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Saudi Arabia To Bush: Screw You - We Love High Oil Prices

Old 05-16-08, 09:02 PM
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Saudi Arabia To Bush: Screw You - We Love High Oil Prices

Looks like Bush is on the wrong end of the leash.

And we probably will see $5 a gallong this summer. Probably higher.

Unless we invade Saudi Arabia.

http://canadianpress.google.com/arti...GKcovbxUKE8-QQ

RIYADH, Saudi Arabia — Saudi Arabia, under U.S. pressure to increase its oil output amid soaring energy prices, said Friday it had raised production by 300,000 barrels per day on May 10 and that increase was sufficient.

Oil Minister Ali Naimi told reporters at a news conference the increase, which came in response to customers' requests, would push output from the world's leading producer to 9.45 million barrels per day by June. He said Saudi is capable of meeting the needs of all its customers, suggesting it would raise production further only in response to demand.

The announcement coincided with a Saudi visit by U.S. President George W. Bush to appeal for a more significant increase in output that might help bring down the price of oil. The price topped US$127 a barrel Friday, a record high.

"Supply and demand are in balance today," the Saudi oil minister said. "How much does Saudi Arabia need to do to satisfy people who are questioning our oil practices and policies?"

He said the Saudis increased production by 300,000 barrels per day on May 10 after about 50 customers around the world requested it. He added most of the requests came from the U.S.

Naimi also said that in the future if there was a need to increase oil production, then Saudi Arabia has no objection to doing so. He also said Saudi officials spoke to Bush about production and told him the kingdom's policy is to respond to the customers' demands.

Bush's national security adviser told reporters earlier that Saudi Arabia's leaders made clear during the president's visit they see no reason to increase oil production further until customers demand it.

"Saudi Arabia does not have customers that are making requests for oil that they are not able to satisfy," Stephen Hadley said. "What the Saudis wanted to tell us was 'We're doing everything we can do ... to meet this problem, but it's a complicated problem."'

Saudi Arabia, which has the world's largest oil reserves, has in the past acknowledged the ability to produce as much as 11 million barrels a day.

Saudi Foreign Minister Saud al-Faisal, who spoke at the same news conference, said he understands Bush's concerns for the U.S. economy, which is suffering in part from rising energy prices.

"We do sympathize with him over this issue and we do what we can do to support the international economy with the increase (in oil production) that it needs," he said.

Hadley also said the Saudis briefed Bush again on their plan to increase their production capacity over time. They also argued that even an increase would be unlikely to bring down the soaring prices, driven more by uncertainty in the market, lack of refining capacity for the type of oil readily available and other complicated dynamics, he said.

Economists say prices are being driven up by increased demand, not slowed production. Energy-guzzlers China and India are stretching supplies.

As a result, Hadley suggested the White House was satisfied with - or at least accepted - the Saudi response. He added, however, the Bush administration will see if the explanation "conforms to what our experts say."
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Old 05-16-08, 09:07 PM
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I don't see the connection between your comments and the article.
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Old 05-16-08, 09:08 PM
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And as long as we're piling on the Saudis...

A Gulf in Giving: Oil-Rich States Starve the World Food ProgramFriday, May 09, 2008

By George Russell

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United Nations Secretary-General Ban Ki-moon and his top lieutenants on Monday are convening the first meeting of the U.N.’s Task Force on the Global Food Crisis. Ban says it will “study the root causes of the crisis,” and propose solutions for “coordinated global action” at a summit of world leaders in June.

Ban might want to consider convincing the oil-rich nations of the Middle East to provide more than the near-invisible amount of money they currently give to the World Food Program (WFP), the U.N.’s food-giving arm, which is charged with alleviating the food crisis.

WFP internal documents show that the major oil producing nations of the Organization of Petroleum Exporting Countries (OPEC) gives almost nothing to the food organization, even as skyrocketing oil prices and swollen oil revenues contribute to the very crisis that the U.N. claims could soon add 100 million more people to the world’s starving masses.

The overwhelming bulk of the burden in feeding the world’s starving poor remains with the United States and a small group of other predominately Western nations, a situation that the WFP has done little so far to change, even as it has asked for another $775 million in donations to ease the crisis.

Donor listings on WFP’s website show that this year, as in every year since 1999, the U.S. is far and away the biggest aid provider to WFP. Since 2001, U.S. donations to the food agency have averaged more than $1.16 billion annually — or more than five times as much as the next biggest donor, the European Commission.


Click here to see WFP's donor lists from 2001 to 2007.

This year, the U.S. had contributed $362.7 million to WFP just through May 4, according to the website. That figure does not include another $250 million above the planned yearly contribution that was promised by President George W. Bush in the wake of WFP’s April warning that a “silent tsunami” of rising food costs would add dramatically to the world population living in hunger. Nor does it include another $770 million in food aid that President Bush has asked Congress to provide as soon as possible.

On the other hand, Saudi Arabia, with oil revenues last year of $164 billion, does not even appear on the website donor list for 2008.

Click here to see the 2008 donor list.

And while Canada, Australia, Western Europe and Japan have hastened to pony up an additional $260 million in aid since WFP’s latest appeal, the world organization told FOX News, the Organization of Petroleum Exporting Countries (OPEC), the international oil cartel, tossed in a grand total of $1.5 million in addition to the $50,000 it had previously donated.

The OPEC total amounts to roughly one minute and 10 seconds worth of the organization’s estimated $674 billion in annual oil revenues in 2007 — revenues that will be vastly exceeded in 2008 with the continuing spiral in world oil prices.

The only other major oil exporter who made the WFP list of 2008 donors was the United Arab Emirates, which kicked in $50,000. UAE oil revenues in 2007 were $63 billion.

By contrast, the poverty-stricken African republic of Burkina Faso is listed as donating more than $600,000, and Bangladesh, perennial home of many of the world’s hungriest people, is listed as donating nearly $5.8 million.


George Russell is executive editor of FOX News.

http://www.foxnews.com/story/0,2933,354677,00.html
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Old 05-16-08, 09:32 PM
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Originally Posted by cpgator
I don't see the connection between your comments and the article.
And this is perfectly ok.

I won't stone you to death in public or chop off your head for failure to conform to my rules. In fact, I'll even buy you a beer. Or buy you a soda, if you're Hops Intolerant.
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Old 05-16-08, 10:06 PM
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Originally Posted by DVD Polizei
And this is perfectly ok.

I won't stone you to death in public or chop off your head for failure to conform to my rules. In fact, I'll even buy you a beer. Or buy you a soda, if you're Hops Intolerant.
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Old 05-16-08, 10:35 PM
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As I understand it, Saudi Arabia primarily produces a heavy crude oil and is probably providing as much as the market can handle. The refining capacity for that type of oil is limited.

It's the light sweet crude that we need more production of.
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Old 05-17-08, 12:36 AM
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The US should quit wasting money feeding poor people who aren't Americans.
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Old 05-17-08, 06:18 AM
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Originally Posted by Boba Fett
The US should quit wasting money feeding poor people who aren't Americans.
One way of solving the problem of poor people not having enough to eat is to let them starve to death.
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Old 05-17-08, 07:01 AM
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There is no connection between the author of this thread's comments and the article.

In defense of Saudia Arabia - they probably could increase production maybe by 100,000 bbls. per day. That's not a great help.

Bush might try and halt speculator trading. If he do that, it would help a lot more than simply trying to get oil producing countries to produce a little more oil.
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Old 05-17-08, 09:55 AM
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Let's see how the Saudis feel after too-high priced oil causes a recession, which cuts oil demand and the Saudis holding the bag on too much high-priced oil. That's what happened in the early 1980's when OPEC overpriced their oil and the cut in demand nearly wiped them out by 1986!

Besides, at the current circa US$125/barrel price, alternatives start to look REALLY attractive, and that could in within 10-15 years make the Saudis wonder why they're holding the bag on all that overpriced oil.
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Old 05-17-08, 10:17 AM
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Originally Posted by RayChuang
Besides, at the current circa US$125/barrel price, alternatives start to look REALLY attractive, and that could in within 10-15 years make the Saudis wonder why they're holding the bag on all that overpriced oil.
Now you're talking.

I can't wait for plug in hybrid cars to be available on the market. Not because they are green, but because I don't have to worry about gas so much. We have to invest serious energy into alternative ways to get around besides gasoline powered automobiles.
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Old 05-17-08, 10:19 AM
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Originally Posted by DVD Polizei
He said the Saudis increased production by 300,000 barrels per day on May 10 after about 50 customers around the world requested it. He added most of the requests came from the U.S."
This is a non-story. Sure, the media wants us to believe gas prices are high, but look. Only 50 people have complained.
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Old 05-17-08, 10:28 AM
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Originally Posted by VinVega
I can't wait for plug in hybrid cars to be available on the market. Not because they are green, but because I don't have to worry about gas so much. We have to invest serious energy into alternative ways to get around besides gasoline powered automobiles.
Why take half measures? With modern nanotechnology, we can make solar panels at 25% the cost of silicon solar panels, and nanotechnology will soon make it possible to build high-storage capacity supercapcitors battery packs that will storage more energy and charge vastly faster than NiMH and Li-On battery packs of the same size. That will finally make it possible for a true electric car with a range up to 400 km (248 miles) and with recharge times of ten minutes from a high-capacity charger at a service station and a few hours from a home charger!
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Old 05-17-08, 10:33 AM
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Originally Posted by RayChuang
Why take half measures? With modern nanotechnology, we can make solar panels at 25% the cost of silicon solar panels, and nanotechnology will soon make it possible to build high-storage capacity supercapcitors battery packs that will storage more energy and charge vastly faster than NiMH and Li-On battery packs of the same size. That will finally make it possible for a true electric car with a range up to 400 km (248 miles) and with recharge times of ten minutes from a high-capacity charger at a service station and a few hours from a home charger!
Is that before or after they come out with a flying car.

/I want my flying car, dammit!
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Old 05-17-08, 11:36 AM
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Originally Posted by classicman2
There is no connection between the author of this thread's comments and the article.

In defense of Saudia Arabia - they probably could increase production maybe by 100,000 bbls. per day. That's not a great help.

Bush might try and halt speculator trading. If he do that, it would help a lot more than simply trying to get oil producing countries to produce a little more oil.
Didn't the Saudis already up production by 300,000 barrels per day earlier this year? Didn't seem to help much.

It's pretty funny that the same people who just voted to put the huge quantity of 76,000 barrels per day on the market instead of the strategic reserve are the ones who also vote to keep us from producing millions of barrels per day of new oil. Thanks, maybe after 10 tanks of gas I'll save a dime.

I don't know how you can stop speculation when it can be done oversees.
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