Even if Offshore Oil were to come Online, what would keep it in the US?

Its my understanding that all the oil that oil companies extract is sold on the open market. So even if we get offshore drilling online in 10 years whats to prevent China or India to buy this oil if they are the highest bidder?Even if Offshore Oil were to come Online, what would keep it in the US?
Exactly!





Repubs believe in the ';free market'; (an oxymoron, truly) unless it hits them in their wallets...then they want to nationalize the US oil industry.





Cons don't realize that keeping the oil ';here'; (as opposed to the free-market view of supply and demand) is tantamount to nationalizing the American oil industry.





Thank you for stating the matter truthfully, btw...Even if Offshore Oil were to come Online, what would keep it in the US?
either way we would profit. Granted the idea is to have the oil for our own personal use, but 'big business' always has a finger in everthing. And if the oil can be sold at a higher cost of extracting and selling to others than the U.S. markets, that will be done. You have to remember, when it comes to money, things can be turned around in a New York Minute. So long as the monies benefit the consumer, which I think it would, that's fine. But maybe it wouldn't, greed has it's own special color. It's a toss up, but either way, I still think some monies would come back to the consumer, some honest politicans, would/count those paying attention, depending on re-election to congress, and that would be a heated debate.
Its a short term solution at best. We need to look beyond the next ten years. We need a combination of drilling and alternative energy.





Congress has already signed onto drilling. The question is whether we will be making any type of investment in wind, solar, and nuclear.





I know Obama is putting that as a focal point of his energy policy.
Nothing will keep it in the US. Oil companies will sell it to however pays the most and if someother company says will pay more for the oil than Americans will, it will be shipped elsewhere. If we are going to allow offshore drilling, then Congress must pass a law forbidding the sale of the oil anywhere but the US. No doubt, oil companies would oppose that law
50% of the profits would to go the US Gov't via taxes and royalties. That would HELP America's poor, working class, and elderly.





The tax money could easily add up to $500 BIL. That is money that helps Americans because it goes to Uncle Sam. But, Dems don't seem interesting in helping Americans.





Of course, Dems in Congress won't tell you how nice it would be to have that money available to help Americans. They want you to ignore facts and vote based on their rhetoric.
it doesn't have to stay in the US it simply needs to be put into the market, which will increase supply and thereby lower the market price. Its called supply and demand. Higher supply equals lower price.
Possibly not; there are ';different'; kinds of oil and it might be the ';kind'; that Japan could use rather then the US. Even so the impact of more oil in the market place would help decrease the world wide price.
We already ship to Japan so what difference does the rest make