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  Saudi Arabia, the world's biggest oil exporter, plans to raise daily crude output by 200,000 barrels to 9.7 million barrels next month, Saudi Oil Minister Ali al- Naimi told officials from 35 producing and consuming countries at the summit yesterday in the Red Sea port of Jeddah. OPEC President Chakib Khelil and ministers from Venezuela and Libya said the Saudi initiative would fail to lower prices, blaming oil's climb above $130 a barrel on speculation, rather than a lack of crude.

  "I don't think we'll see a lot of downward price movement as a result of this meeting,'' Mike Wittner, Societe Generale's head of oil research in London, said in an interview. "Another 200,000 barrels a day is not a whole lot. Especially if you compare to a week ago when the first news was a possible 500,000 increase.''

  Oil prices rallied to a record $139.89 in New York on June 16, five times the average six years ago, prompting riots and strikes in importing countries, hastening inflation and forcing some fuel consumers, such as airlines, out of business. U.K. Prime Minister Gordon Brown, attending the summit, proposed a "new deal'' with producing nations, offering them investment opportunities in Western nations in return for greater access to untapped reserves.

  "Saudi Arabia is prepared and willing to produce additional barrels of crude above and beyond the 9.7 million barrels per day, which we plan to produce during the month of July, if demand for such quantities materializes and our customers tell us they are needed,'' al-Naimi said. World oil demand will rise 800,000 barrels a day, or 0.9 percent, this year, according to the International Energy Agency. Link

   Let's put this into perspective, shall we? That works out to be enough gasoline to barely fill the three waterpark swimming pools in Tucson Arizona. It would fill less than 20% of the water rides at Disneyland. I especially liked that part where Gordon Brown said the Arabs would be offered 'investment opportunities' in exchange for oil. I wonder what he has in mind? Those over-indulged, back-stabbin' bloated bastards can already buy anything they want and are busy doing so. Maybe we should start selling off our national monuments and state parks. Yeah, that's the ticket. Sell 'em Grand Teton or Yellowstone so they can put up some more of those ever so tastefully appointed palaces they favor. They'd feel right at home in Westminster Castle - if they could blow out a few walls, install gold plumbing and silk shag carpet.

   Oil, the price, supply, refining and exploration thereof, is going to be the major issue in elections for some time to come. Those on the Left are beside themselves because they know they are losing this one and cannot win no matter what they do. And they are doing and saying anything and everything to distract the voters from the issue - but that's like tryin' to put out the Great Chicago fire by pissin' on it. Few things will focus Americans' attention like having to walk home from the Mall. Everytime you stick that nozzle in your gas tank just remember, Democrats do not want more oil and Republicans do. But even that's not going far enough. Every single one of those bastards we elected last time has not done one damned thing to prevent the situation we now find ourselves. None of 'em deserve to be in office. I don't care what their party affiliation is, how long they've been there or how much pork they bring home - vote 'em out - vote 'em ALL out.

If you want more oil - vote Republican. If you like gettin' screwed - vote Democrat.. Spread the word! 

Comments

[Oldcatman]

Again, let's charge these camel jockey's an arm and a leg for everything they need from US!

[Bomb-a-rama]

If you want more oil - vote Republican.

You mean if we want a chance at more oil, vote Republican.

The way they've been behaving in recent years, I'm not so sure the difference between them and Democrats is all that substantial.

[ron, the gregarious hermit]

I have a question for the audience. I have grown so completely weary of hearing that any drilling is pointless because it will be AT LEAST 10 years before it is any help. Putting aside any issues of whether te mere promise of drilling could undercut speculators, etc, where does this figure come from? No one challenges the 10 year adherents. WHY does it take 10 years (or more)? I feely admit to knowing nothing useful about searching for, tapping into, and getting to a refinery, crude oil. Does anybody get this?

[Steel]

Yeah, I get it, Ron.

If we REALLY wanted to address energy independence and resource developement, we would do everything possible towards becoming independent.

If all the wheels turn, a new refinery can be built in less than 3 years.

If a platform needs be anchored and drill in deep water, five years.

If we want a dramatic change in how we deal with spot oil in toto, perhaps ten years.

In ten years, we could be off the 'grid' so to speak.

10 years.

Think about that.

Democrats would have you 'believe' it is impossible.

Republicans will beg for more time to do so.

Fact is, we could be independent within a decade.

Choose your poison, Ron.

By governmental mandate or unfettered free market.

I will add this, Ron.

An 'unfettered' market leaves too many holes in the reality of our lives.

Pigs will wallow in that environment and wreak nothing but pain.

Citizenship demands some attention.

Of late, more attention than has ever been required.

If we want this situation, this 'oil crisis' and its repercussions to be tolerable, we have two choices.

Accept the inevitable as measured and dispensed by the rest of the world or tell them how it will be.

We have all the oil, coal, oil shale, and the technology to do anything.

They have oil and not too much time left.

[Mouse]

It's the 'wild west' all over again. Bandits are out there stealing restaurant oil for gosh sakes. Who needs to drill for it?

[Steel]

Heh.

I used to be associated with many of the companies that pick that grease up.

Back in the late 70's, there was a huge spike in the price of vegetable oil and theft was rampant. The companies would steal from each other's routes.

It is known as the Grease Wars.

They make it sound so easy to do.

It isn't. It takes a very serious pump and the grease has to be warm or it becomes solid. There are big chunks of junk in it that will clog most pumps and it stinks. The grease is out in the elements and goes rancid fast. Draws a million flies.

Nasty business - you cannot get the smell off of you for days after handling the stuff.