Oral Comment from Houma, Louisiana Public Meeting
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Oral Comment from Houma, Louisiana Public Meeting October 19, 2005 Ramada Inn, Houma Louisiana Commenter: W.J. Rhodes I've worked in the industry also. There's something they're doing — it really is about 40 years too late, because I made a study when I was in college during the second world war, and right after the war they got the idea — the powers that be -- that we should stock up all these things, different minerals and all that, so there would be no shortages. There were some extreme shortages during the war. The main thing they didn't think about is, and the most important thing, was petroleum. If they would have started on a program then and went to some countries that could have given us the oil in payment — for instance, the Russians still owe us today $14 billion that they never paid. That's interesting because when you think about the scheme of this thing, how it's laid out, I didn't hear anybody experience — and they said this started in 1975 -- or since 1977, the first year they started, people could bid on watching after the soil and managing it. And years have passed — McDermott bid it some years — and now it's over $750 million a year to maintain this oil. $750 million a year, and you go back to 1977 and multiply the years, and then you extrapolate those figures and then you come to the place where the President says he's going to release 20 million barrels of oil to ease the gas shortage — to ease the shortage, not to make it ...
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Oral Comment from Houma, Louisiana Public Meeting October 19, 2005 Ramada Inn, Houma Louisiana
Commenter: W.J. Rhodes
I've worked in the industralso. There's somethinthe 'redoin —it reallis about 40 ears too latebecause I made a studwhen I was in collee durinthe second world war andri htafter the war theot the idea — theowers that be that we should stock uall these thins, different minerals and all that, so there would be no shortaes. There were some extreme shortaes durinthe war.The main thinthe didn'tthink about is, and the most imortant thin, wasetroleum. Ifthe wouldhave started on a ro ramthen and went to some countries that could haveiven us the oil ina ment — for instance, the Russians still owe us toda$14 billion that thenever aid.That's interestin becausewhen outhink about the scheme of this thinhow it's laid outI didn't hear anbod exerience — and thesaid this started in 1975 or since 1977 the firstear thestarted, eole could bid on watchinafter the soil and manain it. And earshave assed— McDermott bid it someears — and now it's over $750 million aear to maintain this oil.$750 million aear, andou oback to 1977 and multi lthe ears,and thenou extraolate those fiures and thenou come to the lace where the President sas he'soin torelease 20 million barrels of oil to ease the as shortae — to ease the shortae notto make it cheaer. Sothe iveExxon 20 million barrels, and Exxon relaces it btheir own.There's no moneexchan ed. So Exxon oesto their domestic stock — it's not costin$63 a barrel. Theroduce it from three — and Shell Oil, too, and Texaco — theroduce it from three to seven dollars a barrel.So thatives ou20 million barrels back, and then themake that much morerofit. I'mnot takina cheashot. I'mnot sain thatthese eole take advanta e butthe certainl will.After the second world war endedif thehad been smart — all thehad in reserves was at Elk Hillsthe Naval reservesthat could be drilled u. Itwas suosed to beer etual;it could never be touched.Well, it's alread beentouched because thesold some of it off. It's beinused. Butif thehad a strate iclan for three billion barrels — a billion barrels sounds like a lot of oil, but if ou could have bouht the oil for $2 a barrel three billion barrels of oil — thenou should have one storae site in the Mississii River Valleand one on the west coast and one on the east coastand ouwould have had a sul ofoil in strateic laces. Now theclaim we don't have the refineries. But in selectinthese sitesthere's some economics, too.Wh would ou oto Texas?Go to Chacahoula.It starts from the word "o." Imean, uststart from suare one.Run all thei elinesa ain,build a stora efacilit ,and remember remember this, the $700 million to manae it ever ear, that's beforeou buthe oil. You have to buthe oil.So, in other words,o over here to Clovell, whereour sources of thei elineis alreadexistin ,so ust ex andthe facilities and foret about alace like Chacahoula.Now whenou et into olitics,the wantthe 100obs. Thesheriff will tellou he needs that tax income. Butwhat I'm sain is,I wonder where this thinis oin, if it takes ten ears toet 100 million barrels of oil.It ustdoesn't make sense.From this da forward, whenever theive somebodoil, remember whatou're dointo us, ever bodin this room.We all drive cars.In other words, the President did a noble thin heot some oil for us.We alreadaid for the oiland now we have toa at the um aain for the oil. Like I saidwe need to extraolate the fiures of what the overnment is doin. Wetalk about $42 a barrel for oil.Well, it'srobabl ,with those fiures — what it costs us and then other thins all over the world, we'd robabl a$95 a barrel for oil.Now, theovernment doesn't like what I'm sain , but I have the right to say it.I have very little — I'm not accusatory of anyone; I'm
not blamineo le. I'mnot sain —the madea verserious mistake after the second world war, and now thewaited too late to do somethinlike this.In site of what I'm sain ,what mconnotation is — what I'm sain isI am for this, but for God's sakes do it the bestossible wa. Mostof theeo leou're aiminat, the know nothinabout the oil industr. ShellOil and ExxonMobileust haen to roduce oil, but their main oeration is to make mone, and there's no shortae of oil toda . Theridiculous thinabout it iswhen outalk about this reservewouldn't it be nice if it actuallmade ito down?It's notoin tomake ito down.No wait can do that.But if we couldet in alace where we couldrove — in other words, there's a hurricane out there toniht. Suose it comes into theulf. Whois worried the most about that?These us are runninaround screaminand hollerin, the Mercantile Oil Exchane in New York Cit. The 'refud in . Wecall that in the oilfield "sandbain ,"ettin read forthe flood.So all theseu su herenever drilled an oilwell and don't know the first thinabout them.I've sent mana niht out there in theulf and in miserable swams in Louisiana, and it took a secial man because we worked 24hour calls.I was an oerations manaer. Butthe us who run it, thea the rice.If oustart runnini etoni ht,ou maet on the bottom Saturdamornin ,and most of our timeou're u, ou'reawake. Atan rate, what I'm trin tosa isif ouhave all these thins oin on,wh can't ou et somebod inCon resswho has enouh sense to sa"Wait a minuteou us should have a windfallrofit stock " because I've been checkinit. I'vefound out what an oil coman makes.Some us we don't like — the IRS theet the cost of it from the refineries.That's the onlsource thehave. ShellOil Coman isa forein com an . Theo eratefrom afar, and thecould care less about thins like infrastructure and stuff like that.So, in other words, on the backs of the American eo le,we are financina lacefor them.Who has the facilities to drill?It's the oil com anies. Thehave the refineries. What I'm sain isa strateic reserve. This lad doesn't understandolitics. Shedoesn't understand.But an waI think I should uit because — I don't have to brinit around.What I'm tellinou is it's aood source, but for God's sake, do it as cheaas oucan. Don'to to a virin laceand do all this stuff whenou've otexistin facilitiesto do it.That's all I have to sa. Thank you.
