Saudis will produce more oil to lower prices »
Posted By dailynewsus 1 year ago in NewsSaudis are concerned with the high prices and in order to keep selling they are willing to reduce prices.
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PsychoHosebeastComment removed: User banned.20 Replies
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CrawfordBizDev1 year ago
But will it really go down, or is this just a way for them to make even more cash while prices skyrocket?
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HanymanComment removed: User banned.17 Replies
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SwampFox-82ndComment removed: User banned.1 Reply
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ADAGUY1 year ago
You are missing a very important factor in this discussion. First of all, if you had a source for a commodity, and that commodity was selling at 500% of it's actual worth, would you produce more of these items, knowing that an abundance of this item would lessen the price? Or would you keep the price high by keeping a lid on the production of this item. I for one firmly believe that the oil companies could drill if they wanted to, but they would rather not drill if it will lower prices.
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Blackacereturn1 year ago
These guys have nothing to do with the price of oil. THey don't care if we are digging over here China will buy it all. THis is about our guys making it so we say dig!
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cowboygrandpa1 year ago
Yeah, I'm glad but will we see lower prices right around election time? Something tells me we will.
There is a lot of pressure being put on the Saudis right now no doubt. Not all of it from America.
We have our enemies who would like to see the continuance of the current political leadership. They know we are being gutted from within.
I always said America would be destroyed by her own leaders and we are.
Democrats and Republicans alike have gotten on board the wealth for me train.
Wake up people!!! Neither party has our best interests.
We better start looking for leaders who want turn this country around and become independant again. Bring back mfg., oil fields, farming by family farmers, small businesses, and the drive to succeed instead of being a consumer nation.
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simonsez1 year ago
I agree, cowboy. Repubs and Dems in government are similar to apposing attorneys in a court case ... they're both employed and have a vested interest in the conflict continuing.
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rightfromwrong1 year ago
the saudis aren't to blame .. their price hasn't increased in close to 1.5years. Oil companies love as they continue to get subsidies...why not blame the traders who see continued high demand as china and india expand their use. why not blme the car companies too as they have suppressed aall the technology. Don't forget the Mobil/Exon who walked away with a 280million dollars when he left.
The administration doesn't care about U...they went to Iraq to steal the oil and are using the national guard as well as the regular army. They pay Cheney's "Blackwater" $100 to do a load of laundry. "SHAME ON AMERICA" and their greed!!!
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jmopinion1 year ago
According to the federal Minerals Management Service, about 86 billion barrels of oil and 420 trillion cubic feet of natural gas are locked up and untouchable just off our shores.
"Locked up"? By whom? Who could be so stupid? So diabolical? So un-American?
Big Oil? The U.N? Those evil Exxon Republicans who took us to war for oil in Iraq?
Close. It's our cracked-up Congress -- mainly liberal Democrats who are beholden beyond reason to the religious left's most dangerous fundamentalist sect, wacko environmentalism.
http://www.pittsburghlive.com/x/pittsburghtrib/...
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Alphaandomega1 year ago
sure they will produce more because the price is extraordinary high already. but when the price comes down, they will reduce the production
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AbuAmirah1 year ago
America is not the only country that produces wheat and rice. $hit, Thailand is the number one producer of rice and with the white commercial farmers moving from Zimbabwe to Nigeria, we can get our wheat from them, so we don't really need to get those items from you. Ha, ha,ha,ha,ha,ha
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ghengisghan1 year ago
Theyre upping production to placate enough people so we DONT start driilling on our own turf!
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provegno1 year ago
We only need to look at how increasing water pricing is used to control "over use" during shortages. The price of water will never come down. The reward is to sell less for more and continue to control the supply. We can not blame the Saudies or the oil companies but political greed is now world wide. It is our game.... capitalism.
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AbuAmirah1 year ago
Cowardly, ass kissing son's of bitches, literally. I have never been more ashamed to be partially Arab. These dudes submitted without tying increased oil production to real American mediation with the zionist and the palestinians. I have never said this before, but the House of Saud must fall and it must fall now!!!! I wonder if King Abduallah had North America, Western Europe and the zionist entity buy him dinner and give him a cigarette before and after the f'd him?
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ghengisghan1 year ago
We are not the ones hiding under our womens skirts or in some case actually wearing them to not get caught you sheet head.
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AbuAmirah1 year ago
F you dude. Yitshak Shamir dressed up like a bitch to escape british forces during their mandate so now what? F'n a$$hole
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sinophil491 year ago
I agree that the Saud family is primarily out for itself and love playing both sides of the fence. It befriends USA, but also secretly funds terrorists.
Nonetheless, they are a secular, pragmatic sort of bunch. They have done much to improve the citizens of Saudi Arabia.
I do not know if I want them to fall as in a revolutionary sense. That would probably create chaos and a power vacuum, which would have severe, unpredictable consequences.
However, I wonder if they can become a figurehead presence, like the Queen of England. She is the head of state, but not the head of government.
To me, that would be satisfactory. That way, the transition to modern government would be orderly. The government would remain secular and not theocratic.
The other scenario would be for the royal family to endorse a national referendum on royalty. Then step out of the political picture gradually and smoothly. I believe Nepal recently voted out its royalty.
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gbilly08Comment removed: User banned.
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sinophil491 year ago
I don't if anyone noticed. The article clearly stated that the Saudis are thinking of increasing production and cutting prices not out of concern for our gas-addicted citizens. The Saudis are doing it out of pure self interest. They want to keep up their market share and increase oil sales.
I find the discussions about the dollar value, drilling, ethanol, etc distressing because nothing is being done to create a truly comprehensive, effective, long term energy policy. I lay that fault squarely on the lap of GWB.
We need such a policy to fund more basic research on alternative energy sources or techniques. We need to encourage companies, both established or start-ups to manufacture these sources. We need to push our auto companies to increase the fuel efficiency ratings of their fleet of products.
We need to edcate and force people to recycle and reuse more. At best 12% of plastic containers are recycled. Everyone has to stop buying those plastic bottles of water.
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sinophil491 year ago
Most of bottled water is just tap water anyway.
No matter how much drilling or searching for new oil fields takes place, eventually ALL OIL WILL BE GONE.
So no matter which candidate gets elected, he must formulate and push a real energy policy. Bush has been a total failure on this point.
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adreamer2_19991 year ago
The offer to pump more oil is great but let me tell you I have worked in the oil refineries in California and when I first started I asked one of the operators at the refining plant. Why do they have these fires burning all the time out of what the operator called a flair he told me its to burn off the gasoline that can not be stored and some other undesireable things like alchol and posionness gases they burn all the time. Its not just the Saudis that are doing it to us will are own countrymen follow in the Saudie steps and lower their price the word on that was if we didnt like the price of gas we should walk and while Im dinging on the oil companys You know all of the emprovements that have saved fuel like the guy that developed a system of some kind and put it in a car and drove to New York on one tank of gas gee wonder where that went and all the other things of that nature well I can tell you Standard Oil of California has them along with some of the other Gaint Oil companys.
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Justice4All1 year ago
We have seen this problem coming for 30 years and chose to do nothing until it was too late.
When supplies from Alaska, Mexico, Canada, North Sea and deep water GOM came on line we jumped back on the oil bandwagon like supplies would last forever. Reagan ended what Nixon and others had started as a national energy policy. We enjoyed cheap gas knowing that a day like this would come. But Reagan and other decision makers in the 80's don't have to worry about the inevitable result. They passed the problem to the next generation.
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Origin1 year ago
Congress needs to shut the ENRON LOOPHOLE... oil is no longer priced based on supply and demand. Speculators are running this market. Phil Gram and his wife helped push the legislation through.
CLOSE THE ENRON LOOPHOLE NOW!!!
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Cityslicker1 year ago
Will not matter , Commodity Traders will keep it high regardless of quantity , oil is not ruled by supply and demand any more , just how high and how much higher can it go .
Class Action Law Suit , against the Security Exchange Commission , the one who should be stopping this foolish greed fest .
"There is no reason why oil prices should be above $60," Gheit said, noting that domestic
crude supplies are at average levels, and that refineries are cutting gasoline production
as high prices cut consumer demand for fuel.
"The physical supplies do not justify the price, it just doesn't make sense."
Oh , there is plenty of oil , just more greed and stupidity and the Sheep bah-elieve what they are told .
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