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Saudi will increase oil output

beneteaubeneteau Member Posts: 8,552 ✭✭✭
edited June 2008 in General Discussion
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  • FrancFFrancF Member Posts: 35,279 ✭✭✭
    edited November -1
    That .7 should equate to about a penny in price reduction at the pump.
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  • nemesisenforcernemesisenforcer Member Posts: 10,513 ✭✭✭
    edited November -1
    It's a start and a move in the right direction.
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  • kristovkristov Member Posts: 6,633
    edited November -1
    At best there won't be a price increase at the pump but there is little chance that this represents enough additional crude to lower motor fuel prices. Refining margins are very tight. The reason for this is quite simple: The price of crude oil has more than doubled since last year (from around $65 to over $130) while the price of gasoline at the wholesale level has increased by under 40% ($3 to a little over $4 per gallon). I doubt that the refiners will pass along any savings they might have from reduced crude oil prices.
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  • shoff14shoff14 Member Posts: 11,994 ✭✭✭
    edited November -1
    quote:Originally posted by FrancF
    That .7 should equate to about a penny in price reduction at the pump.


    Yeah, but 3 million more by the end of the next year.
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  • 11BravoCrunchie11BravoCrunchie Member Posts: 33,423 ✭✭
    edited November -1
    Gas prices went down yesterday up here. Only something like 4 cents a gallon, but it's still going the right direction.
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  • FrancFFrancF Member Posts: 35,279 ✭✭✭
    edited November -1
    quote:Originally posted by shoff14
    quote:Originally posted by FrancF
    That .7 should equate to about a penny in price reduction at the pump.


    Yeah, but 3 million more by the end of the next year.




    in Profits
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  • dpmuledpmule Member Posts: 6,748 ✭✭✭✭
    edited November -1
    I read in the Kuwait times last week India announced they would buy 30% of the total Saudi increase, didn't say if that was for their economy or to be refined and then sold to the US or Europe at a profit.
    New media seem to imply this increase will go toward the US, but US will likely get small amount with most just going to the world market. I'm guessing one sees very small drop at the pump.
    my .02
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  • zr700zr700 Member Posts: 2,430 ✭✭✭✭✭
    edited November -1
    Won't change a thing!
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  • kristovkristov Member Posts: 6,633
    edited November -1
    So far today oil is up about $1.75 per barrel on the news of this increase in production. You can't pump your way to low oil prices any more than you will conserve your way to low prices because low priced oil is finished. The sooner we accept this then the sooner we can start looking at arranging our daily lives and our nations economy around $100 per barrel crude (best case) or $150 (more likely).
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  • dakotashooter2dakotashooter2 Member Posts: 6,186
    edited November -1
    Looks like congress is going to look into what impact "speculators" are having on the price of oil and if and how they can regulate that impact.
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