oil in production today. A lot of oil is still being produced at a wellhead cost of less than $5/barrel. It's the new oil that costs $50-$100/barrel to bring on-line. Those with the old wells that are still productive are the ones really making out like bandits these days.