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Old 10-19-2006, 10:19 AM  
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Saudis Signal Support for OPEC Cut
http://hosted.ap.org/dynamic/stories...10-19-09-53-09

DOHA, Qatar (AP) -- Saudi Arabia's oil minister said Thursday that his country supports OPEC's proposed 1 million barrels-a-day production cut.

"We will try to make the market balanced," Ali Naimi said, ending two weeks of silence from the world's largest oil producing nation and giving a quick jolt to oil prices.

Naimi's statement came as the cartel's oil ministers gathered in the capital of Qatar for emergency talks on cutting output after a price decline of more than 25 percent since mid-July.

Light sweet crude for November delivery rose 70 cents to $58.35 a barrel in electronic trading on the New York Mercantile Exchange.
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Old 10-19-2006, 10:24 AM   #2
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Saudis must be running out of monay. It's hard providing for 300 kids and family.

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Old 10-19-2006, 10:27 AM   #3
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Old 10-19-2006, 10:27 AM   #4
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Wait...I thought Bush was controlling oil prices and stuff...
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Old 10-19-2006, 10:28 AM   #5
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Light sweet crude
Mmmm, tasty.
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Old 10-19-2006, 10:35 AM   #6
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Old 10-19-2006, 10:36 AM   #7
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Old 10-19-2006, 10:40 AM   #8
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I would like to be the first to greet our newest, 51st state, Saudisrelia.
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Old 10-19-2006, 10:42 AM   #9
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Originally Posted by ptlyon
I would like to be the first to greet our newest, 51st state, Saudisrelia.
I vote to call it North Saudilina.
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Old 10-19-2006, 10:42 AM   #10
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National retail average for gasoline is $2.22 right now. That's going to go up, folks.
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Old 10-19-2006, 10:45 AM   #11
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Old 10-19-2006, 10:49 AM   #12
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Originally Posted by Donger
National retail average for gasoline is $2.22 right now. That's going to go up, folks.
The Saudi's were peeing themselves when Oil shot below $65/barrel. They started making public statements about "balancing the market" shortly therafter.

I'm sticking with my original projection that the National retail average will be in the $2.65/g range by mid Jan 07, and hover in that range for several months.
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Old 10-19-2006, 12:01 PM   #13
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This only confirms that we can not convert to E85 fast enough.

Screw the oil countries, we got corn.
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Old 10-19-2006, 12:04 PM   #14
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Quote:
Originally Posted by ChiTown
The Saudi's were peeing themselves when Oil shot below $65/barrel. They started making public statements about "balancing the market" shortly therafter.

I'm sticking with my original projection that the National retail average will be in the $2.65/g range by mid Jan 07, and hover in that range for several months.
That's certainly possible, but I think that it will be closer to $2.45.
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Old 10-19-2006, 12:06 PM   #15
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This only confirms that we can not convert to E85 fast enough.

Screw the oil countries, we got corn.
Unfortunately, ethanol isn't a viable solution. We could convert all of our fields to ethanol production and still not have enough. I'm all for it as a supplement, but not as a replacement.
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