Saudis to pump more oil
Submitted: Sunday, Jun 15, 2008 at 17:58
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Isuzumu
Just on the news that they are worried that prices are to "high" that's what they said and are worried the rest of the world will go to alternate fuels etc chit could not believe it. So looks like we may have a reprieve for awhile, they also said they had heaps of oil..
Cheers Bruce
Reply By: Member - Crazy Dog (QLD) - Sunday, Jun 15, 2008 at 18:14
Sunday, Jun 15, 2008 at 18:14
Believe it when I see it!!!
Believe it when I see it!!!
Believe it when I see it!!!
Believe it when I see it!!!
Believe it when I see it!!!
Believe it when I see it!!!
No further comment.....
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Reply By: Member - David P (VIC) - Sunday, Jun 15, 2008 at 18:15
Sunday, Jun 15, 2008 at 18:15
its a real worry for the Saudis. They want to keep prices high but not so high that there is a serious move away from oil, so expect a correction to last just long enough to see the yanks go back to trucks.
It will be a
test for the yanks to see if they are prepared to be played for dopes
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Reply By: Member - Nev (TAS) - Sunday, Jun 15, 2008 at 18:16
Sunday, Jun 15, 2008 at 18:16
Hi there,
Sounds promising on one front, but I wonder if that will result in cheaper prices for us. Also wonder now if the Government will go ahead with its suggestions of fuel tax reductions. I would think not.
hmm...................
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Reply By: Mike Harding - Sunday, Jun 15, 2008 at 18:25
Sunday, Jun 15, 2008 at 18:25
There is a line of thought which suggest the current high oil price is not caused by the supply/demand ratio but by speculation...?
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Follow Up By: Member - Oldplodder (QLD) - Sunday, Jun 15, 2008 at 19:00
Sunday, Jun 15, 2008 at 19:00
If the price does drop, the speculators will hopelfully get a dose fo reality.
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Follow Up By: fisho64 - Monday, Jun 16, 2008 at 01:51
Monday, Jun 16, 2008 at 01:51
that appears to be the case, I think it was OPEC that pointed out that there is 53 days worth of oil above the ground-ie if ALL rigs and wells stopped today there is 53 days of worldwide consumption in storage, and this hasnt changed in the last few years.
Hedge funds are the culprit, as also with shortselling shares and currencies.
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Reply By: Isuzumu - Sunday, Jun 15, 2008 at 18:36
Sunday, Jun 15, 2008 at 18:36
It came up on the ch ten news just watched the 7 news and nothing about it at all.
It did sound promising though.
Sit back and watch I suppose.
Cheers Bruce.
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Reply By: iccey_1969 - Sunday, Jun 15, 2008 at 18:49
Sunday, Jun 15, 2008 at 18:49
I was at a function a couple months ago and met a guy who works for some Australian patrolium company who seeks oil on land and ocean.
My question to him was how low on oil are we? He responded with a chuckle and said the world has enough oil for hundreds of years, and that is from what they have already found! He also said Australi is rich in oil and we are self sustaining if required.
So he explained this to me, the reason the high prices is to make more money doing less pumping. so its simple you put less effort into seeking oil and still get high returns! So Greed is the word i would say?
On the other hand he also mentioned to their defence that seeking oil from the oceans is very expensive and they want to be able to finance the drilling opperations and manufactuirng.
Still GREED!!!!!!!!!!
Chris
AnswerID:
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Follow Up By: Member - Footloose - Sunday, Jun 15, 2008 at 19:54
Sunday, Jun 15, 2008 at 19:54
Whether the oil we have is good quality and "easy" to get up and transported to a refinery could be another matter.
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Reply By: Hairy (NT) - Sunday, Jun 15, 2008 at 19:13
Sunday, Jun 15, 2008 at 19:13
CBC reports that gas stations will start showing PORN movies on the screens of the pumps so that you can see someone else get screwed at the same time you do.: !!
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Follow Up By: Member - Footloose - Sunday, Jun 15, 2008 at 19:18
Sunday, Jun 15, 2008 at 19:18
hahahahah...very funny.
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Follow Up By: Member - Paul Mac (VIC) - Sunday, Jun 15, 2008 at 19:25
Sunday, Jun 15, 2008 at 19:25
G'day Hairy,
About bloody time I say.....LOL
Don't hold your breath waiting for the price to come down though. They have 'conditioned' us to pay over $1.50 per litre and now they (Oil Companies and supermarket chains) will start the journey toward 'conditioning' us to the $2.00 per litre mark.
You can bag me for thinking this is a cynical attitude but I know it will happen.
Cheers.
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Reply By: Brian (Montrose, Vic.) - Sunday, Jun 15, 2008 at 20:06
Sunday, Jun 15, 2008 at 20:06
The price won't ever drop below a dollar a litre... the petrol companys spent way to much money getting all their price signs made bigger to fit the extra digit....
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Reply By: Isuzumu - Sunday, Jun 15, 2008 at 20:18
Sunday, Jun 15, 2008 at 20:18
I am looking at the market tomorrow morning...it is going to be interesting that for sure.
Cheers Bruce
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Follow Up By: Member - Dunworkin (WA) - Monday, Jun 16, 2008 at 00:40
Monday, Jun 16, 2008 at 00:40
We need something to get that market to head North, I think it will need a bit more than the Saudi's pumping more oil though.
Cheers
D
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Reply By: Member No 1- Monday, Jun 16, 2008 at 08:03
Monday, Jun 16, 2008 at 08:03
who saw 60 minutes last night...
if oil costs keep going up there are going to be more players (production) and prices will soon stabilise
unfortunately it comes at a cost
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Follow Up By: Michael ( Moss Vale NSW) - Monday, Jun 16, 2008 at 08:40
Monday, Jun 16, 2008 at 08:40
YEP!! Its interesting to to see the alternatives coming out of the woodwork!! Michael
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Follow Up By: Member - Oldplodder (QLD) - Monday, Jun 16, 2008 at 12:14
Monday, Jun 16, 2008 at 12:14
I think that is what OPEC is worried about.
If the price of crude goes up much more there are alternatives and other oil resources (Canadian sand oil and our own shale oil) which become viable, and OPEC looses the control they have at the moment.
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Follow Up By: Member No 1- Monday, Jun 16, 2008 at 12:22
Monday, Jun 16, 2008 at 12:22
i dont think they are too worried at the moment as the extraction and refining costs are still very expensive...but if the price of opec oil keeps on the up the gap narrows...or lets hope they can get the cost of refinning shale for oil down thus giving the opec oil a run for its money
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