Article

2006-04-20 Syria-Lebanon-Iran

Ahmadinejad sez oil being sold below value

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Posted by Dan Darling 2006-04-20 01:52|| || Front Page|| [6 views since 2007-05-07] Top

#1 O'REILLY on FNC this AM was claiming that he has evidencias that Big Oil companies, espec EXXON-MOBIL, were wilfully gouging US consumers wid unnecessary price hikes at the pumps, and that world oil supply was at an eight year high, i.e. USA is actually in an oil glut, NOT shortage.

Posted by JosephMendiola 2006-04-20 02:07|| 2006-04-20 02:07|| Front Page Top

#2 Actually, he was more specific than that - gasoline stocks in the US are at an 8 year high.

Posted by Flese Chavique6298 2006-04-20 07:32|| 2006-04-20 07:32|| Front Page Top

#3 Inventories are high Joe, but I suspect it's because buyers are time arbitraging.

Posted by 6 2006-04-20 07:40|| 2006-04-20 07:40|| Front Page Top

#4 Check this morning's news:

U.S. gasoline stocks slumped more than 5 million barrels last week, government data released Wednesday showed. It was a larger fall than analysts polled by Reuters expected, and supplies are now nearly 5 percent below last year's level.

Posted by Nimble Spemble 2006-04-20 07:41|| 2006-04-20 07:41|| Front Page Top

#5 "The global oil price has not reached its real value yet. The products derived from crude oil are sold at prices dozens of times higher than those charged by oil-producing countries," state-run Tehran radio quoted Ahmadinejad as saying.

No sh*t, genius. I can't fill my tank with crude. Insane and ignorant, you are.

Posted by BH 2006-04-20 10:08|| 2006-04-20 10:08|| Front Page Top

#6 Ahmadinejad is now concerning himself with the proper price of a base commodity? I thought he was on a countdown to the end of this world and on to the next. No need to price oil there! What if all of his BS and bluster was just to raise tensions, AND the world price of oil and thus Iranian oil profits?

Posted by Thrating Glurong7543 2006-04-20 10:21|| 2006-04-20 10:21|| Front Page Top

#7 "The products derived from crude oil are sold at prices dozens of times higher than those charged by oil-producing countries"

With crude at $72/BBL ($1.70/gal) and gas at $2.75/gal, perhaps he is refering to non-fuel petrochemical feedstock end products. Although with ahMADinejad it can be hard to tell sometimes.

Posted by Thrating Glurong7543 2006-04-20 10:28|| 2006-04-20 10:28|| Front Page Top

#8 U.S. gasoline stocks slumped more than 5 million barrels last week, government data released Wednesday showed. It was a larger fall than analysts polled by Reuters expected, and supplies are now nearly 5 percent below last year's level
Never mind. :>

Posted by 6 2006-04-20 11:19|| 2006-04-20 11:19|| Front Page Top

#9 Oil prices should be determined on the basis of market supply and demand, the Iranian leader said.

Real smartie, this Ahmadinedood. That has been always the case, bare meddlesome 'fixes' by OPEC et all.

Not sure what he means... Aah! I see, Ahmadinedoodoo Law of Supply and Demand... Iran would supply the oil and demand an arm and a leg for payment!

Posted by twobyfour 2006-04-20 13:03|| 2006-04-20 13:03|| Front Page Top

#10 The man needs an economics lesson -- the markets (absent government manipulation) determine true value. You'd think he'd appreciate the true value of gasoline refining since he's short on it.

Posted by Darrell 2006-04-20 13:04|| 2006-04-20 13:04|| Front Page Top

#11 Darell, not sure, maybe he thinks if he gets more for crude, the gasoline/kerosine price would go down. The Mahdi in the Well told him.

Posted by twobyfour 2006-04-20 13:21|| 2006-04-20 13:21|| Front Page Top

#12 The Mahdi in the Well told him
Now that's funny.

Posted by 6 2006-04-20 17:55|| 2006-04-20 17:55|| Front Page Top

#13 Wading into oil politics for the first time, Iran's hard-line president said Wednesday that crude oil prices now at record levels still are below their true value.

Translation, I wanna rattle their cage and jack up the price some more.

Posted by Redneck Jim 2006-04-20 22:12|| 2006-04-20 22:12|| Front Page Top

#14 grudgingly...mahdi in the well IS Funny :-)

Posted by Frank G">Frank G 2006-04-20 22:27|| 2006-04-20 22:27|| Front Page Top

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