No Immediate Solution from the Oil Summit »
Posted By dailynewsus 1 year, 5 months ago in Business & FinanceThe oil summit held in Saudi Arabia brought little hope to consumers. An increase of only 200,000 barrels a day will do little to reduce oil prices.
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canadianrancher571 year, 5 months ago
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From most reports that I heard yesterday even the Saudi representatives said that there was no shortage of oil and the price was being driven by speculation. This 200,000 barrels of oil only represents 200 contracts on the futures market that is flush with money from investors wishing to cash in on the upward movement in oil. The volume of trading in the nearby month on the New York mercantile exchange for oil was over 350,000 yesterday so an extra 200 contracts will never even be noticed.
What will eventually correct the high prices is already happening, people are starting to drive less and conserve. We are looking at what I feel is an energy bubble which will eventually break.
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engineer1 year, 5 months ago
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Endoscopy1 year, 5 months ago
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Ignorance speaks again. We use our own oil and import oil, 80% from Canada and Mexico and 20 % comes from other countries. Oil is always sent from the closest point to keep shipping costs down. What we need to do is what Norway did. They drilled everywhere on land and in the sea. They build refineries. They have cheap gas.
If Norway can do it why aren't we allowed to do the same?
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canadianrancher571 year, 5 months ago
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engineer- We had a national energy policy up here in Canada and the conservatives said it would cripple the oil industy but things continued on. The oil industry whined and complained but they continued to drill. Our prime minister at the time was Mr. Trudeau who was a liberal but considered energy to be a national concern and resource to be shared by Canadians which maybe wasn't such a bad idea.
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Harbeas1 year, 5 months ago
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You are right on panzerv. All these so called experts keep saying it is supply and demand, BS! If everyone will notice, after the news of the Saudis increasing the supply, the price of oil climbed even higer. When is something going to be done regarding the wall street idiots and the speculaters and the manipulaters? How can anyone continue to buy the supply and demand crap?
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Daylight1 year, 5 months ago
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Harbeas
You are right on panzerv. All these so called experts keep saying it is supply and demand, BS! If everyone will notice, after the news of the Saudis increasing the supply, the price of oil climbed even higer. When is something going to be done regarding the wall street idiots and the speculaters and the manipulaters? How can anyone continue to buy the supply and demand crap?
This is the economic system set up to exploit the world, rich is getting richer and poor is getting poorer. No one's pocket is safe, these are pick pockets who pick your pocket with your consent. Speculation and manipulation are the name of the game the capitalists ply.
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antibrainwasher1 year, 5 months ago
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Oil is a national security and global environmental issue. It should be nationalized immediately, the oil companies are not intrested in anything but profit. No one can argue with that. I'll say it again, the oil companies are not intrested in anyting but profit.
Nationalize oil, and pass laws requiring 50 mph cars mandatory in 5 years, all profit from oil to build high speed and freight train service.
National security and our national economy is in the hands of texas oil billionaires and saudi arabs. Insane.
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Endoscopy1 year, 5 months ago
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Out in the open as a socialist or communist. Have the government take over companies. What a concept. Look at the USSR and how well they did at that.
And you have the name antibrainwasher. Well you are brainwashed and refusing to look at reality. I guess that counts.
I take it you are one of those super libs who embrace the high gas prices to drive the changes in society you want. I believe the liberal Democrats have kept us from drilling and building refineries as well as nuclear power plants because a little bit of land will be built on. Your kind of concept right. Atheist evolutionist religion adherent that you are.
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reasonable11 year, 5 months ago
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Drill here, drill now! Coal gasification! Nuclear energy! Every source we have for energy should be used and every chance for conservation should be utilized! No stone should be left unturned in the search for alternative energy sources! Although supplies from new domestic oil sources won't be available for a number of years, oil prices will drop some immediately because oil futures will be immediately negatively impacted. Yes oil is a limited resource, but we still have to have it until alternatives are viable!
Our next president should form a task force of the "Manhattan Project" variety and free us of energy dependence from these other countries!
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kedirian1 year, 5 months ago
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"...even the Saudi representatives said that there was no shortage of oil and the price was being driven by speculation."
And who would be better positioned in the US to whisper a silent "go-ahead" to those speculators than Cheney and his numerous cohorts in the Republican-dominated Wallstreet-mafia?
It is probably our dubious "luck" that Osama Bin Laden threw a monkey-wrench in those first heady days of the "Uniter's" administration...
I still say that our National Interest demands a complete release of the attendance list and agenda of Cheney's secret meetings with those energy CEOs!
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Endoscopy1 year, 5 months ago
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200,000 barrels is a drop in the bucket. The Demand from China and other developing nations is creating a huge demand for oil. Therefore the price goes sky high. The ONLY way to drive it down for the US is to increase the internal supply and the price for outside oil will have smaller impact. The Democrats for many years have been holding hands with the tree huggers and other environmental wackos who put a pristine environment above people. It would seem that they want this kind of thing to happen to make the country be forced to bend to their will by economics. What a party. Side with the terrorists in Iraq, tell lies, and want high fuel prices to force the country to do what they want. If this is not so then they will vote to allow the oil companies to start drilling immediately and not wait for the 10 years of paperwork to be approved.
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