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Political Factoid
- Typical (2011) cost of getting oil
out of the ground from older,
land-based wells in the U.S. is
$2 a barrel.
- The most expensive wells (deep,
off-shore) cost something like
$35 a barrel.
- The companies are selling that oil
on the global market at $120 a barrel.
No wonder the oil companies repeatedly have been
making record profits; paying huge executive salaries,
bonuses, and other compensation; and are willing to
fight so hard politically to protect their little game.*
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including billions of dollars of tax subsidies.
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