How profitable is big oil?
In the context of the recent spike in oil prices, this clip from Glenn Beck show might be of interest to some. Particularly noteworthy is the fact that the oil industry has been facing a thirty years [sic] moratorium on exploring new fields within the United States. According to the president of Shell Oil, John Hofmeister, the US is dependent on the order of over 60% of its overall consumption on oil imports. The moratorium, though not mentioned in the clip, I suspect has got a great deal to do with environmentalism. Speaking about sponsoring of international terrorism! Another fact is that the profit margin of oil companies is about 8% on capital invested. There are other extremely interesting facts in the clip as well.
Lorenz Kraus is a 2009 MBA graduate of Rensselaer Polytechnic Institute. He is founder of the Tax Free City Project: Kisscoin.us. Kisscoin is a land ticket collectible used to start and fund the city. Kisscoin redeems for tax free land in the tax free city.