Saudi Arabia to extend oil production cuts through September, signaling potential rise in US gas prices

[Mac-7]

They still support us... You sure don't know anything about them. They aren't stupid. They know exactly what Trump is.

Not as much as they did before oil hating lib democrats labeled them Public Enemy No 1

 

[jknowgood]

Too much oil on the market drives the price down and hurts US oil production.

We need more oil on the market to get prices down and it would also hurt Saudi Arabia.

 

[surada]

We need more oil on the market to get prices down and it would also hurt Saudi Arabia.

Hurts the US first. We have the highest production costs in the world.

 

[surada]

Not as much as they did before oil hating lib democrats labeled them Public Enemy No 1

You spend a lot of time in Arabia?

 

[Mac-7]

You spend a lot of time in Arabia?

I am familiar with your claim to fame

But it never impressed me

 

[jknowgood]

Hurts the US first. We have the highest production costs in the world.

The get rid of the regulations that make it that way.

 

[surada]

The get rid of the regulations that make it that way.

That's not the reason they're high. We have no economies of scale and most US wells produce less than 50 barrels a day.

 

[skews13]

Nope. Ghawar is still flowing. They don't pump oil in Arabia. Manifa and Sufania are still going strong and Shayba is in it's infancy.

PS... It's been 70 years.

We have enough domestic supply. We have to renew our energy policy to ban exporting it, as it once was. Conservatives crowing about energy independence, and supporting exports is the height of hypocrisy. Or stupidity.

With our growing renewable sources, coupled with North American oil, and natural gas capacity, we have enough energy resources to be totally self sufficient.

 

[surada]

We have enough domestic supply. We have to renew our energy policy to ban exporting it, as it once was. Conservatives crowing about energy independence, and supporting exports is the height of hypocrisy. Or stupidity.

With our growing renewable sources, coupled with North American oil, and natural gas capacity, we have enough energy resources to be totally self sufficient.

Maybe. We use 20 million bpd. That's a lot of crude oil

 

[skews13]

Maybe. We use 20 million bpd. That's a lot of crude oil

We haven’t built a refinery in this country in 50 years. That’s something rarely brought into the conversation.

And given the fact the oil under the northern area of South America is even larger than the Saudi reserves. That conversation needs to be had also.

But the goal needs to be the continuing effort to build renewable capacity, which reduces the need for any of it, but at least a minimal amount of it.

 

[dudmuck]

We need more oil on the market to get prices down and it would also hurt Saudi Arabia.

Its not the saudi's by themselves, its OPEC.
OPEC has 80 percent of all oil reserves.
Anything non-OPEC counties do to influence oil prices would be countered by OPEC.

 

[surada]

Its not the saudi's by themselves, its OPEC.
OPEC has 80 percent of all oil reserves.
Anything non-OPEC counties do to influence oil prices would be countered by OPEC.

Currently OPEC is in disarray.

 

[Stann]

The Saudi’s supported the US from WWII till obama became president

Dems hate the most important product that Saudi Arabia produces and thats why the Saudi’s are no longer our friends

The president of the US has nothing to do with the rise in.the cost of oil. Otherwise they would only be charging US more and not the entire world. It is in their best interest to get the biggest buck now for what oil they have left to position themselves well in the future. As ironic as it sounds they are inadvertently forcing US and the world to embrace renewables faster. So it's a good thing in the long run.Limited use of fossil fuels is more acceptable to anyone / everyone who wants a brighter future.

 

[Stann]

Its not the saudi's by themselves, its OPEC.
OPEC has 80 percent of all oil reserves.
Anything non-OPEC counties do to influence oil prices would be countered by OPEC.

But what's their incentive ?

 

[Tunafish]

Goddamnit release the reserves we have our own Oil. All those dead fuckers in Iraq and Bush didn't take any ******* oil lol

ChiCom Joey sold the reserves to China

 

[surada]

ChiCom Joey sold the reserves to China

Sinopec Houston isn't in China.

 

[JustAGuy1]

Sinopec Houston isn't in China.

No, but it's owned by China.

 

[surada]

No, but it's owned by China.

It's registered and operating in the US.

 

[JustAGuy1]

It's registered and operating in the US.

It's owned by China.

 

[Dogmaphobe]

You spend a lot of time in Arabia?

Do tell us that story again where you were a powerful female oil executive living in the middle east in 1950.

It's always such a great story the way you tell it!