Help me understand. In remarks today, Pres. Obama said his goal is to reduce our dependence

[truth2power]

on foreign oil by one-third in the next decade(?) I think he said.

If oil is a fungible commodity and it's pumped, whether in the US or other parts of the world, by multi-national corporations who sell it on the world market to the highest bidder, then how can there be such a thing as "foreign" oil? I hear this statement all the time; not just from Pres. Obama.

If the above is the case, then how is one to understand his remarks? TIA.

[gateley]

1. I think it's political -- playing on the "us vs them" sentiments of the populace. nt

[JoePhilly]

2. The above isn't the case.

It is estimated that around 65% of the world's oil is controlled by STATE OWNED companies, not privately held companies, as you suggest.

[truth2power]

5. You're probably correct. Mossedegh nationalized Iranian oil

back in '53, which is what caused all that unpleasantnes, i.e., being overthrown by CIA factions. And I'm sure there are state owned oil companies today, although I can't list any offhand.

But I don't think the US has any state owned oil corporations, so I still question how WE can talk about foreign oil.

[JoePhilly]

8. We don't. But ...

If a country has state owned oil companies, the money comes back to that FOREIGN COUNTRY. And that is the point.

Here is how Wikipedia describes the countries who have "nationalized oil companies".

http://en.wikipedia.org/wiki/Nationalization_of_oil_supplies

[JackintheGreen]

3. Yes. This.

I hate the drill, moran, drill crowd because they like to pretend that oil drilled outside Galveston will somehow stay in the US and NOT be sold to the highest bidder.

Well, there IS a way it could stay here. Nationalize the oil companies and control its export as a "vital national commodity."

[polichick]

4. It's a con - see Rachel's "Oil is Oil is Oil" video...

http://www.youtube.com/watch?v=c0--Q9_KmAY

[truth2power]

6. Thank you. I just watched that.. I guess I understand it correctly, then....

It occurs to me that Obama could distinguish himself from all those other whack jobs (McCain, Boehner, Palin etc.) and frame it just the way Rachel did. He would at least get some respect for knowing what he's talking about. I don't like being lied to.

[polichick]

7. Just like he could reframe the budget issue if he wanted to. You understand it correctly.

[slipslidingaway]

9. Thanks for the video, Rachel covered this subject again tonight. n/t

[PVnRT]

10. I think the only thing that would make a difference

would be the use of bio-based fuels (NOT corn ethanol) developed and refined in the U.S. However, the foreign oil boogeyman is starting to get old.