Here's what TOM BROKAW said about the SAUDIs on TUESDAY at NBC nightly news . http://www.msnbc.msn.com/id/3032619/ns/nightly_news/#42442093 . The topic of the Saudis meeting with CHINA and RUSSIA starts at 1:37 in the video .
Here go the oil Speculator's again!
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Originally Posted By: ZZman
110.00 a barrel.
Looks like greedy people don't care about keeping the recovery going.
That's right, all six or seven billion of us.
You could take this up with President Obama, who had it within his power to change the regime in Libya quickly, with few casualties, and without a major interruption of oil production. Now it looks like Libya is going to have a long drawn-out civil war, possibly with damage to the oil production and transshipment facilities.
And we still don't know if other oil-producing countries will experience similar turmoil.
110.00 a barrel.
Looks like greedy people don't care about keeping the recovery going.
That's right, all six or seven billion of us.
You could take this up with President Obama, who had it within his power to change the regime in Libya quickly, with few casualties, and without a major interruption of oil production. Now it looks like Libya is going to have a long drawn-out civil war, possibly with damage to the oil production and transshipment facilities.
And we still don't know if other oil-producing countries will experience similar turmoil.
This is not Obama's fault, nor is it the fault of the USA as a whole country. Libya produces less than 2% of the world's daily production of oil and all of it goes to Europe. How that affects the USA (other than speculators who continue to cite world events as legitimate reasons to artificially inflate oil prices for record profits) I will never know. If the traders and speculators had to actually take delivery of the oil they buy and sell every day, things would be very different at the pump.
Not getting too political here but the USA needs to mind our own business. We have more than our share of problems to solve here at home. Those countries in the Middle East need to be the ones to solve their own civil unrest problems. It is not our place nor is it our responsibility.
Not getting too political here but the USA needs to mind our own business. We have more than our share of problems to solve here at home. Those countries in the Middle East need to be the ones to solve their own civil unrest problems. It is not our place nor is it our responsibility.
Originally Posted By: Jimmy9190
This is not Obama's fault, nor is it the fault of the USA as a whole country. Libya produces less than 2% of the world's daily production of oil and all of it goes to Europe.
Oil is a globally-traded commodity, so even if we produced 100% or more of what we consume, our price would still be the global price after adjusting for quality and transportation costs.
World production before the events in Tunisia, Egypt, Bahrain, Yemen, and Libya was within 1% or so of world demand. So eliminating 1-2% of production for an unknown period of time inevitably must have an effect on prices.
This is not Obama's fault, nor is it the fault of the USA as a whole country. Libya produces less than 2% of the world's daily production of oil and all of it goes to Europe.
Oil is a globally-traded commodity, so even if we produced 100% or more of what we consume, our price would still be the global price after adjusting for quality and transportation costs.
World production before the events in Tunisia, Egypt, Bahrain, Yemen, and Libya was within 1% or so of world demand. So eliminating 1-2% of production for an unknown period of time inevitably must have an effect on prices.
Originally Posted By: odie
Keep fingers crossed that CHINA doesn't get larger cut of oil from SAUDI ARABIA . Could see $120 or > a barrel .
Their dollars are just as good as our dollars.
Many grades of oil produced in the US are already priced over $120. The benchmark West Texas Intermediate stored at the delivery site in Cushing, Oklahoma, is cheaper only because there is so much of it right now -- new pipelines are delivering oil to Cushing, when it is a new pipeline from Cushing to the Gulf of Mexico that is required.
Keep fingers crossed that CHINA doesn't get larger cut of oil from SAUDI ARABIA . Could see $120 or > a barrel .
Their dollars are just as good as our dollars.
Many grades of oil produced in the US are already priced over $120. The benchmark West Texas Intermediate stored at the delivery site in Cushing, Oklahoma, is cheaper only because there is so much of it right now -- new pipelines are delivering oil to Cushing, when it is a new pipeline from Cushing to the Gulf of Mexico that is required.
I think many speculators get got both sides covered. Not only do they boost up the prices hoping to make a profit but they probably own alot of oil company stocks and get their profit from their gain as well.
Maybe there should be some regulation that buyers of oil can not have a vested interest in oil companies.
Maybe there should be some regulation that buyers of oil can not have a vested interest in oil companies.
Originally Posted By: ZZman
I think many speculators get got both sides covered. Not only do they boost up the prices hoping to make a profit but they probably own alot of oil company stocks and get their profit from their gain as well.
Maybe there should be some regulation that buyers of oil can not have a vested interest in oil companies.
Would these regulations also apply to shareholders in Husky, Imperial, CNOOC, Petrobras, Enarsa, Sinopec, Petronas, BHP Billeton, Total, Royal Dutch Shell, Statoil, Lukoil, Gazprom, Russneft, Repsol, or BP? Or any of the great many other oil companies around the world?
I think many speculators get got both sides covered. Not only do they boost up the prices hoping to make a profit but they probably own alot of oil company stocks and get their profit from their gain as well.
Maybe there should be some regulation that buyers of oil can not have a vested interest in oil companies.
Would these regulations also apply to shareholders in Husky, Imperial, CNOOC, Petrobras, Enarsa, Sinopec, Petronas, BHP Billeton, Total, Royal Dutch Shell, Statoil, Lukoil, Gazprom, Russneft, Repsol, or BP? Or any of the great many other oil companies around the world?
Originally Posted By: ZZman
Almost $ 112.00
You are cleaning up TR!
How so? My only oil-related investment is a half-tank of diesel in my Golf.
Though my 401-K has a mutual fund or two, that might contain oil company stocks. I should find out, I suppose.
Almost $ 112.00
You are cleaning up TR!
How so? My only oil-related investment is a half-tank of diesel in my Golf.
Though my 401-K has a mutual fund or two, that might contain oil company stocks. I should find out, I suppose.
Originally Posted By: ZZman
And all this time I took you as a greedy Wall Street type.
Nope, just looking out for myself, and assuming that everyone else is doing the same, because that is what human beings do. I live on Earth and humans are the dominant sentient life form on Earth. I try to analyze situations based on the true nature of humans, not on some idealized or imaginary vision of what humans could be turned into if there were enough laws and enough policemen.
And all this time I took you as a greedy Wall Street type.
Nope, just looking out for myself, and assuming that everyone else is doing the same, because that is what human beings do. I live on Earth and humans are the dominant sentient life form on Earth. I try to analyze situations based on the true nature of humans, not on some idealized or imaginary vision of what humans could be turned into if there were enough laws and enough policemen.
Talking of possible uprising in NIGERIA . Not good . That's light sweet crude best for gas production . Same as LIBYA . Apparently there's more oil fields on fire there . You think that regime is crazy enough to blow the pipelines , oil wells , and storage tanks if they are close of being on the oust ? Just as IRAQ did in KUWAIT ?
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$125 is a comin' . The SAUDIs are getting serious about doing more oil exports to CHINA . Say they need to do what's best for their well being . Not certain others . So , don't be shocked if oil climbs higher with that a blowin' in the wind .
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