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post #1 of 63 (permalink) Old 05-25-2009, 10:48 AM Thread Starter
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American Pocketbooks - Playthings of the Saudis

At some point, it will be clear to everyone that speculative trading of commodities artificially manipulates the prices of those items that are integral to the lives of everyday Americans, and that the practice should be very tightly regulated or eliminated altogether. Rich people keep getting rich, while the rest of us pay the price for their degenerate gambling urges.

Saudi Arabian Oil Minister Naimi Says Oil to Reach $75 a Barrel - Bloomberg.com


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Saudi Arabian Oil Minister Naimi Says Oil to Reach $75 a Barrel

By Adam L. Freeman

May 23 (Bloomberg) -- Saudi Arabian oil minister Ali al- Naimi said the price of oil will climb to $75 a barrel when demand picks up.

“We’ll get there eventually,” al-Naimi told reporters in Rome today where he will attend meetings with energy ministers from the Group of Eight industrialized nations. “The trick is keeping it between $70 and $80. It will be achieved as demand rises and the fundamentals are better than they are now.”

To reach that goal, Naimi said he will recommend OPEC members “stay the course” at their meeting in Vienna on May 28. Saudi Arabia is the biggest and most influential member of the Organization of Petroleum Exporting Countries, which produces about 40 percent of the world’s oil.

The group is likely to keep daily output quotas unchanged at 24.845 million barrels at the Vienna gathering, according to a Bloomberg survey.

Crude oil for July delivery rose 62 cents to settle at $61.67 a barrel at 2:45 p.m. on the New York Mercantile Exchange yesterday. The July contract increased 8.2 percent this past week. Oil is up 38 percent this year.

Naimi said oil should keep at about $75 a barrel “because that is what is desired for the world economy.”

Saudi Arabia produced less than its quota of 8 million barrels a day last month, according to a May 13 OPEC report. The Saudis produced 7.9 million barrels of OPEC’s 25.3 million- barrel daily output.

Naimi said last month that helping to keep oil prices at $50 a barrel was his country’s contribution to the world economy, which is fighting the worst recession in six decades. Since he made those comments in Tokyo on April 25, crude prices have climbed more than 20 percent to above $60 a barrel.

Exceed Ceiling

The 12 members of OPEC, which overshot their ceiling by 410,000 barrels last month, will update their policy on oil output at this month’s meeting. At the last summit on March 15, the group decided to leave quotas unchanged and adhere to its earlier commitment to restrict supply by a total of 4.2 million barrels a day from levels in September 2008.

Naimi said his country “very recently” started production at the Nuayyim oil field and it pumping 100,000 barrels a day. He added that even though Saudi Arabia has opened new production global markets don’t need the product.

“The problem is the market, that the demand is only in one place -- Asia and that’s all.”

The group’s production rate rose during April, and most members are still producing more than their quota, a report from the OPEC Secretariat in Vienna showed earlier this month.

OPEC cut its 2009 forecast on May 13 and now estimates daily oil demand will fall by 1.57 million barrels, or 1.8 percent, to 84.03 million barrels of oil a day this year.
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post #2 of 63 (permalink) Old 05-25-2009, 11:17 AM
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You just found out who else we answer to? Yeah, I am being an anti Semite again....
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post #3 of 63 (permalink) Old 05-25-2009, 12:52 PM
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Commodities generally it's not a problem and can help stabilize prices and markets for things that have a season or more "look ahead" time.

However, for something like oil, that EVERYONE needs (after all, you can choose not to buy bacon or corn or whatever else) it should be traded only by those in the biz, speculators need not apply. That would cut down on the ability of certain parties to manipulate the price.
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post #4 of 63 (permalink) Old 05-25-2009, 01:11 PM Thread Starter
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^ Exactly the point I've been making for years now.

You shouldn't be able to trade in oil if you are not licensed, and that test should require that you are A) a corporation, B) not involved in investments or doing business as brokerage, C) can demonstrate the ability to take physical delivery of the oil you're purchasing.

Additionally, each oil trade contract should mandate a minimum of 120 days transpire between any purchase and subsequent re-sale. Delivery must be taken in 55 gallon drums or by full rail car, and the contract must be delivered and documented as received prior to being able to refine/process it, or list it for sale. Each container must be assigned a unique sequential number for tracking & auditing purposes.

There are steps like this that would be easy to take for refineries and oil companies (or are already in place), and these steps would make life unbearable for individual "investors" and institutional traders (basically, gambling addicts who aren't playing with house money or their own - they're playing with ours).

If oil was a true commodity, any of us could make our own. We can't. There's nothing stopping us from planting orange trees or sugar cane, or raising pigs, etc. The term itself has been perverted by these greedy degenerates who are so obsessed with wealth and gambling that they've invented all manner of elaborate schemes that create a legal and almost businesslike form of it.
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post #5 of 63 (permalink) Old 05-25-2009, 01:21 PM
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Originally Posted by drewprof View Post
You just found out who else we answer to?
If any of you are interested in finding out a little more about just how true that statement is, pick up a copy of this book:

Amazon.com: Sleeping with the Devil: How Washington Sold Our Soul for Saudi Crude: Robert Baer: Books

It is a great read that will scare the hell out of you.
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post #6 of 63 (permalink) Old 05-25-2009, 01:31 PM
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I'm starting a movement that will fight against disturbing the burial grounds of dinosaurs and vegetation and hope to put these desert Irish out of business in very little time.

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post #7 of 63 (permalink) Old 05-26-2009, 08:15 AM
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I find it hard to believe that anyone on this board has a hard time with paying for a gallon of gas.
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post #8 of 63 (permalink) Old 05-26-2009, 08:24 AM
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Originally Posted by el pres View Post
I find it hard to believe that anyone on this board has a hard time with paying for a gallon of gas.

You are thinking small, look at the big picture el pres of how many gallons each month get over paid for and how much of the US wealth is exported to the Arab cuntries each month........
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post #9 of 63 (permalink) Old 05-26-2009, 08:26 AM
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I just paid almost $9.00 a gallon for stupor unheeded.
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post #10 of 63 (permalink) Old 05-26-2009, 08:27 AM Thread Starter
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I find it hard to believe that anyone on this board has a hard time with paying for a gallon of gas.
You may also find it hard to believe that the very real impact gasoline prices have on the lower class does in fact affect the rest of us. To say nothing of the fact that anything delivered by a gasoline engine becomes more expensive as well. In either case, your inability to find relevance does not detract from the importance of the issue.

Last edited by Qubes; 05-26-2009 at 08:29 AM.
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