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  1. #1 Saudis to Ramp Up Oil Production 
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    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???

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    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.
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    Senior Member MstrBlue's Avatar
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    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!
    Social Order at the expense of Liberty is hardly a bargain - Marquis de Sade
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    Quote Originally Posted by namvet View Post
    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.
    Last edited by lacarnut; 06-14-2008 at 03:45 PM.
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    Senior Member namvet's Avatar
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    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.
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    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...).
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    $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.
    At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
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    Senior Member namvet's Avatar
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    Quote Originally Posted by Cold Warrior View Post
    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.
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    Quote Originally Posted by namvet View Post
    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.
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    Quote Originally Posted by Cold Warrior View Post
    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...).
    I think drilling in Anwar and finding new areas to explore along with new alternative sources of energy will bring the price down in the short run and the long run. Some experts claim that 30% of the increase in the price of oil is due to speculation that the price will keep going up. The physiological effect of more exploration along with more alternative energy will make the price drop. When these hedge funds investments in oil start retracting, just watch what happens to the price. Since the Saudis announced today that they will ramp up production, oil prices will drop but that does not necessarily mean that gasoline prices will drop for a while. The largest refiner in the country, Valero, is making a very small profit off their sales, and are even trying to sell 3 of their 17 refineries.
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    Quote Originally Posted by lacarnut View Post
    I think drilling in Anwar and finding new areas to explore along with new alternative sources of energy will bring the price down in the short run and the long run. Some experts claim that 30% of the increase in the price of oil is due to speculation that the price will keep going up. The physiological effect of more exploration along with more alternative energy will make the price drop. When these hedge funds investments in oil start retracting, just watch what happens to the price. Since the Saudis announced today that they will ramp up production, oil prices will drop but that does not necessarily mean that gasoline prices will drop for a while. The largest refiner in the country, Valero, is making a very small profit off their sales, and are even trying to sell 3 of their 17 refineries.
    It will have to be a psychological effect, as it can have no real effect upon world supplies for the next 5-7 years. Clearly, a significant amount of the rise in the price of oil is due to speculators; however, a much more significant percentage of that rise is due to the fall of the dollar vs other currencies, particularly the Euro. Chart the Euro vs Dollar ratio vs the price of oil and the correlation becomes evident. And the weakness of the dollar is directly attributable to the trade deficit and the Fed's persistence in lowering interest rates. What investor wants to invest in a currency carrying the current Fed rate? You might as well invest in the Yen.
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