Saudi's Consider raising oil output for july 08
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Saudi Arabia said it will increase its oil production by 200,000 barrels a day next month in a move to meet growing world demand, the UN says. Which means what? Basically Saudi's want to capitalize on 140/barrel oil and import more Rolls Royce cars and cheap women....... With all the conflicting reports going around about why oil is increasing what can we really take from the speculation? How about oil increases in 12 months by 100%, that aint right.....
The Kingdom increased its production by 300,000 barrels a day. The country is thought to be the only oil producer with the ability to pump substantially more crude.
It argues that the current high prices are caused by speculators rather than any shortage of crude oil.
The Saudi oil minister said current elevated oil prices - which hit a record high of more than $139 (£71) a barrel last week - were unjustified.
Fact. America needs to reduce oil dependency by reducing DEMAND. What does that mean? People can't cry about higher oil prices if they consume more in their RVs and SUVs.
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Barry
Mr. Do It All
Jun 21, 2008, 4:45 PM
Post #1 of 1
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