Arco, now part of BP, found oil in Alaska in 1967 - 1968, when oil a barrel of oil was selling for $3.12, adjusted for inflation - $19.65 a barrel.
Why then, should BP, say their oil is worth $120 a barrel, or whatever the futures market is that day.
After all the spot market price per barrel is for Texas Sweet Light Crude, the best grade of oil, not the oil from the North Slope.
Also, it is confusing, when California get about 45% of their oil locally, about 45% from Alaska, and the rest, whatever that maybe from Indonesia.
To make it even more confusing, why is oil exported from the US to Mexico and some Southeast Asia countries?
Saturday, May 3, 2008
Remove oil from the Commodities Exchange
Which way should I expect oil prices to go, if oil was not traded as a commodity?
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