Oil

[Babagounj]

Saudi Arabia moves to calm oil market
Saudi Arabia is taking steps to cool the overheating global energy market, boosting its exports to the US and re-opening old oilfields to expand production, as the world’s largest oil producer tries to prevent damage to the global economic recovery.
Saudi Arabia moves to calm oil market - FT.com

Oh, it's fine for the Saudis to drill, drill, drill but not the USA.

 

[Just_another_day_at_work]

Well, I just got back from the World's largest bank and they flat turned me down for a $500 million loan to build the world's largest home ever built. I told them under assets that I had $2303 billion undiscovered dollars and for some odd reason they told me that didn't qualify as being either real or provable. Gee, I don't understand what their problem is!

Did you ask them nicely just to type it into the computer? I think they are calling it as "blackbox" when they can just create as much "money" as they want (elite).

 

[UpstateNYUPSer(Ret)]

Saudi Arabia moves to calm oil market
Saudi Arabia is taking steps to cool the overheating global energy market, boosting its exports to the US and re-opening old oilfields to expand production, as the world’s largest oil producer tries to prevent damage to the global economic recovery.
Saudi Arabia moves to calm oil market - FT.com

Oh, it's fine for the Saudis to drill, drill, drill but not the USA.

Re-opening old oil fields does not involve drilling---the wells that were not needed had been capped.

 

[bbsam]

Re-opening old oil fields does not involve drilling---the wells that were not needed had been capped.

"Well--well--shut up Upstate! Damn Know-it-all."

 

[The Other Side]

Saudi Arabia moves to calm oil market
Saudi Arabia is taking steps to cool the overheating global energy market, boosting its exports to the US and re-opening old oilfields to expand production, as the world’s largest oil producer tries to prevent damage to the global economic recovery.
Saudi Arabia moves to calm oil market - FT.com

Oh, it's fine for the Saudis to drill, drill, drill but not the USA.

You people are so gulible.. I cant believe what you guys repeat as meaningful to you.

Its like your brains are washed out of the past facts and new ones installed just to occupy space. OPEC has cut production 28% since 2009 in an attempt to raise prices back to 70 bucks a barrel. Once there, our need for WAR TALKING has driven the price higher.

OPEC simply raising production doesnt have ANYTHING TO DO with more drilling. Merely increasing its production capacity to stabilize the markets and drive the price downwards on the world market. CLAIMING that OBAMA wants OPEC to do more drilling is HILARIOUS at best.

OPEC could drive the price per barrel back down to 5 bucks a barrel if they wanted to.

DRILLING here is NOT FOR AMERICANS and SURELY not for YOU!

The usa producers want to be WORLD PLAYERS and will attempt to hold the american population hostage in order to achieve that. FORCING us to pay high prices at the pump makes people like you RALLY for more drilling even though you havent the first CLUE where that oil will go to.

OIL will go down. Its already dropping.

Get over the drill concept, try understanding the problem first.

Peace

TOS

 

[av8torntn]

You stated that speculators are not the problem. I then asked for your solution to the problem. Simple question.

The simple answer would be to have a currency with a stable value and reduce barriers to market entry for people wanting to sell oil/fuel. The more complicated answer is that market speculation tends to lead to price stability.

 

[moreluck]

Gas prices continue to rise......where's your proof that oil prices are falling?

Oh, and Saudi oil isn't the same as Iranian......................

 

[klein]

I personally don't have anything against rising oil prices. As an exporting country and the US, too. It should help pay down the debt/deficit.
Besides, most people have a choice how much they want to drive.
Some are getting so lazy to walk to the next corner store, while they could easily walk it, or even ride a bicycle.

 

[trplnkl]

I personally don't have anything against rising oil prices. As an exporting country and the US, too. It should help pay down the debt/deficit.
Besides, most people have a choice how much they want to drive.
Some are getting so lazy to walk to the next corner store, while they could easily walk it, or even ride a bicycle.

Not all people can walk to the end of the block or ride a bicycle . Senior citizens still have to get to the places they need to be and have to buy their gas at the same outrageous prices as everyone else while not having the ability to increase their income. One of these days Klein, you will wake up to the fact that everything is not about YOU.

 

[klein]

Not all people can walk to the end of the block or ride a bicycle . Senior citizens still have to get to the places they need to be and have to buy their gas at the same outrageous prices as everyone else while not having the ability to increase their income. One of these days Klein, you will wake up to the fact that everything is not about YOU.

Is that why you vote republican, so seniors will need to pay for their own medicare, while more tax cuts for the rich would be put in place ?
And more tax cuts to companies, as if Apple with it's $95Billion in US cash alone (not including cash outside the country) get lower tax rates ?

 

[The Other Side]

Stewart Varney today had an oil expert on as a guest, and Varney tried his best to blame OBAMA for the gas prices and the expert had to keep putting him in check. Tracy Brynes tried to jump in and give her two cents and the expert punked her out as well. The third talking head maroon on Varneys side tried his best to blame OBAMA and guess what, he got punked out as well.

As soon as I can find the clip of that segment I will post it.

The expert was asked by VARNEY that if we started driling 10 years ago, would prices be this high, the answer???

YES. It has NOTHING to do with more drilling and everything to do with speculation over the problems in the middle east.

This expert agrees, that OIL will drop as opec increases production to stabilize the market. In addition, VARNEY tried to blame OBAMA for the canada oil pipeline, and again OWNED by the expert who explained to him in detail the flaws of the pipeline project.

All in all, another fox show, another ridiculous exchange by the host and his talking heads and another guest who went against the grain.

Peace

TOS

 

[klein]

I'm not even an expert, but I do know at $2.50 a gallon or under $65US per barrell, the Alberta Oilsands come to a still stand, because it becomes unprofitable.
Meaning all those pipelines heading to the US run dry anyways, which btw supply 55% in total imports of oil to the US.

At the point it even becomes cheaper for Canada to import oil from elsewhere, which then in return raises oil prices.
Something Gingro doesn't understand.
Republicans think the pipeline is needed for $2.50 a gallon. So silly , it's not even funny !

 

[av8torntn]

The expert was asked by VARNEY that if we started driling 10 years ago, would prices be this high, the answer???

YES. It has NOTHING to do with more drilling and everything to do with speculation over the problems in the middle east.

This expert agrees, that OIL will drop as opec increases production to stabilize the market.

TOS

Wow your "expert" destroyed your argument.

 

[av8torntn]

I'm not even an expert, but I do know at $2.50 a gallon or under $65US per barrell, the Alberta Oilsands come to a still stand, because it becomes unprofitable.
Meaning all those pipelines heading to the US run dry anyways, which btw supply 55% in total imports of oil to the US.

At the point it even becomes cheaper for Canada to import oil from elsewhere, which then in return raises oil prices.
Something Gingro doesn't understand.
Republicans think the pipeline is needed for $2.50 a gallon. So silly , it's not even funny !

Meaning speculation does not drive up oil prices?

 

[klein]

Of course speculation drives up oil prices to a point, but mostly the devaulation of the US dollar.
Same as gold or silver.

The US dollar loses 40% of value over the past 10 years, and you don't expect commodities to rise ?
Keep printing more money and you'll see where oil prices go - only upwards !

 

[av8torntn]

Of course speculation drives up oil prices to a point, but mostly the devaulation of the US dollar.
Same as gold or silver.

The US dollar loses 40% of value over the past 10 years, and you don't expect commodities to rise ?
Keep printing more money and you'll see where oil prices go - only upwards !

Of course speculation does not drive up oil prices.

 

[klein]

And to your knowledge, Gas prices at the pump still haven't reached the record highs of the Bush years !

On another interessting note :

[h=1]Gas retailers fined for fixing pump prices in Kingston and Brockville areas[/h] By The Canadian Press | The Canadian Press – 21 hours ago

BR

OCKVILLE, Ont. - Three companies have been fined for fixing the price of gasoline in Kingston and Brockville between May and November in 2007.
The Competition Bureau says Pioneer Energy, Canadian Tire Corporation (TSX:CTC.A) and Mr. Gas pleaded guilty to the charges today.
Investigators found gas retailers or their representatives phoned each other and agreed on the price they would charge.
The companies pleaded guilty to price-fixing in Brockville court and were fined a total of $2 million.
Competition commissioner Melanie Aitken says consumers in Kingston and Brockville were denied a competitive price for gasoline as a result of criminal price-fixing.
Pioneer Energy was fined $985,000, Canadian Tire was fined $900,000 and Mr. Gas was fined $150,000.

 

[moreluck]

$1.78 a gal. (or so) when Bush left. $4.30 now.

 

[klein]

$1.78 a gal. (or so) when Bush left. $4.30 now.

when he left - that's the main factor - funny you remember that and nothing else !

Oh yeah, in the midst of the turmoil, so was the Dow under $9000 !
So were housing prices ! Wow , good job Mr Bush !

 

[roadrunner2012]

Gas prices at the pump went up 275% under G.W. Bush, from $1.60 to $4.40 in July 2008. Prices crashed when the market crashed in mid 2008. As the economy improves, gasoline prices are returning to the pre-crash levels.

There are adequate stockpiles, and ample production. In other words, supply & demand are not a factor. It is pure speculation driving the price. That, and the beat of war drums in the Mid East.