li Jarekji/Reuters Shukri Ghanem, Libya's senior oil official.
Posted on 05/10/2008 1:24:24 PM PDT by Ernest_at_the_Beach
li Jarekji/Reuters Shukri Ghanem, Libya's senior oil official.
A member of OPEC signaled for the first time in months that the oil cartel might increase its output if prices keep rising, even as oil hit another record on Friday.
The comments from Libya's senior oil official, Shukri Ghanem, suggested a possible rift among OPEC members. Since the cartel's last meeting in March, the Organization of Petroleum Exporting Countries has argued that the market was not lacking in oil supplies and blamed speculators for driving up prices.
In recent weeks, prices have come under renewed pressure because of a string of export disruptions from Nigeria. Crude oil for June delivery rose $2.32, or 1.9 percent, to $126.01 a barrel in New York trading on Friday. Prices have been above $100 since early February.
Since they last increased oil supplies in September, members of the Organization of the Petroleum Exporting Countries have abdicated most of their responsibilities toward the market, arguing that the higher prices had more to do with investment flows than with supply and demand.
The problem for OPEC is that prices have become largely unhinged from real market factors. As the dollar declines and the economy slows, investment funds have moved into commodities like oil or gold, which they consider safer and more profitable than stocks.
(Excerpt) Read more at iht.com ...
Hillary said she would take out OPEC..they are prolly just skeerd!bwahahahahaha!
But how can this be? I've heard some claim, with authoriteh (best Cartman voice), that oil producers are simply unable to increase supply, and are operating at maximum capacity. Can it be that a cartel is actually *gasp* constraining supply intentionally to drive prices? I'm shocked, shocked I tell you.
Supply and demand. The world demand for oil has gone up significantly, while the US is doing nothing to either increase it domestic supplies or control it appetite for oil.
Rather then scream the same stupid slogans about "Windfall Profit taxes" and "Investigating the Oil companies" we have been hearing since the 1970s, maybe we should try opening the vast oil production regions of the US we have put off limits and harnessing our own energy sources for a change?
In 1978 we heard all the same things we are hearing out of the Democrats now. "Windfall profit taxes, investigate the oil companies, conserve energy, increase the CAP standards" 30 years later the Democrats are saying the same things in 2008 they were saying in 1978.
The whole reason we created the Dept of Energy in 1978 was to purse these green dogmas. Well it 30 years and trillions of dollars in Govt spending later. Where are we from following the Democrat Party's siren song on "an Environmentally Sound Energy Policy"?
The reason we are wholly dependent on the variances of the International Oil Market, instead of being one of the nations profiting by them, is because, for “environmental” reasons, we have spent the last 30 years as a matter of Govt policy, doing everything to restrict domestic energy production to in order to push silly “conservation” schemes To blame the speculators for speculating in an Oil market made so ultra profitable for them by stupid US Govt polices is to blame the cart for being pulled by the horse.
WE, the people of the USA via the agency of those idiots we elect and re-elect year after year after year, are to blame not speculators, not the market, not the Fed Reserve and dollar policy. US for not developing our own resources and instead allowing the usual suspects to sing the siren song that we could have all the “Eco green” Govt polices we felt like but would never have to pay any economic prices for those stupidities.
Deprive ELF, NRDC, Sierra Club, etc. of legal standing on national security grounds. Then open ANWR.
Problem solved.
Hey MN Johnnie. You’re thinkin’ clearly.
The “progressives” will try to “re-educate” you if you keep that up! ;>
Republican Senators Offer Bill to Increase US Supplies (S.2958)
http://www.freerepublic.com/focus/f-news/2014187/posts
Domenici, Senate Republicans Unveil Plan to Increase Domestic Production ( S.2958 )
http://www.freerepublic.com/focus/f-news/2014017/posts
Oil Economics 101 (American Energy Production Act of 2008)
http://www.freerepublic.com/focus/f-news/2014015/posts
We need this bill passed & signed into law.
And we need it NOW!
You can contact your senators here:
http://www.senate.gov/general/contact_information/senators_cfm
I’ll believe there’s an oil storage when gasoline is rationed. I don’t know about all of the oil producers, but at least the Saudis know that extended high oil prices open the way for alternatives.
we need the electric car
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