Comments for Saudis will produce more oil to lower prices »
Posted By dailynewsus 1 year, 6 months 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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ADAGUY1 year, 6 months ago
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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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wtagg1 year, 6 months ago
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I think the oil companies are free to drill on land that they own. If they want to drill on land owned by the taxpayers, the taxpayers should benefit accordingly. The taxpayers own the resource and should dictate how it is used.
Maybe if the oil companies provided a fair share of the profits, like say 50%, maybe that taxpayers would change their mind about drilling.
The taxpayers could then take that $6,000,000,000 every 3 months and put it toward developing a real alternative to fossil fuels.
I am convinced that the car manufacturers are involved also. They are not really trying to improve gas mileage.
They complain that they cannot meet a 35 mpg goal in 12 years. Give me a week with autoCAD and I bet I can take any manufacturer's fleet and meet that 35 mpg goal just maximizing aerodynamics with no real cost increase to the consumer. 80% of an engine's efficiency goes to moving air at 70 MPH. Shaping a vehicle like a shoebox helps the efficiency how?
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lfergie8121 year, 6 months ago
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wtagg
"The taxpayers own the resource and should dictate how it is used."
Sadly this is not true in all cases. You would be surprised what the a company can do to a person's property in WV and not pay the land owner a dime. In many states the mineral rights could have been sold by the previous owner and should be stated on the title of the land as to who owns those rights.
http://wiki.answers.com/Q/In_West_Virginia_does...
They can shape an automobile to be more aerodynamic but who would buy them? Every vehicle is a compromise of looks and efficiency for the purpose sales and and a return on research and development.
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wtagg1 year, 6 months ago
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I was speaking at the federal level, but I agree that there can be issues at lower levels depending on the laws of the locality.
"They can shape an automobile to be more aerodynamic but who would buy them? Every vehicle is a compromise of looks and efficiency for the purpose sales and and a return on research and development."
Have they even tried?
Suddenly your SUV gets 30 mpg vs 18. Do you think that would not be of interest to consumers? We can't take the mindset of "They must not have pursued this for a legitimate reason for the good of the customer".
Do you realize that Honda had a car in '86 that got 57 mpg? In 22 years, has the industry progressed? Has it wanted to progress? Has it complained and resisted?
For years, the industry resisted against air bags complaining about the cost for the consumer. Now it is a significant marketing tool. They want to dictate what the consumer should want and have. The consumer needs to start dictating.
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cowboygrandpa1 year, 6 months ago
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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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rightfromwrong1 year, 6 months ago
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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, 6 months ago
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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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wtagg1 year, 6 months ago
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You need to clarify that it is 5 times the yearly cost of the Iraqi conflict. Your statement might appear to be stating the cost of the entire Iraqi conflict.
Ironically, how much of that oil went back to Iraq in support of our troops being there?
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CaptainLucid1 year, 6 months ago
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I would call that a lowball figure. Politicians on both sides freely switch between cash and accrual accounting depending on which number supports their point the best. Right now W and Co is all about cash accounting on the war. The disability payments and medical care for vets is not counted. The cost to repair or replace the equipment used in the war, not counted. Cash accounting is also why he does not budget money for the war in the general budget. He wants to lie about how much he spends so the budget gets passed and he announces proudly that the defeceit is lower than expected and then right after the press release he then asks for the millions more for his war. It doesn't matter for practical purposes when or how he announces it. The bills all end up in the same place, China's accounts receivable.
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lfergie8121 year, 6 months ago
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Here's a list of the foreign countries we get oil from. Note number 1 and 3 on the list.
http://www.eia.doe.gov/pub/oil_gas/petroleum/da...
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sinophil491 year, 6 months ago
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JM - I don'tknow how much we spend for oil, foreign and domestic. However, the cost of the Iraq war is now approaching 530 billion dollars.
The cost of the war in Afghanistan is approaching 100 billion.
But don't forget, these costs are not built into the federal budget. That is why GWB has to repeatedly go to congress to ask for more appropriations every several months.
Technically that is why the official budget is not that out of balance, which conservatives have touted. But effectively, the strain on our economy is tremendous. We are now the largest debtor nation in the world
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provegno1 year, 6 months ago
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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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sinophil491 year, 6 months ago
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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, 6 months ago
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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, 6 months ago
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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, 6 months ago
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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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Cityslicker1 year, 6 months ago
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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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