jman

I work In Saudi , I had just read a report the Saudi is going to raise there oil production 500,000 barrels a day , that will put it up to 120, million barrels a day
it allso said they was worryed that the high oil prices will eventually slacken the world,s appetite for oil ,and affecting them,

Oh by the way i paid .59$ for fuel today at the pump
I wonder ?????
jman

chipmonk

amazing when middle class Americans see OPEC as a source of price relief, while American oil companies, investment banks and speculators try to squeeze the last penny from working class Americans. if your butt doesn't burn, at least a little bit from all of this (especially in post 9/11/01 America), your sense of right and wrong is not functioning properly.

capt.Ron

Makes sense!!
If we curtail our usage their profits go down...they can only cut production so much before the profits get so low that they are unable to support their lifestyle. Now the key for us would be to continue to cut usage even if the price does drop. A reduction in price as well as sales is something THEY do not want to see. With that we could give them a little pain at the pump...their pumps!!

patdaly

Just one problem, where will they stuff that oil?

I like it, the Saudis are finally playing chicken with the speculators.

" Ok, here's your oil, where will you put it?"

DieselAvenger

Thats awesome!

Here in the U.S. they are reporting that the Saudi's are increasing by 200,000.

Pretty soon their ports are going to be full, and nowhere to put the oil because all the ships are full and sitting around in ports or at sea.

capt.Ron

That should doom the speculators who are still knee deep in futures.

DBLR

Now the speculators are using this excuse to run up the price of oil. That if the Saudis raise their output by 500,000 barrels they will have less spare capacity for when its needed some time in the future. The money people behind the speculators don't care who they hurt so long as they have more $$$ in the bank so they can try to control some other market when this one no longer makes them $$$$. The main cause of high oil prices is GREED!

tx_2500

exactly! and everyone knows it unless they choose to bury their head in the sand. We are AWASH in oil, there is no shortage. These speculators are gonna suck every last penny out that they can, then move onto something else. I heard last week that the Saudi's were trying to get rid of oil for $7/ barrel. SEVEN DOLLARS! and nobody would take it. Were being screwed, their is no oil shortage

I was having this conversation with my dad yesterday while we were out for Fathers day. I personally dont see the need for currencies that are worth different ammounts, selling "dollars" and euros, speculations and all that BS. To me, all that does is confuse the average person and keep them in the dark so all of these people who invented this crap can rob everyone blind. He said "exactly, its all greed" They all sit up in their lofty offices completley raping their fellow citizens. And to those that say "its capatalism.." no, this is a blatant ripoff. The world MUST have oil to function. Its bankrupted countless companies and individuals. Driving up the price on say, CTD's wont have the global effect and financial reprecusions. This oil mess is sending us into a recession. Meanwhile some big wig company is making billions of dollars a quarter in pure d profit, and thats after paying their CEO's $50mil a year.

GREED GREED GREED

hamilton71801

I also read that the speculators are saying they will need to increase production by 1M barrels a day to bring the prices down. They also say that Saudi doesn't have that much oil so now they have them over a barrel.

http://www.foxbusiness.com/story/mar...udi-statement/

austin1972

This would be a perfect time to turn on the spigot of the stratgegic oil reserves and flood the market. The bubble would burst and all the speculators would be left holding an empty bag of worthless oil contracts.

capt.Ron

That makes absolutely no sense at all.

chipmonk

makes you think that there might be some politicians that are more interested in keeping the oil companies, investment banks, and speculators happy and wealthy, than care about the average American family staying afloat- imagine that!

austin1972

Why? Your statement is a non sequitur.

garbri

It makes perfect sense if you're trying to manipulate the market in your favor.

garrett

capt.Ron

No this
Makes no sense at all.
How could ANYONE come to the ridiculous conclusion that the Saudi's 500 million barrel increase could possibly cause such a problem which is ludicrous in it's self.
I'm still trying to figure out the point.
Is the author claiming that a reduction in storage space will cause the price to go up?
OR
Is the author Saying that increasing the 500 million barrels is going to cause a shortage in the future?
Neither makes a lick of sense and nobody who deals in the market would be stupid enough to think that either cenario is a valid concern. Full tanks will not drive the price up and in no way is pumping an extra 500 million barrels going to cause a future shortage. Well at least not in the next 100 yrs!!