Saudi Arabia plans to increase its oil production by 200,000 barrels a day next month, the kingdom's oil minister told U.N. chief Ban Ki-moon, according to Ban's spokesman. CNNMoney.com reports that Saudi Arabia is concerned high oil prices will eventually dampen the world's appetite for oil.
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June 16, 2008
Saudis admit that demand curves slope downward
Posted by Tim Haab on June 16, 2008 at 08:50 AM in Energy Resources | Permalink
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At ~$140 more a barrel this means $28 million more a day to Saudi Arabia. King Abdullah bin Abdul Aziz in the house!
Posted by: Dave | June 16, 2008 at 10:29 AM
Profit taking before the bubble pops?
Who would be in the best informed position to know when oil prices have peaked?
Put another way: if you owned a bunch of oil and knew prices were about to peak what would you do?
Sell?
Posted by: joshua corning | June 16, 2008 at 04:44 PM
PetroSun just opened a plant in Texas that will be producing 4.4 million gallons per year of biodiesel(B-100)from algae grown in 1200 acres of salt water ponds---it will replace petroleum diesel fuel gallon for gallon. And NO $$$ sent out of the US.
Rangeline Fuels is completing construction on a 100 million gallon per year ethanol from wood waste plant in Soperton GA that should be starting operation by the end of the year---and a 20 million gallon per year ethanol from crop waste plant opened in Louisianna. 100% of the raw materials and jobs in these plants are from the US. 0% will go Saudi Arabia or any other country.
If we had been doing this for the last 8 years instead of Bush/Chenney doing everything they possibly could to keep the economy chained to oil----we'd be in a far different position today.
Posted by: | June 16, 2008 at 11:49 PM
Yes, the Saudi's are worried. Biodiesel and ethanol are about ready to burst their oil bubble.
Posted by: | June 16, 2008 at 11:55 PM
What did clinton do, not a damn thing (except kill our military). Pull your head out of your ass, no president would push for radical change as long as everything is working. Carter should have seen it coming but he is so damn stupid he didn't do shit. Trying to blame a party is just stupid. Get real.
Posted by: Get real | June 17, 2008 at 01:27 AM
Everything is not working. Oil is running out. It is only going to get more expensive.
The only alternative is to use something else. Biofuels are the only alternative even remotely able to do the job and meet our needs.
Bush has done everything possible to maintain the fossil fuel energy lobby. McCain is following the same path. You think oil is expensive now, just wait till this time NEXT year.
You need to pull YOUR head out, you are living in a fantasy world.
Posted by: | June 17, 2008 at 09:52 AM
Yes, the Saudi's are worried. Biodiesel and ethanol are about ready to burst their oil bubble.
Not really...they are probably seeing the same drop in demand and gluts in the pipe coupled with speculative high prices as everyone else on the planet.
Well... everyone but you.
Posted by: joshua corning | June 17, 2008 at 05:33 PM
---"Not really...they are probably seeing the same drop in demand and gluts in the pipe coupled with speculative high prices as everyone else on the planet."---
Poor little Saudi's, that just breaks my heart.
Posted by: | June 21, 2008 at 07:07 PM