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Hogan
Light Sweet Crude
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Joined: Oct 25, 2004
Posts: 1298
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 Posted: Thu Jul 03, 2008 10:30 am Post subject: OPEC Leader: US needs to stop harassing OPEC countries |
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Worried oil chiefs fail to find consensus
| Quote: | "Seventy percent of crude contracts on the Nymex are held by speculators... Some form of regulation is needed," OPEC secretary general Abdallah El-Badri replied on Wednesday, referring to the US commodity futures exchange.
"The market has no shortage of physical crude."
He also called on the United States to stop "harassing OPEC countries." |
link
'Harassing'?
That was a pretty strong statement. Maybe OPEC has other buyers waiting...like China and India.  |
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Plantagenet
Expert
Joined: Apr 09, 2007
Posts: 5354
Location: Alaska (its much bigger than Texas).
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| Posted: Thu Jul 03, 2008 10:54 am Post subject: Re: OPEC Leader: US needs to stop harassing OPEC countries |
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| Hogan wrote: |
'Harassing'? |
Dems in Congress have talked about suing OPEC and threaten various kinds of legal and regulatory harassment against OPEC if they don't start selling oil to the US at lower prices. |
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abelardlindsay
Heavy Crude
Joined: Mar 28, 2005
Posts: 399
Location: Northern California, USA
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| Posted: Thu Jul 03, 2008 12:33 pm Post subject: Re: OPEC Leader: US needs to stop harassing OPEC countries |
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| Plantagenet wrote: | | Hogan wrote: |
'Harassing'? |
Dems in Congress have talked about suing OPEC and threaten various kinds of legal and regulatory harassment against OPEC if they don't start selling oil to the US at lower prices. |
Most of the leading politicians in the U.S were formerly lawyers before they got into politics.
Most of the leading politicians in China were formerly engineers before they got into politics. |
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Dan1195
Heavy Crude
Joined: Mar 19, 2005
Posts: 245
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| Posted: Thu Jul 03, 2008 1:17 pm Post subject: Re: OPEC Leader: US needs to stop harassing OPEC countries |
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| Well, maybe if they would actually come clean about their reserves our politicians would stop asking them to increase production every 3 months. What does he expect when SA in particular keeps claiming new reserves and production capacity but doesn't deliver instead always claiming that no one want to buy it (well this is partly true, no one wants their sour crude that is hard to refine). |
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jbrovont
Heavy Crude
Joined: Jun 16, 2006
Posts: 355
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| Posted: Thu Jul 03, 2008 1:20 pm Post subject: Re: OPEC Leader: US needs to stop harassing OPEC countries |
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He may also be hinting "hey leave Iran alone b/c we can't pump enough to offset the mayhem you'll cause"
Just a conjecture of course. |
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Peleg
Heavy Crude
Joined: May 20, 2008
Posts: 391
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| Posted: Thu Jul 03, 2008 3:36 pm Post subject: Re: OPEC Leader: US needs to stop harassing OPEC countries |
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| Plantagenet wrote: | | Hogan wrote: |
'Harassing'? |
Dems in Congress have talked about suing OPEC and threaten various kinds of legal and regulatory harassment against OPEC if they don't start selling oil to the US at lower prices. |
Yes, I just received a reply from a Democratic Senator stating that he is handling high prices by
1) promoting legistlation to crack down on speculators
2) promoting windfall taxes
3) promoting a bill that would allow us to sue OPEC
4) asking producers to pump more oil
5) seeking investment in alternative energies
I was absolutely floored by it because I had written him a nice letter with links to The Hirsch Report and all the truths that need to be understood like EROEI etc. He did not want to hear anything about it.
My bug out threshold is getting lowered by the extreme denial. It was bad enough when we kumped through $70 and everyone was predicting a return to $50. Now they are talking about clamping down on speculation to shave off $30 a barrel at $145!
These people are not going to listen. They are in control and we are not and they are the one's with the Phd's and the connections so there you have it. And I am not talking about a broad class of people here. The group that is really in control on both the right and the left is very small, no more than 1% making the important decisions. The Presidential election is a joke. Obama makes sense on energy but neither man is going to actually do anything about our situation.
Gas keeps creeping higher and it's business as usual. What's it going to take people? How about two major hurricanes in the gulf and gas over $5.60 by Labor Day? Oil touching $200, will that cause us to act? Dow 10,135? Will that cause us to act? And what will we do? |
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Plantagenet
Expert
Joined: Apr 09, 2007
Posts: 5354
Location: Alaska (its much bigger than Texas).
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| Posted: Thu Jul 03, 2008 3:41 pm Post subject: Re: OPEC Leader: US needs to stop harassing OPEC countries |
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| jbrovont wrote: | | He may also be hinting "hey leave Iran alone b/c we can't pump enough to offset the mayhem you'll cause". |
OPEC can't even pump enough to offset the mayhem caused by its own inability to pump enough.  |
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