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I'm pretty worried right now...


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What figures do you have? From what sources? You have mentioned none.

oops, I forgot these...

http://tonto.eia.doe.gov/oog/info/gdu/gasdiesel.asp

http://www.bakerhughes.com/investor/rig/rig_int.htm

http://www.eia.doe.gov/pub/oil_gas/petrole...tml/petbro.html

and some just for grins...

http://www.businessandmedia.org/news/2006/news20060523.asp

http://www.mrc.org/cyberalerts/2006/cyb20060428.asp#1

Cutie Katie's interview Shell CEO

http://video.msn.com/v/us/msnbc.htm?g=c198...a8&f=00&fg=copy

I have some Wall Street research as well, bu I can't publish it here.

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By curtailing the amount of oil being produced. If they produced more, which they are capable of doing, the prices would be reduced.

You obviously didn't read my earlier post because I offered you a website demonstrating that OPEC, as well as the world, have increased oil production over the last 15 years. On top of that, this website demonstrates how inept OPEC is at changing market prices even when they want to. Please look at the facts and figures and then tell me how the evil government can really dictate how WORLD prices will be set. Reagan tried to regulate prices once and this act contributed to the recession of the late 80's....and I quote myself.

"Here...check this out: http://www.wtrg.com/prices.htm

OPEC was producing about 24,000 barrels per day in 1990. Guess what they were producing in 2005? 31,000 barrels per day. Please explain to me how they are decreasing their production to strangle us. "

Edited by Medeabrass
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You're correct. There is greater demand for oil from countries such as China and Korea, but that demand has not been "artificially created" by OPEC and the oil companies as you suggested earlier.

So, what do you call it when OPEC reduces production when there is so much demand? What do you call it when big oil tells shippers to not deliver to certain markets, such as Chicago? What do you call it when big oil tells individual gas stations that they can't lower their prices even if the station wants to?

What do you call these things?

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My issue is not a lack of a source. My issue is believing everything the media says verbatim, without an rational analysis to support a claim.

Which is the VERY FIRST THING I POSTED on the subject.

http://www.eia.doe.gov/emeu/ipsr/t21.xls

http://finance.yahoo.com/q/sec?s=XOM

http://finance.yahoo.com/q/sec?s=CVX

http://finance.yahoo.com/q/sec?s=RDS-A

http://finance.yahoo.com/q/sec?s=MSFT

http://finance.yahoo.com/q/sec?s=BMY

Let me know if you need anything else.

So, where are the figures on how much oil Bush and Cheney have, which is what you questioned me on in the first place?

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He could ask OPEC to increase production. He hasn't. Why not?

Because he doesn't have to. We're not the only ones who want oil.

Here's what is going on in Saudi Arabia. You won't hear this from the maninstream media because it doesn't fit the anti-Bush, anti-oil message they have been spewing.

SOURCE: Mike Rothman, Oil Analyst

International Strategy and Investment Group

May 24, 2006 Morning Oil Update

The start up of the Haradh field in Saudi Arabia – 300,000 barrels/day of Arab Light crude – is the first of three main projects designed to raise the Kingdom’s production capacity.

As a follow-up to our report a month ago about Saudi Arabia’s capacity expansion (detailed on the following page), indications are that ARAMCO will bring on the 2nd stage of Shaybah (250,000 b/d of extra light oil) in 2008. This would raise capacity to 12.75 million b/d by 2009.

Manifa is a 40-50 billion barrel field. If developed, initial output will be 1.0-1.5 million b/d of Saudi Heavy crude.

Zuluf is a field lying in about 80 feet of water with approximately 10 billion barrels. It currently produces 400,000-450,000 b/d of Arab Medium. Plans are being considered to add another 200,000-300,000 b/d.

Nuayim in central Arabia may be developed at an initial flow rate of 100,000 b/d as early as 1999 with another 50,000 to 100,000 coming on soon after that.

Shaybah began producing 500,000 b/d of Arab Extra Light crude in 1998. There are now indications that production will be raised by another 250,000 b/d in 2008 and then possibly another 250,000 b/d after that.

These three fields constitute the Khursaniyah project due to bring on 500,000 b/d initially in 2008. Haradh came on stream last month at 300,000 b/d of Saudi Light crude oil.

Khurais comes on stream in 2009 at an initial rate of 1.2 million b/d of Saudi Light crude oil.

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So, where are the figures on how much oil Bush and Cheney have, which is what you questioned me on in the first place?

David,

I never made an initial claim on how much Cheney and Bush own in oil stocks. YOU did.

Sooooo.....where's your source?

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So, what do you call it when OPEC reduces production when there is so much demand? What do you call it when big oil tells shippers to not deliver to certain markets, such as Chicago? What do you call it when big oil tells individual gas stations that they can't lower their prices even if the station wants to?

What do you call these things?

I call it cite your sources. I don't believe you.

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So, where are the figures on how much oil Bush and Cheney have, which is what you questioned me on in the first place?

Here's your claim. Post #74 in this thread. Prove it.

I repeat the earlier formula, record high prices = record high profits. Every major oil company has reported record high profits, again. It don't have to be a liberal or a conservative to understand that simple formula. What can the government do about it? Let's see, the Clinton administration pressured the Middle East to increase production in order to ease demand. The Bush-Cheney administration is not doing this. But then again, those two men have over $85 million in oil, so they are in no hurry to see those profit margins drop. The good ole boys are taking care of themsleves and to H--L with everyone else.

The market is opening in 15 minutes...time to fry some real fish.

Edited by 81regiment
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David, I never said you could not express your opinion. I was presenting an analysis of the issue - you can take it or leave it, but I'd like the same level of respect, without the name calling, implied ("here's a lesson for you") or otherwise. I was simply trying to explain to the community at large way things happen the way they do, and for that I was called an oil lover, insular, ignorant of China's environmental issues, sitting on the seat of empire....and in need of an economics lesson...among other things...

Sometimes I can get lengthy - diatribe has a negative connotation - do you call that walking your talk?

There is a reason that economics is called the dismal science...it is difficult to grasp, it is mundane, it is a cure for insomnia. When I suggest reading Thomas Sowell, I am serious. He is excellent - his book should be required reading for every high school student. When Ryan started this thread, he struck a chord with me - everyone has an opinion about the economy, even though they do not understand it. A little financial literacy would go a long way in this world.

When I said...

"I'm not in much need for economics instruction from unhinged liberals on DCP. In other words, there's no demand, but a lot of supply. What is that worth?"

...I was speaking of your insistence to "teach me a lesson", not referring to oil. What is the value of your "lesson" if you are willing to keep supplying it, but there is no demand for it. I know what the value is to me.

Unhinged is a reference to the fact that my analysis flies in the face of your world view, and you choose to ignore a discussion of the analysis and continue to spout the liberal talking points. It is human nature to defend your opinion, and you are entititled to it. It is crazy to keep blaming Bush for high oil prices, but so long as the media keeps spouting this invective, people who won't engage in analysis are the same as a door that is off the hinges.

Some stock market traders are always buying or selling at the wrong time. Having that information can be EXTREMELY valuable. So when certain guys are in the market, I almost always want to do the opposite of what they are doing. Taking the other side of their trades is a way of saying that it's easy to take their money. It has nothing to do with drum corps, but it has everything to do with being an informed participant in a global marketplace.

I have called my own discussions diatribes, I meant no negative connotation by it, I apologize if it was taken that way.

Actually, I have not heard the media blame Bush at all for gas prices, I concluded that all on my own. Also, I have never said that Bush is causing the high prices. I am saying that he isn't doing anything to get them lower. A president can do that. It is my opinion that he knows he is making money off of it and has no real motivation to be in a hurry to influence lower prices. I think it is just as crazy to say that big oil MUST charge the prices they do. They, by their own admission, are making record high profits, so, IMO, they do not HAVE to charge the prices that they are.

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You obviously didn't read my earlier post because I offered you a website demonstrating that OPEC, as well as the world, have increased oil production over the last 15 years. On top of that, this website demonstrates how inept OPEC is at changing market prices even when they want to. Please look at the facts and figures and then tell me how the evil government can really dictate how WORLD prices will be set. Reagan tried to regulate prices once and this act contributed to the recession of the late 80's....and I quote myself.

"Here...check this out: http://www.wtrg.com/prices.htm

OPEC was producing about 24,000 barrels per day in 1990. Guess what they were producing in 2005? 31,000 barrels per day. Please explain to me how they are decreasing their production to strangle us. "

No, I read your post. Apparently, you don't read mine. I said that there is more demand than ever before. I said that OPEC has chosen not to produce as much as they easily could. They get together every few months and decide, as a monopoly, on how much they are willing to produce. You say production has increased, but how much has demand increased in that same time? The previous administration successfully influenced the middle east to raise production and lower prices, so it can happen.

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