Posted on 08/26/2006 9:14:37 PM PDT by thackney
Saudi King Abdullah bin Abdul- Aziz called on Saturday for moderation in oil price, terming high oil price as "unjustified."
The king was quoted by Saudi-owned Asharq al-Awsat newspaper as saying that Saudi Arabia wanted moderate oil price, despite benefits it would reap from higher prices.
"The kingdom's oil policy is based on moderate prices and despite the benefits higher oil prices bring to us, we call for moderation in oil prices," the king said.
"Oil production is plentiful, so I am puzzled by the fluctuations in the market and the unjustified high oil prices," he added.
Oil price rose on Friday as a tropical weather system brewing in the Caribbean threatened to sweep through the Gulf of Mexico next week. Anxieties over Iran's nuclear issue also fueled the rise.
New York's main contract, light sweet crude for delivery in October, closed up 15 cents at 72.51 dollars per barrel.
Saudi Arabia produces around 9.5 million barrels of oil per day and is the world's top oil exporter.
Bull$hit
I agree......plus the higher the oil prices, more more demand for alternative fuel....something the Saudis would not want at any cost
Yet for some reason people refuse to buy these altertantive fuels. Every cent you spend to fill up, is like donating directly to Al Qaeda.
The problem from my point of view is that rich oil countries also play the speculation game. Banks in Dubai acting as front organizations can make a killing for Saudi Princes or Egyptian bankers that support Hezbollah. A wealthy gangster in Macao can funnel millions into oil with the click of a mouse. Nobody is watching what goes on. There are no controls in place.
This is the system the world has in place today. Get used to it because the price of oil is going up. Wait until Iran becomes more bellicose. Oil will go from $ 73 bbl. to about $ 85 over night.
Exactly. High prices are fueling Persian Iran, instability in Nigeria, the arms build-up of Chavez in Venezuela, etc. It also pushes the West to develop alternatives.
The Saudis understand that the only thing they have is oil, and the faster the world turns to alternatives, the faster they return to riding camels...
What story were you trying to link to? Your link is to the home pages with many articles.
As a Repub and very pro business....I still find it confusing why we coddle big oil to the exclusion of other ideas.....we can do both.....drill in ANWAR and accelerate our tech towards other means....hell, if we ever find a cost efficient way to make oil out of coal, we would rule and put the Mideast out of business
I never have and never will believe anything that comes out of this guys mouth.
It is driven by speculation. It's the same deal as with real estate. Too many dollars chasing too few commodities, hoping to sell to a bigger idiot. Eventually, it all comes crashing down.
Even so, In Nebraska alone there are currently 2+ Billion gallons/yr of capacity of ethanol plants being built in the next 5 years. That's Billions with a B.
Personally, I think Ethanol sucks, but if it's $1.40/gallon for E85 and Gasoline is still over $2.00/gallon, I know which one I will be buying (and I hate the stuff).
The Saudis have the most to lose as oil prices stay high and more alternative energy sources get pushed to come on line.
The house of Saud knows all the scotch, blonde nordic hookers, and european sports cars go buh-bye sooner, than later.
They can smell the market getting ready to give them the competition they so desperately need. I long for the day when we as a nation can tell them to get bent.
There have been estimates of as much as $20/barrel on the current price is caused by these trades.
Are you claiming that banks are taking delivery of oil, storing it somewhere to be sold at a later date because the future value is that much greater than the value today?
Don't complain about high gas prices. Think of it as an investment that will leave these bastards totally screwed when alternatives to their stinky black crap come on line. Then they can eat it.
Don't blame free markets. Government run companies control 80% of the world's reserves. These companies are being run into the ground by greedy dictators and politicians.
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