Saudis: Not boosting oil production for the U.S.

[babylonsister]

I guess the dim one's charm didn't work, yet the Saudis get the weapons. Who's being played? Yes, we are.


Saudis: Not boosting oil production for the U.S.

by Mark Silva

RIYADH, Saudi Arabia – President Bush, entering another round of private meetings with King Abdullah of Saudi Arabia today, plans to argue that the price of oil is not only hurting the American economy, but also having an impact on world trade.

Yet the oil minister of Saudi Arabia, addressing reporters here today, maintained that this nation which holds the world’s greatest reserves of oil will not increase production based on the demands of one customer – albeit the world’s largest consumer of oil, the United States. Instead, minister Ali I. Al-Naimi said here, Saudi Arabia will adjust its production according to the interests of maintaining “stability’’ in the world oil market.

Bush, also addressing reporters during his two-day tour of Saudi Arabia, said he understands the pressure oil prices place on the American household and would warn the king of this nation that has grown wealthy with its vast reserves that any economic slowdown in the U.S. would result in less oil purchased.

“Demand has outstripped supply,’’ Bush said.

“We will raise production when the market justifies it. This is our policy,’’ Al-Naimi said. Asked about the potential impact of prices on the U.S. economy, he said: “A recession in the U.S. is very significant to the oil market and demand… I’m sure that no one would look with pleasure upon a recession in the U.S.’’

Asked about gasoline prices – and asked particularly whether Americans might ever see anything below $2 per gallon in the future, the bespectacled and soft-spoken oil minister said: “That is an excellent question, but let me tell you what happened to the last guy who tried to predict prices… If I knew the answer to that question,, I would be in Las Vegas rather than here.’’

more...

http://www.swamppolitics.com/news/politics/blog/2008/01/saudis_not_boosting_oil_produc.html#more

[Rambis]

1. so much for jawboning

good job *

"1.86$ is unacceptable for a gallon of gas"
GWB 1999

[ixion]

6. "1.86$ is unacceptable for a gallon of gas"... what he meant by 'unnacceptable'

was that it should be $3 or more. It's Bushspeak, don cha know.

[Rambis]

13. sure seems that way

them good ole oil boys ain't makin enough money better boost em up-

He lied though- fancy that?

"I would release the strategic oil reserves to keep prices low"
GWB 1999

[rodeodance]

2. so will Congress still approve the arms sale to SA???

[babylonsister]

3. That's what they've said...

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=2686343&mesg_id=2686343

[atreides1]

9. Yes They Will

It's expected of them! They might put up a little resistance about giving SA "smart" bombs, but in the end the sale will go through.

[Ganja Ninja]

4. A lot of winking and back slapping going on behind the scenes.

They're all making money hand over fist the fucking bastards.

[MadHound]

5. Quite frankly it is probably a matter than the Saudis can't raise production, rather than won't

There have been no major oil discoveries in SA for forty years. The largest oil field there, Ghawar, is in serious decline, since they are having to pump twice the amount of seawater into the oil field than the amount of oil that they're getting out. We need to face the fact that Peak Oil is a reality, and we're going to be competing ever harder for less and less oil. This is why it is vital that we start switching over to alternatives like biodiesel as soon as possible.

[atreides1]

11. Don't expect a switch soon

There won't be a switch to alternative fuels until the oil companies can make a bundle of cash to put in their pockets from the new technology.

[dysfunctional press]

16. yep.

it's going to get very interesting very quickly.

[Lint Head]

7. This proves that oil prices are manipulated. When the flow is

artificially decreased the price goes up. It is an executive decision to cut the flow of oil. The CEO increases his profits. They are all PIGS! :dem:

[Subdivisions]

12. Well, what the fucking hell do you expect!??

THEY are the ones with the product! we MUST HAVE IT! Do you know why we muST have it?

BECAUSE WE BASED OUR ENTIRE CIVILIZATION ON IT AND WE (the United States) DON'T HAVE ENOUGH OF OUR OWN OIL SO WE HAVE TO BUY IT FROM THOSE WHO DO HAVE IT!

Is that so hard to grasp?

[Subdivisions]

8. Didn't we just sell them a lot of weapons at flea market prices? n/t

[babylonsister]

10. Yes, see post#3; it's supposed to happen, Congress will approve. nt

[Earth_First]

14. Saudi to Bush: "Get lost. Our transaction is complete." n/t

[Bluebear]

17. Indeed.

[INdemo]

15. High Priced oil has nothing to do with the output.....

Since Cheney and the oil companies drafted the energy bill back in (2004) we immediately began to see the prices rise.....the reason the price is so high is because Repuke millionaires are able to speculate the oil price on the futures market...(There is so much insider trading going on it would shock the world,but there is no way to prove it) Anyway these speculators are able to ride the wave up and then down and profit on both ends...In addition to the huge profits being made, the oil companies are still receiving subsidies and are not paying the royalties on oil from government land......Americans could have been spared these high costs years ago but it was a matter of political pay back.....and now it cant be fixed overnight..Lets think about all those excuses the oil companies used to raise prices,and when they ran out of excuses all * had to do was threaten Iran..Remember?so asking the Saudi's to increase output is just a smoke screen and somehow the Repukes will find a way to blame the Democrats for these high prices as the election season progresses.....

[roamer65]

18. We are lucky they are still accepting the dollar at this point.

I'm sure they'll dump the petrodollar fairly soon.