Jesse Taylor at Pandagon reports on J Sidney’s McCain’s attribution of a drop in oil prices to the announcement that off-shore drilling would be allowed. Of course, this was (a) a lie, or (b) a manifestation of economic ignorance. McCain is a liar or an ignoramus? Old news. What I found interesting was the graphic Taylor used. It shows what a barrel of oil produces:
Note that "feed stocks" are included. To whom are we feeding this oil, and why? Also, a percentage of each barrel of oil goes to make Coke! But what kind of Coke? New, Classic, Cherry, Diet, Zero?
Does the price of a barrel of oil include the price of the barrel? If the graphic is accurate, it looks as if they are using old time wooden barrels, and this has got to be expensive. Cooperage doesn’t come cheap, you know. Are they at least recycling these barrels?
I reckon that oil could come in larger vessels altogether and not be limited to barrels for a substantial savings. Think of all the wasted space on those tankers due to the thickness of the barrels and the air space between them. This would also save some oak trees and make oak furniture more affordable for all.
I hope that the oil companies are at least charging a deposit for the barrels.