If we drill for oil in America, will it be sold to other countries instead?

[Deja Q]

:shrug:

[papau]

1. yes - right now Alaska oil is sold to Japan

[Deja Q]

2. All of it?

[papau]

3. Over 50% - perhaps all - I don't have current exact numbers

[elfin]

4. Yes - those corporate hogs

go to the biggest trough, while American taxpayers subsidize the development and suffer and pay for the environmental consequences.

[htuttle]

5. Of course it would be -- we don't have a National Oil Company, do we?

It's not like our government is prepared to actually regulate any of the private oil corporations -- they're going to sell it for the best price that they can.

[aint_no_life_nowhere]

6. My limited understanding is that the price of oil is set on the international market

I think that even if American oil companies drilled for it in the U.S. and exclusively sold it in the U.S., that it wouldn't be any cheaper than oil from anywhere else. U.S. oil companies are in the business of maximizing profits. They wouldn't sell us oil at a discount price, lower than the international price out of kindness and a desire to help the country. The amount of oil extracted from Alaska or off shore would make only a tiny increment in the world's amount of oil. It would have to significantly affect all the oil in all the world to bring the international price down. If I'm wrong, then I'm happy to be corrected and educated on the subject. Even if domestic oil companies could find large reserves and extract it at a snap of their fingers, I don't think they're going to pass on the low cost to the U.S. consumer. They're in business to make as much $$$ as possible.

[SharonAnn]

7. Of course it would be. Wherever the best price is. That's laissez faire capitalism