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  1. #1
    Atomic Punk
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    12.18.17 @ 04:35 AM
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    Bush, Saudi King to Discuss Soaring Oil Prices

    RIYADH, Saudi Arabia — President Bush, on a one-day visit to Saudi Arabia, is taking a second stab on Friday at getting the oil-rich nation to increase production and drive down the soaring gasoline prices hurting U.S. consumers.

    When Bush met with King Abdullah in mid-January, the president asked Saudi Arabia to raise production to ease high prices at the pump. Bush got a chilly response to his plea. The kingdom said it would increase production only when the market justified it, and that production levels appeared normal.

    http://www.foxnews.com/story/0,2933,356238,00.html

    Saudi Arabia King Cuts Gasoline Prices 25 Percent

    (May 2, 2006)--With gasoline prices at historic highs in the United States and some other Western countries, Saudi King Abdullah is slashing gasoline prices in his country by about
    25 percent.

    The drop in prices means Saudis will pay the rough equivalent of 65 cents a gallon for gas and a Saudi government statement says the decrease will reach 30 percent by year's end.

    The big reduction in gasoline prices in the world's largest oil-producing nation was announced as prices in oil importing nations reached record levels and oil company profits soared to all-time highs.

    The price of a gallon of regular gasoline in the United States now tops $3. in some areas.

    Saudi Arabia has the world's largest known reserves of crude oil and is the current largest oil producer.
    "Watch what people are cynical about, and one can often discover what they lack. -- Gen. George S. Patton

  2. #2
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    11.03.17 @ 01:35 PM
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    That would probably be good news, if it weren't for the fact that this article is from 2006.
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  3. #3
    Eruption Yerfdog's Avatar
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    Saudi Arabia Refuses to Increase Oil Production Despite Request From President Bush
    Friday, May 16, 2008

    May 16: President Bush sits with Saudi King Abdullah upon his arrival at Riyadh-King Kahlid International Airport in Riyadh, Saudi Arabia.
    RIYADH, Saudi Arabia The White House says Saudi Arabia's leaders are making clear they see no reason to increase oil production until customers demand it.

    President Bush was in the oil-rich country Friday to appeal to King Abdullah for greater production to help halt rising gas prices in the United States.

    But his national security adviser, Stephen Hadley, says Saudi officials stuck to their position that they already are meeting demand.

    Hadley told reporters, "What they're saying to us is ... Saudi Arabia does not have customers that are making requests for oil that they are not able to satisfy."
    I swear, it's like I'm playin' cards with my brother's kids or somethin'. You nerve-wrackin' sons-a-bitches.

  4. #4
    Atomic Punk
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    12.18.17 @ 04:35 AM
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    some better (newer) info

    http://money.cnn.com/2008/05/01/news...ion=2008050109

    Rank Country Price/gal
    1. Venezuela 12 cents
    2. Iran 40 cents
    3. Saudi Arabia 45 cents
    4. Libya 50 cents
    5. Swaziland 54 cents
    6. Qatar 73 cents
    7. Bahrain 81 cents
    8. Egypt 89 cents
    9. Kuwait 90 cents
    10. Seychelles 98 cents
    44. United States $3.45
    "Watch what people are cynical about, and one can often discover what they lack. -- Gen. George S. Patton

  5. #5
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    11.03.17 @ 01:35 PM
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    Man, I think I'd drop dead if I saw gas at $3.45 again.
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  6. #6
    Atomic Punk Eddymon's Avatar
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    12.17.17 @ 11:10 AM
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    Theres lots of oil in Alaska that we need to start going after and say a big FUCK YOU to those fuckers.
    'Old Van Halen, when I was in it-classic Van Halen-makes you wanna drink, dance and screw, right? And the new Van Halen encourages you to drink milk, drive a Nissan and have a relationship.' - David Lee Roth.

  7. #7
    On Fire space4rent5150's Avatar
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    10.30.15 @ 04:15 PM
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    Quote Originally Posted by VanHalenRules View Post
    Man, I think I'd drop dead if I saw gas at $3.45 again.
    Try 3.84 for unleaded. Thats what im paying. I live in Edmonds which is just north of Seattle. Im paying 64 bux every two weeks to fill up my 83 honda civic. The begining of the year I was only paying 30 bux every two weeks.
    FULL TIME LURKER

  8. #8
    Atomic Punk ZeoBandit's Avatar
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    Chicago is now over $4.00 a gallon for 87 octane. It hurts!
    "What we are dealing with here, is a complete lack of respect for the law" - Jackie Gleason, Smokey and the Bandit

    www.geocaching.com - The site where you are the search engine.

  9. #9
    Future's in the past....
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    11.03.17 @ 01:35 PM
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    Quote Originally Posted by space4rent5150 View Post
    Try 3.84 for unleaded. Thats what im paying. I live in Edmonds which is just north of Seattle. Im paying 64 bux every two weeks to fill up my 83 honda civic. The begining of the year I was only paying 30 bux every two weeks.

    Yeah, $3.88 as of this morning. The wife drives 50+ miles per day, so its eating into the budget.
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  10. #10
    Sinner's Swing!
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    Quote Originally Posted by voivod View Post
    some better (newer) info

    http://money.cnn.com/2008/05/01/news...ion=2008050109

    Rank Country Price/gal
    1. Venezuela 12 cents
    2. Iran 40 cents
    3. Saudi Arabia 45 cents
    4. Libya 50 cents
    5. Swaziland 54 cents
    6. Qatar 73 cents
    7. Bahrain 81 cents
    8. Egypt 89 cents
    9. Kuwait 90 cents
    10. Seychelles 98 cents
    44. United States $3.45
    It helps when the tap is in your neck of the woods, doesn't it? It sucks now, and will continue to suck. But we must remember that, during the 40's and 50's, the U.S. was the top oil producer in the world and also had some of the cheapest gas/oil. I know that doesn't make anything better but it puts this list into perspective.

  11. #11
    Eruption ChrisTheEdHead's Avatar
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    Fuck the Saudis. Why we arent using Iraqi oil production to finance our little excursion there AND supply cheaper gas, I'll never know.
    Hey King Abdullah...when the Iranians come pouring over the border, be sure to tell them we said "Hi", because our troops WONT be there (If I were President, anyway!).
    "Look, I'll pay you for it, what the f**k?!"

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  12. #12
    Atomic Punk
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    12.18.17 @ 04:35 AM
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    U.S. to suspend oil reserve shipments

    Oil falls from record near $128 a barrel as Energy Department says shipments to government oil reserves will end in July.

    NEW YORK (CNNMoney.com) -- The government said Friday that it would halt deliveries to the strategic oil reserves in July.

    In another volatile day of oil trading, crude prices retreated about $2 a barrel from a record high near $128.

    The U.S. Energy Department announcement comes several days after Congress voted to direct the Bush administration to stop the shipment of oil to the emergency reserves.

    The Energy Department decided not to purchase oil from July to December to protect against liability for unfulfilled contracts should the bill become law, said Megan Barnett, a spokeswoman for the department.

    The Strategic Petroleum Reserve, located underground at four sites in the salt caverns bordering the Gulf of Mexico, was built in the 1970s after the first oil embargo to protect the country against a sudden drop in oil supplies.

    The Bush administration has been filling the reserve since 2001, boosting the reserve from about 540 million barrels to 702.7 million, enough to protect against a disruption in imports for about 58 days, said Barnett.

    Barnett remained skeptical of the halt's effect, saying deliveries to the strategic reserve accounts for "less than one tenth of one percent" of the oil on the market.

    Earlier on Friday, oil had risen more than $3 a barrel as Saudi Arabia rejected President Bush's call to increase production, saying there wasn't enough demand from its customers.

    Bush met with Saudi Arabia's King Abdullah on Friday as part of his Middle East tour to appeal for greater production to help quell crippling fuel prices.

    According to the Associated Press Saudi oil minister, Ali al-Naimi, said the kingdom decided on May 10 to raise production by 300,000 barrels, at the request of customers, and that increase was sufficient.

    "Supply and demand are in balance today," he told a news conference. "How much does Saudi Arabia need to do to satisfy people who are questioning our oil practices and policies?"

    Crude began to rise early Friday after traders foresaw a jump in diesel fuel use following the earthquake in China and Goldman Sachs revised its price outlook sharply higher.

    Oil prices: U.S. crude for June delivery was up $2.22 a barrel to $126.34 on the New York Mercantile Exchange. Earlier, crude hit $127.82, topping the previous intraday record of $126.98 set Tuesday. Last Friday, oil closed at a record $125.96 a barrel.

    "Everything the market looks at is bullish," Peter Beutel, an oil analyst at Cameron Hanover, wrote in a research note Friday.

    Traders fear that the rebuilding after the 7.9 magnitude earthquake that rocked southwest China Monday - and killed more than 20,000 people with tens of thousands of others still missing - will lead to a sharp increase in diesel fuel use, the Associated Press reported.

    Rocketing fuel: Diesel fuel has been in tight supply for the last several months following a cold winter in the Northern Hemisphere, and as the popularity of diesel cars grows in Europe and the developing world.

    With diesel prices outpacing gasoline, refiners in the United States have been ramping up production of diesel and sending it abroad. That has displaced some domestic gasoline production, helping push gas prices higher.

    The price of diesel fuel hit a new record high Friday of $4.482 a gallon, according to a daily survey from AAA. Regular unleaded gasoline also reached a new record of $3.787 a gallon.

    Goldman Sachs weighs in: Also contributing to Friday's oil price spike: analysts at the investment bank Goldman Sachs boosted their oil price predictions for the second half of the year from $107 to $141 a barrel.

    "Supply constraints continue to push crude prices higher," Goldman analysts wrote in a research note Friday.

    But the bank noted that despite the high prices, the global economy - and by implication, the demand for oil - continues to grow.

    "The dire macroeconomic impact from the current oil shock has yet to materialize," the note said.
    Last edited by voivod; 05.16.08 at 11:42 AM.
    "Watch what people are cynical about, and one can often discover what they lack. -- Gen. George S. Patton

  13. #13
    Atomic Punk Menlow's Avatar
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    Let's face it, we're screwed. They could charge practically anything they want for gas and most of us would have no choice but to suck it up and pay it.

  14. #14
    Sinner's Swing!
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    Quote Originally Posted by Menlow View Post
    Let's face it, we're screwed. They could charge practically anything they want for gas and most of us would have no choice but to suck it up and pay it.
    True. But it will/is starting to change behaviors. Personally, I started riding my bike to work this week which is a good thing for a couple of reasons (I can use the exercise for starters). Its nice that I only live a few miles from my office. I'm also thinking twice about going to Florida this summer for vacation.

  15. #15
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    11.03.17 @ 01:35 PM
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    Quote Originally Posted by looper_guy View Post
    True. But it will/is starting to change behaviors. Personally, I started riding my bike to work this week which is a good thing for a couple of reasons (I can use the exercise for starters). Its nice that I only live a few miles from my office. I'm also thinking twice about going to Florida this summer for vacation.
    We've already cancelled two planned vacations for later this year. Not so much because of what the gas will cost for the trips, but because of how badly fuel, food, etc costs are cutting into the budget.
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