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Oil and Natural Gas Prices Falling Again!
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by René | July 17, 2008 at 11:39 am
580 views | 19 Recommendations | 18 comments
Tuesday, July 29: Crude Oil Prices continue to go Down! Bloomburg's reports oil at: $121.74. US Dollar strengthens. Gas at the pump trails slowly. Guess those Robber Barons are reluctant to let their record breaking profits decline too.
We need to keep the pressure on them and the Robber Kings.
Hey! We are drilling! Already! Like mad! In Middle America!
Tuesday, July 22, Oil prices fall again to $127.95 Yahoo AP news, fluctuating up and down, as fear drives the market.
UPDATE: Oil prices rebound slightly by noon. How convenient that Nigeria had an oil pipeline explosion! Just too convenient in my view.
Latest news on AP and CNN, oil futures fall again, down to $129.
But who is actually making the major profits?
"The six members of the Gulf Cooperation Council (Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain, Qatar and Oman) earned $364 billion in 2007, but they are projected to earn $639 billion in 2008 and $657 billion in 2009. Saudi Arabia alone is projected to earn about $700 billion in 2008-09, following earnings of $194 billion in 2007. [3]"
MiddleEast Media Research Institute
And this despite the Saudi King and his ministers all claiming that it was the speculators driving the price up.
Kinda makes you wonder just who exactly were behind those speculators, doesn't it?
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Most RecentMost Recommended Comments (18)
at 11:48 on July 17th, 2008
René, I like this story. It's good stuff.
at 12:00 on July 17th, 2008
Thanks, whaddaya think? Gonna keep falling?
at 12:09 on July 17th, 2008
It would be great Rene, gasoline, or petrol as we call it here, has been over $7 a gallon for years! :(
at 12:15 on July 17th, 2008
So what was the effect there on petrol prices by the recent leaps up in price of crude oil?
at 13:44 on July 17th, 2008
We have had small but steady increases Rene, relative to the exchange rate, over the years only because the US Dollar has slowly weakend. Our prices have doubled in the past few years in our money; but, our currency is so much more valuable against the dollar than it was 5 years ago that our increased fuel prices have been manageable, just barely!
at 21:40 on July 17th, 2008
Wha? So price of fuel has remained basically the same? $7 per gallon? What is it in your 'coin'? And what coin do you use there? I ask so I can compare the value to the US $.
at 15:31 on July 17th, 2008
Yes, seems like the council is doing ok from the 'falling' cost of oil!
at 15:44 on July 17th, 2008
'the council'? You sure are vague for someone with the gold crown hat. What does that mean?
at 15:55 on July 17th, 2008
You referred to it in your post as "The six members of the Gulf Cooperation Council" - so I shortened it to "the council."
at 18:31 on July 17th, 2008
René, I like this story. It's good stuff. Thanks for keeping us up on this
at 20:55 on July 17th, 2008
Thanks for the flags. Thought that little tidbit about the Saudi's profits was just too good not to post to NP. And, of course, it's the Saudi Royals who are making the $$$. Whatcha bet the price falls some more tomorrow?
at 12:58 on July 22nd, 2008
Hi, there! Rene'...
Custodian of the Two Holy Mosques King Abdullah blamed speculators, high fuel taxes and increased consumption by developing economies for soaring oil prices.
"The Kingdom's oil policy since the stablishment of OPEC has been based on adopting a fair price for petroleum in a manner that does not harm either producers or consumers, " the king said. We have been on preserving the interests of the intire world as we are keen on preserving our national interests, and because of that policy we have faced many attacks, and we have endured some harm because of that," he told the delegates from 36 countries and executives of 25 oil companies attended the meeting.
King Adullah also anounced that Saudi Arabia had increased its daily production from nine million to 9.7 million barrels in the past few months. "We are ready to meet additional energy requirements of world markets in the future," he added.
The king cautioned delegates and their competing constituencies that putting individual agendas in front of global well-being could lead to disaster. "in this critical ourthe international community must rise to the level of responsibility," King Abdullah, said. "Cooperation must be the cornerstone of any effort, and we all must have a compehensive, profound and humanitarian vision in our perspective of the present and future. Such vision must be liberated from selfishness and transend to fraternity and solidarity. This is the secret of success," the king concluded.
at 12:22 on July 22nd, 2008
René, I like this story. It's good stuff.
at 14:05 on July 22nd, 2008
It's hard to obscure the evidence of just who is reaping the profits:
‘Oil prices at $130 a barrel add $1 billion a day to the region’s current account surplus, according to Merrill Lynch’s latest report.’ “Oil Windfall Profits…” Guess who? http://arabnews.com/?page=24§ion=0&article=111801&d=22&m=7&y=2008
at 18:01 on July 22nd, 2008
René, I like this story. It's good stuff. Yep, gonna fill er up, while the fillin is good!
at 19:09 on July 22nd, 2008
Thanks, Barry, but you might want to wait a while if you can, at least till the price of gas comes down too. Hopefully the prices will continue to fall. And gas will too. Course those greedy fatcats at the top of all those companies don't want that to happen.
at 11:59 on August 10th, 2008
currently its under $120 ;) in Asian market
but government not going to reduce the oil prices in country ... WHY?????
at 05:51 on August 11th, 2008
Who controls the prices in your country? The government or the oil and gas companies? GREED! Companies have been making record-breaking profits for the past few years. You think they want to give that up, or reduce the prices of gas to consumers to anywhere near rational?