Lets invade Saudi Arabia next

[Ripsnort]

Oil prices surge after surprise Opec cut
By Kevin Morrison in London
Published: September 24 2003 10:36 | Last Updated: September 24 2003 21:06
 
 
Oil prices surged on Wednesday as Opec producers said they would cut oil production by 900,000 barrels a day from their current daily output of 25.4m barrels.

"Opec surprised 95 per cent of the people that follow the oil price," said one London-based oil analyst. The production cuts start from November 1.

The IPE Brent contract for November delivery had gained $1.15 to $26.67 a barrel in London, reversing early losses of up to 25 cents.

The gain recaptured all of the losses over the past 10 days, which had seen a slide of more than 4.5 per cent in crude prices.

In New York, November Nymex WTI had settled $1.11 higher to $28.24 a barrel.

Analysts said that the production cut by the Organisation of Petroleum Exporting Countries at a meeting in Vienna followed the recent record imports in the US, and a notable increase in US crude inventories during the past month.

This trend continued on Wednesday, with US crude stocks up 1.5m barrels and gasoline stocks up by the same amount, which was within market expectations.

The sharp rise in oil prices also reflected short-covering by investors, who have been buying increasing volumes of short positions on Nymex crude futures, which is an indication that investors expected crude prices to fall.

The latest data from the Commodity Futures Trading Commission showed speculative investors were holding a net short position of 30,000 contracts. At the start of September they were sitting on a net long position of more than 17,000 contracts, resulting in a net change of contracts that equate to about 470,000 barrels of oil.

Analysts said that the Opec production cut may signal that the cartel is preparing the ground for a return of Iraq to the Opec fold. Iraq was a member of Opec until it was taken over by the US administration in May following the Iraq war.

The country produced 1.2m barrels in August, and this is forecast to rise to more than 1.5m by the end of December.

Opec's 10 members are estimated to have produced about 25.8m in August, and have remained above quota for most of the past four years.

 

[Dowding]

Saudi Arabia has some very up to date Western equipment - hell, they pretty much prop up the Western arms industry.

It would be interesting to see American troops in Mecca though. That would go down very well around the world.

No, I think invading Saudi would possibly the only way to make the middle East even more nasty.

[Lance]

Rip, you were the one that was backing the apparent free pass we gave them by whiting out their ties to the WTC attack in the 9/11 report.  Now you want to invade them next?  I know that is hyperbole, but what is more important to you?  How much it costs to fill up your beemer, or that Saudi money helped kill 3000 people in the world trade center attacks?

[Ripsnort]

Originally posted by Lance
Rip, you were the one that was backing the apparent free pass we gave them by whiting out their ties to the WTC attack in the 9/11 report.  Now you want to invade them next?  I know that is hyperbole, but what is more important to you?  How much it costs to fill up your beemer, or that Saudi money helped kill 3000 people in the world trade center attacks?

You realize everything you use today, even the computer you type on, requires petroleum products, right?  And you believe that those whited out areas were to protect this administration and not the agents in the field?  You had very good professors in college, they certainly washed you the right way!(er, left...)

[Staga]

Well after all it's their oil and they're free to pump it up and sell or leave it under the ground and sell it later.
I really don't know why you're having problems with that.

[Ripsnort]

Originally posted by Staga
Well after all it's their oil and they're free to pump it up and sell or leave it under the ground and sell it later.
I really don't know why you're having problems with that.

You have a point there.

[Sixpence]

Biodiesel.  http://www.biodiesel.org/

[Charon]

Biodiesel. http://www.biodiesel.org/

Not enough capacity/future capacity to do very much from a supply standpoint. The main market is government "grant" areas for municipal fleets etc wher the grant underwrites the cost difference. A great product though. Even Ethanol will never be more than an addative, likely under 10 percent and also cost about twice as much.

I've toured a biodiesel refinery and it was a neat little operation (with some interesting smells from the waste cooking grease used to make the product in this case). Then you tour the Citgo refinery and see the scale difference

Charon

[Sixpence]

The same was said about petro at one time. If you build it, they will come. We have B100 in Chelsea already.

[Staga]

Could be good time to put  some financing  to the develoment of hydrogen and give a finger to the saudis.

[Ripsnort]

Originally posted by Staga
Could be good time to put  some financing  to the develoment of hydrogen and give a finger to the saudis.

Yep, kind of like this REPUBLICAN controlled senate passing this Hydrogen research bill?

http://pacific.bizjournals.com/pacific/stories/2001/02/12/daily81.html

[Sixpence]

Originally posted by Ripsnort
Yep, kind of like this REPUBLICAN controlled senate passing this Hydrogen research bill?

http://pacific.bizjournals.com/pacific/stories/2001/02/12/daily81.html

This isn't much, it is basically a bill to talk about it.

[Ripsnort]

Originally posted by Sixpence
This isn't much, it is basically a bill to talk about it.

Isn't much, nope, promoting something is very important though.

[Sixpence]

Originally posted by Ripsnort
Isn't much, nope, promoting something is very important though.

I'm sure our tax dollars will be used on "consultants" too funny.     " Yeah, hydrogen would be a good thing, now where's my 6 million"

[Lance]

I never said anything about those sections being whited out to protect this administration, Rip.  But given that the sections were totally removed without even a synopsis of the information contained within them has to make one wonder why.  

Riddle me this, Batman.  How does "Neither the government nor royal family of Saudi Arabia can be linked to the 9/11 attacks" compromise agents in the field?  If there were parts of those sections that implicated agents, why not stick such a 1 sentence synopsis in the 9/11 report?  What is so dangerous about the CONTENT (not the details that could implicate agents) that kept such a synopsis from being in the report?

I don't expect a rational, reasoned answer.  It is easier to keep on waving a faded flag, *****ing about gas prices and spitting on the graves of those who died in the WTC by not holding everyone that had a hand in it responsible.

Your pal,
Gordo