{"id":30041,"date":"2008-08-05T01:01:01","date_gmt":"2011-05-19T03:30:26","guid":{"rendered":""},"modified":"2011-05-19T03:30:26","modified_gmt":"2011-05-19T03:30:26","slug":"we_get_oil_for_that_700_billion","status":"publish","type":"post","link":"https:\/\/admin.rushlimbaugh.com\/daily\/2008\/08\/05\/we_get_oil_for_that_700_billion\/","title":{"rendered":"We Get Oil for That $700 Billion!"},"content":{"rendered":"
\n

RUSH: I found something yesterday I want to share with you. This $700 billion dollars a year we\u2019re spending on oil, folks, I can\u2019t tell you how much it tees me off, because it\u2019s being portrayed as though we\u2019re being extorted, blackmailed, we\u2019re giving money away to terrorists and so forth. There\u2019s a website called Seeking Alpha is what it actually is, and they start out quoting T. Boone Pickens. Mark Perry is the author of this little blurb. ‘As imports grow and world prices rise, the amount of money we send to foreign nations every year is soaring. At current oil prices, we will send $700 billion dollars out of the country this year alone — that\u2019s four times the annual cost of the Iraq war. Projected over the next 10 years the cost will be $10 trillion — it will be the greatest transfer of wealth in the history of mankind.\u2019 It\u2019s no such thing. See, may I interrupt Mr. Perry here for a second. This is what bothers me. T. Boone, he knows better than this. He knows this is not a transfer of wealth. A transfer of wealth is taxing producers, taking it away from them and giving it to non-producers. Transfers of wealth are things like the estate tax when the money you take from somebody doesn\u2019t redound to them in any way, shape, manner, or form. But this purchase of oil every year from foreign sources is not a transfer of wealth. It is an exchange of wealth. <\/p>\n

‘Foreign oil producers like Canada, Saudi Arabia, Mexico (top three countries for US imports) send us their oil, and we send them ‘green pieces of paper with dead presidents\u2019 pictures,\u2019 aka as USDs. That imported oil helps to fuel our economy, cars and factories, raising our standard of living.\u2019 There\u2019s no transfer of wealth here. T. Boone needs to be ashamed, he\u2019s smarter than this. This is an exchange of wealth. That $700 billion he is looking at in a totally incorrect way. ‘Oil producers in Canada, Saudi Arabia and Mexico now have US dollars, which must be spent back in the US on American goods and services, or invested in the US financial markets, either by the oil producers, or by those who buy the USDs from them. Importing oil certainly involves a transfer, but it\u2019s not a transfer of wealth, it\u2019s a market transaction involving the exchange of oil for currency.\u2019 It is a wealth exchange, or transfer. ‘In T. Boone Pickens\u2019 version, it seems like wealth gets transferred overseas without any benefit to the US. But oil imports, like all trade, involves mutually beneficial exchange. Remember trade is win-win, not win-lose (like T. Boone Pickens suggests), or lose-lose (the way the Soviets supposedly described a market exchange — buyers lose their money, and sellers lose their goods),\u2019 but the state gets rich. <\/p>\n

‘One dictionary definition of ‘wealth\u2019 is ‘an abundance of valuable resources.\u2019 In that case, wouldn\u2019t T. Boone Pickens\u2019 ‘greatest transfer of wealth in the history of mankind\u2019 be a transfer of wealth in the form of valuable natural resources (oil) TO the United States, and not a transfer of wealth FROM the United States in the form of paper currency?\u2019 Now, we can debate the dependency aspect of this, but that\u2019s a different argument. This figure being bandied about, $700 billion is made and is described in such a way as to make us look helpless, as though we\u2019re being shafted, as though we are being screwed. Yet what we do with that oil that we buy increases lifestyles, expands opportunity, grows the United States economy, creates jobs, enables us to move around when we want to go where we want to go, you know, within limits. If we didn\u2019t buy that oil and we didn\u2019t spend the 700 billion a year, where would we be? There would be a lot more than 400 airplanes parked. There would be a lot more automobiles on the unsold portion of the used car lots. And, by the way, who\u2019s spending the 700 billion? We\u2019re supposed to infer that the US government is being held up, that the sheiks are holding a gun to our heads and they\u2019re making us pay this 700 billion, they send it on to Bin Laden, that\u2019s what they want you to believe. But the government is not buying it all. They buy from the strategic reserve, but who do you think is buying this oil? Hmm?<\/p>\n","protected":false},"excerpt":{"rendered":"

RUSH: I found something yesterday I want to share with you. This $700 billion dollars a year we\u2019re spending on oil, folks, I can\u2019t tell you how much it tees me off, because it\u2019s being portrayed as though we\u2019re being extorted, blackmailed, we\u2019re giving money away to terrorists and so forth. There\u2019s a website called […]<\/p>\n","protected":false},"author":25,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","ngg_post_thumbnail":0},"categories":[],"tags":[],"yoast_head":"\nWe Get Oil for That $700 Billion! - The Rush Limbaugh Show<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/admin.rushlimbaugh.com\/daily\/2008\/08\/05\/we_get_oil_for_that_700_billion\/\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:title\" content=\"We Get Oil for That $700 Billion! - The Rush Limbaugh Show\" \/>\n<meta name=\"twitter:description\" content=\"RUSH: I found something yesterday I want to share with you. This $700 billion dollars a year we\u2019re spending on oil, folks, I can\u2019t tell you how much it tees me off, because it\u2019s being portrayed as though we\u2019re being extorted, blackmailed, we\u2019re giving money away to terrorists and so forth. 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