Saudi slashes oil output, says market oversupplied

Originally posted by Raud
I, for one, am not complaining.

I don't drive and about a year ago I made an investment in resources such as gold, silver, soy and of course; oil and those investments has just sky-rocketed since then.

There is always something to gain as long as you can read the signs and make a move in time.
Just sayin'.

Oh thats okay then. I'll be sure to pass on your good fortune to those dumped on the scrapheap because they can't afford fuel.. I'm sure news ofyour new found wealth will help them through their hour of need as their children go hungry ...
Your gain is their loss... Have you got any nazi gold you want to sell!?

reply to post by Blackmarketeer


That is an excellent post with a credible source. Between the big oil producers here and abroad being allowed to bid up prices thus causing rapid inflation, along with "bank bank bail out money" borrowed from another poster, now being used to speculate long on oil with no authorities willing to prosecute domestically or pressure perpetrators abroad by freezing foreign assets of these economic terrorist. There seems to be no end in sight for us in America and Western countries as a whole being at the mercy of these gangsters both in our own countries and throughout the world unless we as citizens living in the affected counties stand up and allow our voices to be heard like those in the Middle East. The reigning elites need to be reined in.

I read about this Rolling Stones writer on another thread who published expose's on this subject matter. This article in particular www.rollingstone.com... I thought to be quite enlightening on this subject matter.

If I were King of the US for one day I'd just slap an equitable tax that makes a bushel of grain cost the same as a barrel of oil same with beef and any other food products.

Perhaps then they will consider opening the spigot a little and stop making artificial shortages for profit.

Food doesn't grow in the desert...

Tell them to suck thier oil wells dry and see how satisfiying it is to eat.

reply to post by Golf66

Yep. Saudi is reducing the output of petrol, US should reduce the export of food too. There is no demand, is there?

India is saying that the rising oil prices may hurt the global economy.

Surging oil prices may hit global recovery: India

WASHINGTON: India has warned that surging oil prices could jeopardise recovery of the global economy which is already vulnerable to a variety of risks, including political and social turmoil in parts of the world combined with natural disasters.

"The global recovery may be jeopardised by a sustained rise in oil prices," RBI Governor Duvvuri Subbarao told the Spring Meeting of the IMF here on Saturday evening. "Apart from the inflationary pressures confronting particularly the emerging and developing countries, there is the danger of a slowdown in the global economy unless oil prices moderate from current levels," Subbarao said in his address to the International Monetary and Financial Committee .

Could these oil "problems" help cause another recession/depression (I dont believe the one from 2008 ever ended).

Look at this thread:
www.abovetopsecret.com...

The president of the World Bank has warned that the world is "one shock away from a full-blown crisis"

buy an electric car and move closer to the food, then you wont have to buy their stupid oil anymore.

if everyone just looked deeper into alternatives these OPEC ass holes would die off and disappear because no one would need them any longer.

find another way people, adapt and overcome

Me and my wife moved closer to the jobs we have, 10 minutes walking for us . The problem with the electrical car is the limited range, however high petrol price will definitely motivate people to find solutions . I did hear at a point about some researched working on a super-capacitor battery able to store 10 times more energy than li-ion battery. All the researchers need is high petrol prices then investors will be open to new ideas

The Saudis know their time is up. They with the FED will bring down the United States economy with these high prices. The FED will cause the pooh to hit the fan in Saudi just like it has in Egypt and Libya stopping oil production all together in the mid-east. The FEDs will then pump our U.S. oil like mad cats from Alaska, several mountain ranges nation wide where we have huge reserves and make tons of money based off their new One World Currency.

Can you say bye bye to sanity. They want to screw the world so they can get richer and control EVERYTHING!!!

Its high time we show them how to control fish pooh at the sea floor.

reply to post by buni11687


www.wtrg.com...

If there is an over supply then why does that chart in the link show such staggering upward bidding as of late? Could it be that oil is being artificially priced, and the cause is that the market is being manipulated?

Could be huh?


Oil prices should be based on supply and demand within a free market system.

To reduce over supply????


So the supply is greater than demand??? Is that why we're bloody paying £1.31 a Litre in UK, because they've got too much Oil???

would it be too over the top to say that taking people "out" and reminding successors that the same could happen to them, would solve these world problems in some way?

en.wikipedia.org...

Al ghawar, saudi arabia's biggest oil field ( 60% of saudi oil production) has peaked in 2006 according to an aramco spokesman.

I think their statement vaguely suggests that their oil fields are declining and they didn't want their citizens to know .

3. Americans need to be more responsible and trade in the gas guzzling cars and start taking the train.
-------

If only it was that easy. The U.S. doesn't have a train system like Europe, which stops in every town. I lived in Germany for 9 years, and could take the train anywhere, 10min away, 6 hours away, 10 hours away if I wanted. But in the U.S. trains only go from destination A to B and no in between.

reply to post by faryjay


Wish I was paying £1.31! Down in Kent 95% of Petrol stations having shot up 3-4 pence the past week or 2, to £1.38-40.

If it keeps rising a penny a week this year then things are seriously going to get worse. Such a small rise every now and then doesn't sound a lot to most people, but when you're using a car daily it really does start to burn a hole in your pocket.

Originally posted by Shalnark
en.wikipedia.org...

Al ghawar, saudi arabia's biggest oil field ( 60% of saudi oil production) has peaked in 2006 according to an aramco spokesman.

I think their statement vaguely suggests that their oil fields are declining and they didn't want their citizens to know .

This seems to be the most reasonable assessment in the thread, imo.

They don't want to tell their people, just like there's a political blackout on the topic of peak oil in the U.S. It's a matter of international security that the people don't realize we're already passed the peak and on the decline.

www.marketwatch.com...

as of monday the 18th of april, oil is down 2 dollars a barrel. and gold is up 8 bucks at 1494 dollars an ounce.
seems to have little effect on todays market

v

Originally posted by Authenticated
3. Americans need to be more responsible and trade in the gas guzzling cars and start taking the train.
-------

If only it was that easy. The U.S. doesn't have a train system like Europe, which stops in every town. I lived in Germany for 9 years, and could take the train anywhere, 10min away, 6 hours away, 10 hours away if I wanted. But in the U.S. trains only go from destination A to B and no in between.

LOL - this is funny that Europeans have this idea that we drive by the train and bus stations in our hummers on the way to work is laughable. Most US states are larger than England - I live 35 miles (about 45 minutes given some roads are not even paved) away from the nearest town of any size and that is 4k people as of last accounting. There are trains - they carry all the food to the city but not the farmers.

Now being a dairyman I limit myself to 1-2 trips to town a week and pack all my errands into one trip but still the F350 gets about 10 miles to the gallon. I suppose I could get a compact car but then where would I put the fence, feed and other items I need. We have a older VW Bug its 10 years old with like 65k miles on it - we use it when we go to Kansas City for pleasure but most times we take the truck as I combine getting farm things with a pleasure trip.

For those who think move to the city - where do you think your groceries come from? This is why the cost of milk (my product) and all other products is going up. I now have to pay more for feed and hay and vet bills everything and since my profit margin is like 10% any increase hurts.

I can't believe the President even said this the other day - trade in your gas guzzler or something like that. I suppose that is aimed at us little people because the armored limo he rides in gets 6 MPG and the suburbans his entourage ride in get 10 MPG. I don't even want to get started on AF1 and the Marine 1 for trips to the cinema in NYC.

Hypocrites like him and Gore really chap my hide

reply to post by boondock-saint


speaking of which...

i have been paying $1.02 per gallon (eqivalent) for years now. my car is natural gas and has been a godsend in these hard times.

highly recommended!!!

reply to post by FarBeyondDriven69


The problem is all the environmental issues caused by drilling.
If we could make things easier for drillers then we wouldn't have this issue.

You can blame the tree huggers for not letting us drill because we'd hurt the endangered striped, plaid, pink & polka dotted wood/field/desert "insert mammal/reptilian/fish/amphibian species here".

We have alot of oil in the usa. I'd stick with the land based drilling though so we don't have any more gulf oil accidents.
And I'd add more refineries too.