What did I tell you? Arabs may be plotting to lower oil prices

[tomfodw]

As I predicted - here's an October surprise (if not the October surprise):

Washington: The Arab states are committed to the reduce oil prices

The US treasury secretary John Snow said yesterday that the Arab ministers of finance notified the Bush Administration they are committed to the reduction of oil prices.

Snow told CNN that it is very necessary to reduce the prices for the USA, noting that he had met with the Arab ministers and discussed with them the need of an increase in the production quota system. He added " we got very good answers and they have stressed to us reducing the prices."

For his part, the Kuwaiti minister of energy, Sheikh Ahmad Fahd al-Ahmad al-Sabah, said that OPEC pumps 30 million barrels daily of oil, and thereby exceeding its production ceiling in an attempt to limit the large increase in oil prices. He explained that the problem is not linked to demands or the shortage in the available amounts, rather linked to security matters and fears in the market."

The Saudi minister of oil, Ali al-Nueimi, said that Riyadh has a production capacity which is not exploited yet estimated at 1.5 million barrels daily. Replying to a question on the speech by which Saudi Arabia can operate this extra energy, he said "we can do that immediately."

[Clinton Crusader]

1. Didnt Bob Wooward predict this in his book???

The oil prices would suddenly go down near to election day after being sky high all summer? :eyes:
:kick:

[babylonsister]

Too little too late.

If this convinces anyone of anything, it's sad.

[RafterMan]

2. It won't help

It'd take about a month for lower oil prices to make a significant difference at the pump.

Plus, the dollar's still weak and much of the price comes not from shortage, but from the fact that they're pricing de facto in euros.

[jimshoes]

8. DU had a thread yesterday that stated SA

had a glut of crude that they can't get rid of because of its sulfur content. I suspect they are only lowering the price to get rid of some low grade crude.

[DuaneBidoux]

3. Forget oil prices watch the pump prices

This is what counts for the average guy, and I don't know about where you are but it's gone up a good dime in the last week here in Texas. It's these "little" things that just add up to make a certain uneasy feeling.

[movonne]

4. If that was all they were throwing at us, I would be happy.

[Trajan]

5. I thought Bob Woodward covered this in his book ....

Prince Bandar supposedly promised he would game the market before the election to make sure Bush enjoyed lowered gas prices during the election ....

Got to admit: it hasnt happened yet: quite the contrary ...

Perhaps a combination of Nigerian labor unrest, some hurricaines and various, sundry supply interruptions have 'conspired' to minimize Saudi influence in the marketplace .... all unplanned by this vicious cabal ....

[RaleighNCDUer]

10. I think it already has happened. Pump prices are only marginally

higher now than they were when the price per barrel was $15 less than it is now. Like you said, though, there's too much they can't control. I think it will go the other way. After Kerry wins the pump price is going thru the roof.

[Shoeempress]

6. This was on Top Ten Conservative idiots ages ago. Thus, not a surprise.

[troublemaker]

7. couldn't disagree more

1) There is NO Saudi sweet crude production available, only high sulfer crude that there is zero capacity to refine

2) The Saudis want Bush out of office, which is why oil has been behaving the way it has the last few months. Bush has every intention of selling out the royals and annexing Saudi Arabia given half a chance.

re: the old friends" idea...You can interview Noriega in his cell to find out whether loyalty is a two-way street in the Bush family.

[Kahuna]

9. You're taking Snow's word for it???? That's a good one...

In fact, the Arab states are hanging * out to dry. It is in their best interest to NOT have bush back in the White House. What if he decides to cook up some charges against them so that he can invade and take over their countries?

[mumon]

11. this is piddling...

1.5million barrels a day isn't going to make a big difference on world markets.

[bush equals idiot]

12. Bandar and Bush were smoking the same cigar

when the Bin Ladens were getting a personal US escort out of the country while every other plane was grounded.

One was on each end of the cigar. Bush was smoking the lit end he's so phuking stupid. Then they kissed.