Bush says Saudi oil boost doesn't solve US problem

[TheSarge]

SHARM EL-SHEIK, Egypt (AP) - President Bush said Saudi Arabia's small increase in oil production will not solve soaring U.S. fuel prices, but he defended the wealthy kingdom Saturday against American lawmakers "screaming the loudest" for Riyadh to open its spigots.

Bush also encountered bitter Arab criticism that he favors Israel too heavily and was bluntly questioned by Egyptian President Hosni Mubarak about whether he is serious about peacemaking. Bush said he was "absolutely committed" to reaching an Israeli-Palestinian agreement by the end of his presidency next January. But there was no sign during Bush's five-day Mideast trip that the two sides are moving closer toward an accord.

"It breaks my heart to see the vast potential of the Palestinian people really wasted," Bush said. Pledging the creation of an independent homeland, Bush said "It'll be an opportunity to end the suffering that takes place in the Palestinian territories."

http://apnews.myway.com/article/20080517/D90NJK5O0.html

[Lacarnut]

It could be that Bush went there to ask this question; if we bomb Iran, will you open the spickets up to cover the shortfall and calm world markets.

[jinxmchue]

The only thing that will solve the gas prices problem would be to tell the liberals to f*** off and start drilling for oil on American soil.

[Lauri]

now wait a minute.

wasnt the press just saying a few days ago that Bush went to ask for more oil, and the Saudi's said, 'we think there is enough out there."

now, it could be that the Saudi's dont have enough oil and need more money to keep producing more - but we get most of our oil from Canada.

i wish i could keep up with the real problems in the oil industry; who has it, who can make it .. who cant. i dont even profess to know the politics behind it. but i dont think its running out. i think it just takes a lot of money to get to it.

[Lauri]

The only thing that will solve the gas prices problem would be to tell the liberals to f*** off and start drilling for oil on American soil.

this is one of the things i have not been impressed with Bush about. he had the bully pulpit. why didnt he use it?

at this point, we may be forced into it and the Dems wont have a choice. that's about the only way it starts up again in the US. we are woefully behind, so, between now and then - I hope China and India dont attack anyone.

[DumbAss Tanker]

The Saudis have to look out for themselves, their oil supply is finite and they are on the down side of it.  How much is our "Undying friendship" (or anyone else's) going to be worth to them when the last of the economically recoverable crude is gone?  We'll probably give them about as much consideration as we give Chad now, when that day comes.  They aren't idiots, they can figure this out for themselves.

Nations don't have 'Friends,' they have allies.  When the reason for the alliance goes away, so does the 'Friendship.'

[TheSarge]

IMHO what is going on with the Saudi's and OPEC is the only way they can show their displeasure with is and what is happening in the WoT.

They can't beat us militarily...they can't openly support the terrorists...so this is how they "get us".

[Willow]

We need to start charging them as much for our food as they charge us for their oil, penny for penny  includes all OPEC countries! Problem solved George I think.

[DixieBelle]

The Saudi's are playing the only card they have. They always have. Always will.

[john c calhoun]

It could be that Bush went there to ask this question; if we bomb Iran, will you open the spickets up to cover the shortfall and calm world markets.

yes,  while you are bombing them...

then, after you takeout yet ANOTHER COMPETITOR for us, we will crank prices up to new heights !!

look, you guys keep talking about capitalism, yet you keep supporting policies that   reduce supply ...like bombing Iran  ....

look whats happened since we tookout Iraq..

[TheSarge]

yes,  while you are bombing them...

then, after you takeout yet ANOTHER COMPETITOR for us, we will crank prices up to new heights !!

YOur tinfoil is wrapped tight today isn't it?  COnsidering we get no oil from Iran and the minority of our oil imports comes from the ME...once again you're just talking out of your @ss.

look, you guys keep talking about capitalism, yet you keep supporting policies that   reduce supply ...like bombing Iran  ....

Funny...what I keep hearing from people here on this forum and from our current leadership is a policy of supporting DOMESTIC production.

How is that a policy of reducing supply if we have enough untapped oil and gas to fulfill our energy needs?

Sounds like smart energy policy and a way to stimulate our own economy.

look whats happened since we tookout Iraq..

LOL! Once again your complete and utter lack of knowledge about Iraqi oil production is on display for the world to see.
 

[Lauri]

The Saudis have to look out for themselves, their oil supply is finite and they are on the down side of it.  How much is our "Undying friendship" (or anyone else's) going to be worth to them when the last of the economically recoverable crude is gone?  We'll probably give them about as much consideration as we give Chad now, when that day comes.  They aren't idiots, they can figure this out for themselves.

Nations don't have 'Friends,' they have allies.  When the reason for the alliance goes away, so does the 'Friendship.'

ok, so what does Saudi Arabia produce, other than oil? i dont think its much of anything .. maybe they are realizing their futures are in jeopardy if they have nothing else...

[Lauri]

It could be that Bush went there to ask this question; if we bomb Iran, will you open the spickets up to cover the shortfall and calm world markets.

yes,  while you are bombing them...

then, after you takeout yet ANOTHER COMPETITOR for us, we will crank prices up to new heights !!

look, you guys keep talking about capitalism, yet you keep supporting policies that   reduce supply ...like bombing Iran  ....

look whats happened since we tookout Iraq..

can you illuminate me on this? did our war in iraq cause iraq's oil to be lost along the way? i know we arent getting iraqi oil - but who did?

[john c calhoun]

It could be that Bush went there to ask this question; if we bomb Iran, will you open the spickets up to cover the shortfall and calm world markets.

yes,  while you are bombing them...

then, after you takeout yet ANOTHER COMPETITOR for us, we will crank prices up to new heights !!

look, you guys keep talking about capitalism, yet you keep supporting policies that   reduce supply ...like bombing Iran  ....

look whats happened since we tookout Iraq..

can you illuminate me on this? did our war in iraq cause iraq's oil to be lost along the way? i know we arent getting iraqi oil - but who did?

eurotrash....

and, its not just about 'getting the oil', its about the stability of the entire market & amount of competition available...

by eliminating saddam, we've eliminated 'pepsi', leaving 'coke' & mountain dew to run wild ....

and once the prices starting soaring, speculators just keep saying they're gonna keep going up, therefore investors keep buying, therefore driving the price up ...

but its gonna crash, because  the majority of the gains this past year, is NOT based on true supply & demand, but wall street shennanigans instead...

oil stocks are a bubble that will burst, just like Banking, Dot Coms &  Housing have...

sell while they are up if you got them....because they're gonna crash one day when you least expect it... (& then some fatpukes behindthe curtains will be shortselling the day before & poof, all your middle class american oil stocks will be theirs)

[DixieBelle]

^so you're saying Iraq was "pepsi" in the oil market pre-invasion? I was under the impression that the Iran-Iraq war, OFF scandal and overall Saddam nonesense prevented them from being the major player they are capable of.

[TheSarge]

eurotrash....

and, its not just about 'getting the oil', its about the stability of the entire market & amount of competition available...

We wouldn't ahve to worry about "competition" if we could get the oil underneath our own soil.

by eliminating saddam, we've eliminated 'pepsi', leaving 'coke' & mountain dew to run wild ....

(singing) "Tiny bubbles..."
 

and once the prices starting soaring, speculators just keep saying they're gonna keep going up, therefore investors keep buying, therefore driving the price up ...

Prices are up for several reasons...and none of them have to do with your wild conspiracy theories.

but its gonna crash, because  the majority of the gains this past year, is NOT based on true supply & demand, but wall street shennanigans instead...

Ayyy yes...blame capitalism...NOT the real causes of high oil prices. 

oil stocks are a bubble that will burst, just like Banking, Dot Coms &  Housing have...

Where was your concern when oil was $9 a barrel and natural gas was selling for $1.50 per mcf and oil companies...and more importantly independent producers were on the verge of bankruptcy?

sell while they are up if you got them....because they're gonna crash one day when you least expect it... (& then some fatpukes behindthe curtains will be shortselling the day before & poof, all your middle class american oil stocks will be theirs)

What color is the sky in your fantasy world?

[DumbAss Tanker]

The Saudis have to look out for themselves, their oil supply is finite and they are on the down side of it.  How much is our "Undying friendship" (or anyone else's) going to be worth to them when the last of the economically recoverable crude is gone?  We'll probably give them about as much consideration as we give Chad now, when that day comes.  They aren't idiots, they can figure this out for themselves.

Nations don't have 'Friends,' they have allies.  When the reason for the alliance goes away, so does the 'Friendship.'

ok, so what does Saudi Arabia produce, other than oil? i dont think its much of anything .. maybe they are realizing their futures are in jeopardy if they have nothing else...

Yep, basically...also in line with DixieBelle's comment about the "Only card" above, which is quite correct.  The Saudis depend entirely on their oil production, they and some of the other Gulf states in the same boat (Like Kuwait) have governments that are essentially cooperative with us but those governments also know that the Black Gold is a finite resource and that while we want to be their best buds now, in thirty years they'll be treated like our ex-brother-in-law that wants a loan.  The better-run countries have long-range plans on how to remain economically viable (in reduced circumstances) as traders, investment centers, and in tourism in the long term, the less well-run do not.  Saudi Arabia has the advantage of hosting the two holiest sites in Islam so they will always have the Hajj traffic to live on, but it's worth a whole lot less than oil.

Helps to think of this in terms of 'Interest analysis' - i.e., sure it would be great (well, better) for US if they cranked up oil production, if in the very short term since it remains a finite resource and we are just eating through it faster to do that, but why would THEY want to do that and cut their long-term ability to survive economically?  To get to the possible, you have to find solutions that offer positive gain to both parties.  Stupid ideas like "Just bomb them" are fine for a joke thread, but anyone who thinks that way for real is just a damn'  moron. 
   

[Lauri]

It could be that Bush went there to ask this question; if we bomb Iran, will you open the spickets up to cover the shortfall and calm world markets.

yes,  while you are bombing them...

then, after you takeout yet ANOTHER COMPETITOR for us, we will crank prices up to new heights !!

look, you guys keep talking about capitalism, yet you keep supporting policies that   reduce supply ...like bombing Iran  ....

look whats happened since we tookout Iraq..

can you illuminate me on this? did our war in iraq cause iraq's oil to be lost along the way? i know we arent getting iraqi oil - but who did?

eurotrash....

and, its not just about 'getting the oil', its about the stability of the entire market & amount of competition available...

by eliminating saddam, we've eliminated 'pepsi', leaving 'coke' & mountain dew to run wild ....

and once the prices starting soaring, speculators just keep saying they're gonna keep going up, therefore investors keep buying, therefore driving the price up ...

but its gonna crash, because  the majority of the gains this past year, is NOT based on true supply & demand, but wall street shennanigans instead...

oil stocks are a bubble that will burst, just like Banking, Dot Coms &  Housing have...

sell while they are up if you got them....because they're gonna crash one day when you least expect it... (& then some fatpukes behind the  curtains will be shortselling the day before & poof, all your middle class american oil stocks will be theirs)

that sounds like George Soros territory right there. he generally bets against the United States; anything bad for us .. he can make billions on.

my in laws have a lot of mineral rights to oil in canada... how will they know when to sell? this is unprecedent in our collective history.. where is the top? 6 bucks? 7 bucks? I cannot even imagine what the economy would be like if it hit 5 bucks a gallon.

[Lauri]

The Saudis have to look out for themselves, their oil supply is finite and they are on the down side of it.  How much is our "Undying friendship" (or anyone else's) going to be worth to them when the last of the economically recoverable crude is gone?  We'll probably give them about as much consideration as we give Chad now, when that day comes.  They aren't idiots, they can figure this out for themselves.

Nations don't have 'Friends,' they have allies.  When the reason for the alliance goes away, so does the 'Friendship.'

ok, so what does Saudi Arabia produce, other than oil? i dont think its much of anything .. maybe they are realizing their futures are in jeopardy if they have nothing else...

Yep, basically...also in line with DixieBelle's comment about the "Only card" above, which is quite correct.  The Saudis depend entirely on their oil production, they and some of the other Gulf states in the same boat (Like Kuwait) have governments that are essentially cooperative with us but those governments also know that the Black Gold is a finite resource and that while we want to be their best buds now, in thirty years they'll be treated like our ex-brother-in-law that wants a loan.  The better-run countries have long-range plans on how to remain economically viable (in reduced circumstances) as traders, investment centers, and in tourism in the long term, the less well-run do not.  Saudi Arabia has the advantage of hosting the two holiest sites in Islam so they will always have the Hajj traffic to live on, but it's worth a whole lot less than oil.

Helps to think of this in terms of 'Interest analysis' - i.e., sure it would be great (well, better) for US if they cranked up oil production, if in the very short term since it remains a finite resource and we are just eating through it faster to do that, but why would THEY want to do that and cut their long-term ability to survive economically?  To get to the possible, you have to find solutions that offer positive gain to both parties.  Stupid ideas like "Just bomb them" are fine for a joke thread, but anyone who thinks that way for real is just a damn'  moron. 
   

the better run countries, like Israel?

and do the Islamic people go to those holy spots like Christians and Jews go to Israel? With nearly 1 billion of them (is that the right number? or is it 2 billion?) that could be a lot more money than we think.

still, i dont hear or read about people having these awesome vacations in the freaking hot desert.

[DumbAss Tanker]

Well, Israel is pretty well-run, in a weird Euro-Socialist semi-theocratic sort of way.  A lot of Americans are under the mistaken belief it's a western secular democracy, which it's not, exactly, it's just a whole lot more like one than anything else in the region, and it has a lot of Euro atmosphere for rather obvious reasons.

However it has Jack Shit for oil resources so it doesn't enter into the "Who we gonna git the oil from?" sweepstakes except as a complication.  For religious and cultural reasons, Israel has a far bigger impact on US policy in the area than a pure economic analysis would ever lead you to think, which is magnified even more by the fact that as a democracy, popular feeling here plays a very large role in our foreign policy, sometimes resulting in us taking the moral high ground and sometimes leading us into total debacles.

The Saudis do make a ton off the Hajj; one of the "Pillars of Islam" is that every Muslim who can afford to is excpected to make a pilgrimage to Mecca at least once in his or her life, of course the well-heeled do it multiple times.  It's no more of a giant party for them than an Easter trip to the Via Dolorosa in Jerusalem would be for Christians, but they go in huge numbers of them go each year an act of devotion.   

[Lacarnut]

my in laws have a lot of mineral rights to oil in canada... how will they know when to sell? this is unprecedent in our collective history.. where is the top? 6 bucks? 7 bucks? I cannot even imagine what the economy would be like if it hit 5 bucks a gallon.

My brother & I have mineral rights on property in the Delhi basin which Denbury Resources is going to inject CO2 into old wells to get out the remaining oil. Have had several offers to buy the rights. We decided not to sell. The way I look at it, waiting for the big money to come is worth it rather than taking a lump sum payment.

[Airwolf]

yes,  while you are bombing them...

then, after you takeout yet ANOTHER COMPETITOR for us, we will crank prices up to new heights !!

YOur tinfoil is wrapped tight today isn't it?  COnsidering we get no oil from Iran and the minority of our oil imports comes from the ME...once again you're just talking out of your @ss.

look, you guys keep talking about capitalism, yet you keep supporting policies that   reduce supply ...like bombing Iran  ....

Funny...what I keep hearing from people here on this forum and from our current leadership is a policy of supporting DOMESTIC production.

How is that a policy of reducing supply if we have enough untapped oil and gas to fulfill our energy needs?

Sounds like smart energy policy and a way to stimulate our own economy.

look whats happened since we tookout Iraq..

LOL! Once again your complete and utter lack of knowledge about Iraqi oil production is on display for the world to see.
 

I don't suppose the little fact that DOMESTIC production has fallen by half since 1985 when oil was around 20 Dllars a gallon would mean anything either since the current rate of oil refinement in the US has dropped by half since then. Give us the same production rate and tell the speculaors to either stop over estimating the price of crude or watch it become the last thing anyone wantes to trade in

[john c calhoun]

yes,  while you are bombing them...

then, after you takeout yet ANOTHER COMPETITOR for us, we will crank prices up to new heights !!

YOur tinfoil is wrapped tight today isn't it?  COnsidering we get no oil from Iran and the minority of our oil imports comes from the ME...once again you're just talking out of your @ss.

look, you guys keep talking about capitalism, yet you keep supporting policies that   reduce supply ...like bombing Iran  ....

Funny...what I keep hearing from people here on this forum and from our current leadership is a policy of supporting DOMESTIC production.

How is that a policy of reducing supply if we have enough untapped oil and gas to fulfill our energy needs?

Sounds like smart energy policy and a way to stimulate our own economy.

look whats happened since we tookout Iraq..

LOL! Once again your complete and utter lack of knowledge about Iraqi oil production is on display for the world to see.
 

I don't suppose the little fact that DOMESTIC production has fallen by half since 1985 when oil was around 20 Dllars a gallon would mean anything either since the current rate of oil refinement in the US has dropped by half since then. Give us the same production rate and tell the speculaors to either stop over estimating the price of crude or watch it become the last thing anyone wantes to trade in

of course its effeced the price some...

but only by around 25% or so...

remember, back in 1985 we only got 5-6% of our  oil from the ME...

today that number is 23%, but, it reached that peak back in the 90's, and still we didn't see the dramatic increases we've seen these past couple years...

main reason for modern artificial increases:

consolidation & manipulation of the worlds oil supply/refining...

american monopolists have intentionally reduced what the output in refining, while DC has been wiping out competitiors here & overseas....

make no mistake about it....if it weren't for washington DC, this problem would not be happening today

both parties in DC are responsible too....repukes just as much as Dem...

and what some of us regular folk may consider a problem, they consider GOOD FOR THEIR BUSINESS...

OPEC & Big oil are basically declaring WAR on the united states & they need to be treated accordingly...

japan was squeezed like this in the 1930's & it started WWII....

[Lauri]

my in laws have a lot of mineral rights to oil in canada... how will they know when to sell? this is unprecedent in our collective history.. where is the top? 6 bucks? 7 bucks? I cannot even imagine what the economy would be like if it hit 5 bucks a gallon.

My brother & I have mineral rights on property in the Delhi basin which Denbury Resources is going to inject CO2 into old wells to get out the remaining oil. Have had several offers to buy the rights. We decided not to sell. The way I look at it, waiting for the big money to come is worth it rather than taking a lump sum payment.

 i dont think they are interested in selling, but making the most of it in an up market is not a bad thing either. interesting times...

[Willow]

forgive me for I only read the headline, and the question popped into my mind "Then why did you ask them to boost production President Bush?"