Saudis Raise Oil Output To Highest Level In Two Years After Pressure From President Bush
I mean, we’re only protecting their survival from Iran for God’s sakes. Bad news is the output isn’t nearly as high as it needs to be; good news, if the statement is to believed, is that King or Prince Abdullah or something or whatever, also said he can see no reason not to raise the production level again if need be. Other good news, the new 300,000 daily barrels are mostly earmarked for the U.S. These people need to keep in mind that if things get all Mad Max and shit, we’ve got solid plans to just take their shit over and split it with the Russians and Chinese. Leverage is only as good as your weapons of mass destruction. And the Saudis ain’t got none, and the Pakistanis can’t reach our shores. So eat shit bitches, and don’t push shit too far.
Times Online:
Saudi Arabia has disclosed, during a visit to the Kingdom by George Bush, that it has lifted oil production to its highest in two years.
But the agreement to pump an extra 300,000 barrels per day did little to relieve runaway oil prices, which had earlier struck a record high of nearly $128 a barrel.
The price of a barrel of US crude hit an all-time peak of $127.82 while London Brent rose $2.36 to $124.99.
The announcement from Saudi Arabia, the world’s largest producer, to increase supplies by 3.3 per cent to 9.45 million barrels per day came during the second trip made by President Bush this year to visit King Abdullah in Riyadh.
Saudi Oil Minister Ali al-Naimi said: “On May 10, we raised supplies to customers by increasing 300,000 barrels per day of oil (output) … In the future if the need appears, Saudi Arabia has no objection to producing more.”
He said most of the extra supplies would go to the US, the world’s largest oil consumer.
The picture was, however, muddied by warnings from the Kingdom that future rises in production would only come about in response to customer demand.
Naimi also warned the increase would not lead to a significant fall in prices paid at the pump in the US.
News of an increase in Saudi oil production came as the US said it would stop shipments to its strategic oil reserve for the second half of the year after Congress passed a bill calling for a suspension.
The US Energy Department announced it had not signed a six-month contract for deliveries to the US Strategic Petroleum Reserve (SPR), the world’s largest stockpile of government-owned emergency crude oil.
The decision affects up to 13 million barrels of crude.
US officials are concerned about the impact the oil price, which has doubled since last year, is having on the US economy, which is already under pressure from a sliding housing market and the credit crisis.
Oil prices have risen six-fold since 2002 amid booming demand from China and other developing economies, as well as constraints in global production capacity.
Other big producers including Russia and OPEC members Nigeria and Iran are either unwilling or unable to lift production.
While the announcement did prompt a slight easing in the oil price, traders said they were focused on a new price forecast from investment bank Goldman Sachs, which predicted oil prices would average $141 per barrel in the second half of this year because of weak global inventories.
Goldman Sachs is one of the most active investment banks in global energy markets and correctly predicted the current rally as far back as 2005.
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Its not the answer Mr Bush. Short-term solutions with the finaciers of jihad is not the way to solve the problem. We need to mine our own resources and do our own refining, stop prduction of ethanol…etc…
May 17th, 2008 at 4:54 amThe President would love to use our own resources–it’s the folks across the aisle that aren’t so big on the idea.
May 17th, 2008 at 5:33 amBush and Cheney don’t need to beg for more oil production, they need to replace the Saud’s with American oil fields and the American worker. If it wasn’t for the Democrats this country could rebuild.
May 17th, 2008 at 5:54 amHeard right the opposite on ABC news last night. They said that the Saudi’s refused Bush’s request. More MSM lies?? What a crock.
May 17th, 2008 at 8:11 amI get a story about “crazy rasberry ants” when I click on Times Online to read this article.
May 17th, 2008 at 8:34 ami thought they’d say go fuck yourself again
May 17th, 2008 at 1:22 pmHow about we just tell Opec to fuck off? It’s time to start acting like we have a pair. Tell the world we have a million years worth of good ol fashioned acid rain making coal to burn, (acid rain, what a crock of green shit) plenty of uraniam, and claim every drop of oil in the western hemisphere as our own.
We should be using this as an oportunity to rebuild the American powerhouse.
And while we are at it, kick every single Arab out of our universities and off our shores.
May 18th, 2008 at 7:46 am