Gulf of Mexico Oil going to foreign companies
Now I don’t quite get this. We are supposed to be trying to get away from independence on foreign countries for oil yet here we are letting our resources in the Gulf of Mexico be sold to other countries.
Europe’s fourth-biggest oil company Eni (ENI.MI: Quote, Profile, Research said on Monday it would pay Dominion Resources Inc. (D.N: Quote, Profile, Research $4.76 billion for exploration and production assets in the Gulf of Mexico — Reuters
Honestly, this just doesn’t seem to make much sense to me. Environmentalists complain about drilling in the gulf but who are those doing the drilling? Not US companies subject to US law. Are those foreign companies subject to our laws if they drill in the gulf? Do they actually have to contribute some of the oil to our strategic reserves like the US companies?
The biggest beef I have with this is that either they are buying it to sell to their country or they are buying it to sell to the US. If it is the later, that is just completely wrong.
Sales of our resources such as oil should be closely monitored by the government to keep foreign companies from buying our resources to resell to the US. It drives up our Trade Deficit when things like this happen. It also mortgages our economy to foreign investors just as much as some of the other activities that the government engages in.
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