Bush begs Saudis for more oil; snubed

[bonanzabucks]

http://www.nytimes.com/2008/05/17/world ... middleeast (http://www.nytimes.com/2008/05/17/world/middleeast/17prexy.html?ref=middleeast)

Looks like our energy policy has come down to begging now and even that doesn't work. Can't blame the Saudis, really. They're making a killing here.

[Midnight Mike]

http://www.nytimes.com/2008/05/17/world/middleeast/17prexy.html?ref=middleeast

Looks like our energy policy has come down to begging now and even that doesn't work. Can't blame the Saudis, really. They're making a killing here.

Well, as long as this country can not agree on an energy policy, the only thing left is to ask an ally to pump more oil, but as far as "snubbed", I don't get it...


The Saudis responded by announcing they had decided a week ago on a modest increase of 300,000 barrels a day.


“When supplies from Venezuela and Mexico were reduced to the U.S., who supplied the difference?” Mr. Naimi said. “We supplied, to the tune of an additional 300,000 barrels per day, from 1.4 to 1.7 million barrels per day, for our customers in the U.S. So how much more can we do?”

[Matt Molnar]

I think supply is only a small part of the problem.

[T-Bird76]

I think supply is only a small part of the problem.

Your right, the growing list of problems over oil are getting longer..

1. Speculators....all should be shot..they are worse then lawyers.
2. Weak dollar, its about time the Fed will stop cutting rates.
3. We don't tape supplies in our own backyard.
4. China and India are hungry for oil.
5. Alt energy sources are not affordable to Middle Class America and won't be for 20 to 30 years.

[bonanzabucks]

Mike, if you read the article, it says that the Saudis boosted their production by 300k barrels before Bush went to visit. Furthermore, most people see this as a novelty because 300K barrels doesn't make a lick of difference and he's friends with the royal family and not to make him look bad at home. Remember, Cheney went to Saudi a few months ago and more or less begged for more oil and was even more forcefully rejected.

Now Bush is saying it wouldn't have made a difference even if the Saudis said yes.

Obviously this strategy doesn't work and we need a new one. Besides, don't you think it's humiliating that it's got to the point where we have to beg and plead to the Saudis? The same ones who funded the worst terrorist attack in our country's history?

You are right that we have zero energy policy in this country. Well, we do, but going to Saudi like an addict in withdrawal isn't a good one. Drilling in Alaska, like you always bring up, won't do much as the oil won't get on the market for years and years. Even if we drilled back then, we still wouldn't be seeing a drop of it. Both Dems and Republicans are to blame for the mess we're in now, but the President usually sets the agenda and Bush could have had a vision for developing an alternative source of fuel during his time in office. Considering who was on his energy advisory policy board, there's no excuse for not foreseeing the crisis we're in now.


Your right, the growing list of problems over oil are getting longer..

1. Speculators....all should be shot..they are worse then lawyers.
2. Weak dollar, its about time the Fed will stop cutting rates.
3. We don't tape supplies in our own backyard.
4. China and India are hungry for oil.
5. Alt energy sources are not affordable to Middle Class America and won't be for 20 to 30 years.

You're right that these are all contributors, but you should also mention:

-Big Oil limiting refinery capacity to maximize profits in wake of decreasing demand.
-Iran, Russia and Venezuela purposely limiting supply to screw with us.
-OPEC more or less doing the same as above, but to maximize their earning potential.
-Petro countries like Russia and Venezuela nationalizing their industries.

[Midnight Mike]

Obviously this strategy doesn't work and we need a new one. Besides, don't you think it's humiliating that it's got to the point where we have to beg and plead to the Saudis? The same ones who funded the worst terrorist attack in our country's history?

You are right that we have zero energy policy in this country. Well, we do, but going to Saudi like an addict in withdrawal isn't a good one. Drilling in Alaska, like you always bring up, won't do much as the oil won't get on the market for years and years. Even if we drilled back then, we still wouldn't be seeing a drop of it. Both Dems and Republicans are to blame for the mess we're in now, but the President usually sets the agenda and Bush could have had a vision for developing an alternative source of fuel during his time in office. Considering who was on his energy advisory policy board, there's no excuse for not foreseeing the crisis we're in now.

I agree with ya!

But back to drilling at home, had we started drilling in ANWR back in 1995, we would be seeing that oil hit the market in 2005. So, sooner or later, we have to stand for something & we need energy.....

The President has put forth several energy plans, unfortunately, parts of it have been blocked in Congress.

http://www.whitehouse.gov/infocus/energy/

Local governments are going to have to do more in an effort to decrease our need for oil, there should be no reason that we do not see Solar Panels in hotels such as Las Vegas, Arizona, California, Hawaii, etc.

Those hotels in Vegas are huge, plenty of space to install some solar panels to offset their energy requirements.

[Lezam]

Even if the Saudis started drilling a million more barrels a day, we would either hardly notice the difference in prices at the pump, or one of the opec countries would stop drilling the same amount. Its a lose-lose situation, and the only way to do it, contrary to popular belief, is not appeasement.

Bush has the right ideas, but has to tread lightly at this point in time. Who knows, we might not see a major decrease in oil prices over the next decade. We just might be forced to adapt like the brits, and the rest of Europe.

[Tom_Turner]

How much more oil do the Saudis really have? Does anyone know for sure?

One day they may simply announce there was/is less than has been speculated upon, and then we'll see a *huge* spike.

Suggestion: Take the money you spend to buy bottled water and spend it on gas and go back to the tap for drinking water like the last few generations of Long Islander, NYC & NJ residents.

Tom

[Lezam]

How much more oil do the Saudis really have? Does anyone know for sure?


They "said" they will run out within the next few decades

[stuart schechter]

A decade is a long time...

[Lezam]

Considering the thousands of years it takes to replenish the oil supply?

[T-Bird76]

This is going to backfire in the face of the Saudi's. It’s going to drive the U.S to develop Alt energy faster then we would have if oil was 20 bucks a barrel allowing us to reduce what we need from them. If they were smart they'd keep oil at a level that the American citizen isn't concerned about the price and keep us dependant.

[Midnight Mike]

How much more oil do the Saudis really have? Does anyone know for sure?

One day they may simply announce there was/is less than has been speculated upon, and then we'll see a *huge* spike.

Suggestion: Take the money you spend to buy bottled water and spend it on gas and go back to the tap for drinking water like the last few generations of Long Islander, NYC & NJ residents.

Tom

Saudi Arabia has over 50 years of oil left......

[Midnight Mike]

This is going to backfire in the face of the Saudi's. It’s going to drive the U.S to develop Alt energy faster then we would have if oil was 20 bucks a barrel allowing us to reduce what we need from them. If they were smart they'd keep oil at a level that the American citizen isn't concerned about the price and keep us dependant.

Good

Looking forward to the day where every house & building has Solar Panels on the roof.

An increase in the number of solar farms

An increase in the number of wind farms (Can not wait till Ed Kennedy has a nice view of Wind Mills)

Look forward to the building of new Nuclear Reactors.

More research done to tap the energy from ocean waves.

High oil prices will bring on alternative energy, which is a good thing.....

[Matt Molnar]

This is going to backfire in the face of the Saudi's. It’s going to drive the U.S to develop Alt energy faster then we would have if oil was 20 bucks a barrel allowing us to reduce what we need from them. If they were smart they'd keep oil at a level that the American citizen isn't concerned about the price and keep us dependant.
Bush even warned in his speech to the Saudis the other day that the Middle East needs to begin diversifying their economies in preparation for the day the oil runs out.

[T-Bird76]

This is going to backfire in the face of the Saudi's. It’s going to drive the U.S to develop Alt energy faster then we would have if oil was 20 bucks a barrel allowing us to reduce what we need from them. If they were smart they'd keep oil at a level that the American citizen isn't concerned about the price and keep us dependant.
Bush even warned in his speech to the Saudis the other day that the Middle East needs to begin diversifying their economies in preparation for the day the oil runs out.

The only country over there that has done this is the UAE...they are involved in all sorts of other industry now. They know they will run out of oil one day and don't want to revert back to 15th century nomads like the rest of the Mid East will.

[Matt Molnar]

The only country over there that has done this is the UAE...they are involved in all sorts of other industry now. They know they will run out of oil one day and don't want to revert back to 15th century nomads like the rest of the Mid East will.
That's why New York will be New Dubai one day.

I don't know that UAE really has diversified other than the really rich guys. They don't even have their own people building all that stuff in Dubai and Abu Dhabi: they import indentured servants from Indonesia and the Philippines.

[INNflight]

I don't know that UAE really has diversified other than the really rich guys. They don't even have their own people building all that stuff in Dubai and Abu Dhabi: they import indentured servants from Indonesia and the Philippines.

...and India actually, but still, the UAE got it most definitely. They just need the foreign workers because they aim to do the same development and construction work within 10 years NYC did within 50 yrs, drastically speaking.

They are an extremely popular tourist destination (for Europeans at least), and hundreds of businesses are growing with the region. They got the perfect conditions for foreign investors. Lotsa (cheap, relatively speaking) land, good govermental support for foreign businesses and well....the list goes on.

Saudi Arabia, as a contary example, will certainly stare on in 50, or 100 years. :wink: