Article

2012-05-14 Economy

Saudi says $100 per barrel 'great price' for oil

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Posted by Fred 2012-05-14 00:00|| || Front Page|| [11135 views ] Top

#1 "We want a price around $100, that's what we want,"

WE don't care what YOU want Bloodsucker.

Posted by Redneck Jim 2012-05-14 00:40|| 2012-05-14 00:40|| Front Page Top

#2 $200 per barrel would be even better, for them.

Posted by Anguper Hupomosing9418 2012-05-14 00:46|| 2012-05-14 00:46|| Front Page Top

#3 I think they realize that $200 a barrel would result in lower revenues. People in some places wouldn't be able to afford petroleum products at $200 a barrel and the reduction in consumption would more than offset the increase in price. At $200/bbl their revenue would likely see a net decline.

What we need to do is just keep burning as much oil as we can now that we know we are awash in oil. Use all of theirs up. Once their oil is gone, they can go back to driving camels from oasis to oasis across the desert.

Posted by crosspatch 2012-05-14 02:10|| 2012-05-14 02:10|| Front Page Top

#4 In the meanwhile, however, their oil wealth has bought Harvard and several other major US universities and allows them to manipulate markets and hence political decisions

Posted by lotp 2012-05-14 10:19|| 2012-05-14 10:19|| Front Page Top

#5 Ticks. Their time will come.

Posted by Whiskey Mike 2012-05-14 10:26|| 2012-05-14 10:26|| Front Page Top

#6 In the meanwhile, however, their oil wealth has bought Harvard and several other major US universities and allows them to manipulate markets and hence political decisions.

And when they are broke, and facing the prospect of eating sand, we can buy those assets back, at a discount of course.

Posted by Secret Asian Man 2012-05-14 12:26|| 2012-05-14 12:26|| Front Page Top

#7 Sure. But they will have used the substantial power they have until then, often to our detriment.

Posted by lotp 2012-05-14 13:28|| 2012-05-14 13:28|| Front Page Top

#8 Sure. But they will have used the substantial power they have until then, often to our detriment.

Of course. I would expect we would return the favor in spades. There are organizations that have been keeping score, the databases grow, the drive arrays get bigger.

What amazes me, is there haven't been as many 'accidents' or mysterious deaths as I would expect at this juncture. They'll come though...eventually.

Posted by Secret Asian Man 2012-05-14 15:52|| 2012-05-14 15:52|| Front Page Top

#9 Offer $50, watch them panic, all those "Princes" will be cut off flat.

Posted by Redneck Jim 2012-05-14 15:55|| 2012-05-14 15:55|| Front Page Top

#10 Sure they do. It makes the math a lot easier. Just add two zeroes to every barrel you sell and you figure out your sales revenues.

Posted by American Delight 2012-05-14 16:56|| http://moneyjihad.wordpress.com/ 2012-05-14 16:56|| Front Page Top

#11 All oilmen probably understand that at $200 per barrel, CNG becomes the automobile fuel of choice, nuking oil demand and then some. As an automotive fuel, CNG's GGE measure is 1/4 less efficient than gasoline. In other words, GGE to gasoline parity at a current gasoline price of $3.50 (corresponding to $112 Brent crude) would mean a GGE price of $2.60 (meaning a home natural gas price of $1.80/therm). Home natural gas prices are now $1/therm, including delivery charges. Bottom line? At $200 per barrel, the gasoline component of oil demand will collapse to nothing.

Posted by Zhang Fei 2012-05-14 23:20|| 2012-05-14 23:20|| Front Page Top

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