Bush wants OPEC to pump more oil - Political Ravings Forum

Cybergal · #1 03.04.2008

Bush wants OPEC to pump more oil
3/4/08

Quote:

WASHINGTON — President Bush is chiding OPEC for failing to pump more oil as energy prices soar and the U.S. economy slumps.

After an Oval Office meeting Tuesday with Jordan's King Abdullah II, Bush said the OPEC countries should understand the consequences of high energy prices. Bush said it's a "mistake to have your biggest customers' economies slowing down as a result of higher energy prices."
Key oil ministers signaled Tuesday that OPEC has virtually ruled out pumping more oil to ease record-high prices. Bush has called for increased oil production as demand and prices continue to rise.
http://www.foxnews.com/story/0,2933,334871,00.html

Mastertech · #2 03.04.2008

Why should they up production....if you look at it from their point of view.
They are making record money and extending the amount of time they can do so.
If I can produce 5 million barrels a day for a hundred bux a barrel why would I want to produce 6 milllion barrels a day at 80 bux a barrel. Why work harder for less money.
A very simplistic example but you get the point I am sure.

Cybergal · #3 03.06.2008

Oil prices spike to record $105.97
3/6/08
Oil prices steadied Thursday after nearing a record $106 a barrel as investors reacted to a surprise drop in U.S. crude supplies and the dollar struck new lows against the euro.

Also supporting prices was an OPEC decision not to boost output and rising tensions on Venezuela's border.
By the afternoon in Europe, light, sweet crude for April delivery was unchanged from the previous day's close at $104.52 a barrel in electronic trading on the New York Mercantile Exchange. Prices briefly spiked to a record of $105.97 earlier in the day.

On Wednesday, the April contract had jumped $5 to settle at a record $104.52 a barrel and later rose to $104.95 in post-settlement electronic trading.
Earlier this week, oil prices broke the previous inflation-adjusted price record of $103.76, set in 1980 during the Iran hostage crisis.
In London, Brent crude fell 14 cents to $101.50 a barrel on the ICE Futures exchange.

"The primary factor causing the surge in oil prices is the surprising drawdown in crude inventories, which caused traders to really react quite dramatically," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.
Most analysts had expected the U.S. Energy Department's Energy Information Administration to report oil stocks rose last week for the eighth straight time. Instead, the stocks fell 3.1 million barrels.
http://news.yahoo.com/s/ap/20080306/...OZB2FH6Lus0NUE

Thread Tools
Show Printable Version Email this Page
Display Modes	Rate This Thread
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode	Rate This Thread:

Political Ravings Forum - A Forum For Political Junkies
Sponsored Links