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EScroogeJr (< 20)

Dear oil minister

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June 22, 2008 – Comments (6)

Please don't do this nonsense. Do the right thing instead. Cut production from 9.7 mln barrels to 9 billion barrels. It's better to sell 9 million barrels for $200 each than to sell 10 billion barrels for $100 each. Help our economy arrive to the Recessionville, it's almost there, but it won't reach the destination without your help. The babyboomers' assets are lying there crying to be purchased for 30 cents on the dollar.

http://biz.yahoo.com/ap/080622/saudi_oil_summit.html 

6 Comments – Post Your Own

#1) On June 22, 2008 at 1:06 PM, LordZ wrote:

WOW scrooge someone with such a high accuracy rating

has such a low score LMAO...

what the heck are you doing over there ????

soon you'll be unrateable at the rate your deciding things....

 

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#2) On June 22, 2008 at 1:11 PM, LordZ wrote:

Only a fool would cut production, right now big oil is interested in saving their butts while also making $$$$$$$$$$

OMG what reasonable business would follow what you suggest ?

cut production to jack the price up ??? and than not have the product to sell because you don't have it because your sold out ??

SEE this is why your score is in the 25 percentile despite the fact that caps is giving you a 70% accuracy.

Oh my bad I must have misread what you blogged.... LMAO

or did I read it right ???

ISNT IT untrue ??

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#3) On June 22, 2008 at 6:25 PM, EScroogeJr (< 20) wrote:

I feel the Saudis could gain more from higher prices than from higher volume. When supply and demand are so tightly balanced, you need to remove just a few barrels from the market before some marginal buyer for whom buying oil is a necessity and not an option will pony up $200 thus forcing everybody else to pay $200. The basics of a seller's market...

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#4) On June 22, 2008 at 11:04 PM, cubanstockpicker (20.90) wrote:

It benefits the Saudias to make sure the worlds number one consumer continues to consume, as opposed to take a breqather and pay debt down. It qalso benefits them we dont drill. 9300 permits since 1999 over 68 million acres.

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#5) On June 23, 2008 at 5:30 AM, saunafool (98.85) wrote:

cuban is right. The Saudis have been here before. They want to balance long term production and revenue for their country with keeping the price low enough so that alternatives do not take the market away.

At $200/barrel, we'll be paying $5/gallon just for the crude oil--probably $7/gallon at the pump and $12/gallon in Europe. At those prices, electric cars, plug-in hybrids and other ultra-efficient technologies become pretty compelling.

The Saudis have long said that the oil age will end long before the oil runs out, just like the stone age or bronze age did not end due to lack of stones or bronze. They ended because better technology came along to replace the previous dominant technology.

Yet, the world continues to use stones and bronze, thousands of years later... I suspect they are right. 

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#6) On June 23, 2008 at 9:26 AM, EScroogeJr (< 20) wrote:

I will repeat it again after Machiavelli: oil consumers should be either pampered or crushed. With what the Saudis are doing, consumers won't stop solar research because they are not pampered enough and they will not pay enough money because they are not crushed enough.

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