Saudis to Ramp Up Oil Production

[namvet]

RIYADH, Saudi Arabia — Saudi Arabia's oil minister on Sunday will address reports that the world's largest oil-producing country is set to raise production by about 500,000 barrels per day, his adviser said.

what brought this on???

story


meanwhile here at home:
Bush Administration Grants Oil Companies Legal Protection in Polar Bear Habitats

WASHINGTON — Less than a month after declaring polar bears a threatened species because of global warming, the Bush administration is giving oil companies permission to annoy and potentially harm them in the pursuit of oil and natural gas.

story

[MstrBlue]

They probably realize that Americans are not going to tolerate these fuel prices for too much longer, before the outcry is so loud that Congress pulls their collective heads out of their collective asses, and allows drilling for our own damned oil!

[lacarnut]

what brought this on???

story


meanwhile here at home:
Bush Administration Grants Oil Companies Legal Protection in Polar Bear Habitats

story

The Saudis are pretty damn smart. First they say they will not increase production; the speculators jump on the band wagon and the price shoots up. Then the Saudis reverse themselves and the price per barrel goes down sending the DC critters in a tizzy. So when the Saudis hear that the US and/ or other parts of the world are going to expand exploration or increase production of Ethanol, wind, solar and hybrid cars, they put more oil on the world market. If the price comes down substantially, that will drive down the incentives for other energy sources other than oil. The Saudis can not lose either way because the legislators in Congress are running around like a bunch of monkeys and don't have a clue regarding an energy policy. Increasing taxes on the oil companies and the consumers will not bring us one more drop of oil or new energy.

I also believe Bush's trip there sealed the deal for an increase. Saving face in that part of the world is important so I believe an agreement was made in secret. Of course, the media would never give Bush credit.

[namvet]

well in any event when we start drilling for more here at home the Saudis will start increasing more production. and cheaper by the barrel as we decrease supply demands from them. . I think their sweatin' bullets over this. they had a conference way back when we started alternative sources. im glad to see Bush over rule the conservationists clowns.

[Cold Warrior]

Unless people here think that drilling in ANWAR and other areas is going to dramatically increase the world's oil supply in the short term, there is no reason to think that such activities will dramatically lower the price of oil. Unless, of course, you believe that the oil companies will sell oil to Americans cheaper than world market prices (and if you believe that, there's a bridge...).

[Ranger Rick]

well in any event when we start drilling for more here at home the Saudis will start increasing more production. and cheaper by the barrel as we decrease supply demands from them. . I think their sweatin' bullets over this. they had a conference way back when we started alternative sources. im glad to see Bush over rule the conservationists clowns.

Sweating bullets? They are playing us like a violin. We saw this in the seventy's with Carter. As soon as we start making sense in our oil policy, they will lower costs to 2 cents under what it would take for the US to produce its own oil.

[LogansPapa]

$5.00 gasoline will be the norm from now on. People are still drving, albeit a bit less - but the freeways are still full - of one person per vehicle.

[namvet]

Unless people here think that drilling in ANWAR and other areas is going to dramatically increase the world's oil supply in the short term, there is no reason to think that such activities will dramatically lower the price of oil. Unless, of course, you believe that the oil companies will sell oil to Americans cheaper than world market prices (and if you believe that, there's a bridge...).

who said anything about sharing ours with the world???? as far as market prices, well thats really set by the politicians. who are owned by the oil companies. the voters and taxpayers can have a BIG say here.

[Cold Warrior]

who said anything about sharing ours with the world???? as far as market prices, well thats really set by the politicians. who are owned by the oil companies. the voters and taxpayers can have a BIG say here.

"Sharing?" So, we're going to throw free market capitalism right out the window and mandate to those publically-held companies that they can only sell to Americans at below the market rate? Seems like you're saying capitalism is good when it affects others adversely, but bad when it affects me adversely.

[LogansPapa]

Let's be realistic about this - the oil producers now know we can handle this pain and have found the new threshold. I'm thinking $10.00 for Regular might be the new choke point that would bring the American economy to a halt because people couldn't get to work - driving alone. The fuel dock at Avalon on Catalina Island is charging $6.78 a gallon for gas and boats from the mainland - hundreds of them per day - are lining up to buy it. We have a very rich nation.