Thread: Saudi to raise oil prices 80 per cent

gina - 12/23/2017 at 01:21 AM

Yes that means you will pay more at the pump, more to heat your homes. Whoever is working on our foreign policy with the Saudis needs to learn what this means for the American people.

http://www.thecommonsenseshow.com/2017/12/15/the-real-reason-saudi-oil-pric es-are-going-to-climb-80/


https://www.bloomberg.com/news/articles/2017-09-18/saudis-said-to-weigh-rai sing-gasoline-prices-by-end-of-november

https://www.forbes.com/sites/panosmourdoukoutas/2017/11/06/saudi-arabia-wou ld-take-oil-prices-back-to-100-again/#535d2aa34911



[Edited on 12/23/2017 by gina]


nebish - 12/23/2017 at 05:11 AM

Nice thing is these days, they don't control as much as they used to. I'm sure they would like $100 barrel oil. Producers in the US would like that too I'm sure. Saudi's and OPEC have competition now like never before.

You posted this in March about OPEC cutting production:
http://www.allmanbrothersband.com/modules.php?op=modload&name=XForum&am p;file=viewthread&tid=143816#pid3214121

Last year this time oil was about $53 per barrel, a year later it is about $57.

Alot has changed in the crude supply chain over the last 10 years. In 2006 oil production in the US was under 5100 barrels per day. In 2016 it was over 8800 (peak 9400 in 2015).
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRFPUS2& ;f=A

In 2007 we imported nearly 6000 barrels per day from OPEC countries. In 2016 it was 3400.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MTTIMXX2& ;f=A

OPEC and the Saudis just don't have the sway they used to.


nebish - 12/23/2017 at 06:00 AM

quote:
https://www.bloomberg.com/news/articles/2017-09-18/saudis-said-to-wei gh-rai sing-gasoline-prices-by-end-of-november


Gina, that bloomberg story is about the Saudi's raising their domestically sold gasoline prices 80% (among other domestic Saudi energy and fuel price increases) - not about raising, or trying, to raise the price of exported crude oil. They subsidize it for their people. I don't care what they sell it for and I doubt anyone else in the US does either.


nebish - 12/23/2017 at 06:04 PM

Important to note I didn't include the three other 000s on those figures. They express the figures in terms of thousands and don't list all the zeros in the data charts. So saying 8800 is really 8,800,000.


allmanned - 12/28/2017 at 07:35 PM

May the Saudis eat camell dung. Worthless Royal family much more oppressive than Cuba but they have oil.


gina - 12/30/2017 at 12:48 AM

quote:
Nice thing is these days, they don't control as much as they used to. I'm sure they would like $100 barrel oil. Producers in the US would like that too I'm sure. Saudi's and OPEC have competition now like never before.

You posted this in March about OPEC cutting production:
http://www.allmanbrothersband.com/modules.php?op=modload&name=XForum&am p;file=viewthread&tid=143816#pid3214121

Last year this time oil was about $53 per barrel, a year later it is about $57.

Alot has changed in the crude supply chain over the last 10 years. In 2006 oil production in the US was under 5100 barrels per day. In 2016 it was over 8800 (peak 9400 in 2015).
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRFPUS2& ;f=A

In 2007 we imported nearly 6000 barrels per day from OPEC countries. In 2016 it was 3400.
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MTTIMXX2& ;f=A

OPEC and the Saudis just don't have the sway they used to.




I know Aramco, a Saudi Oil Company was potentially going to offer initial public offerrings of their stock to the public, internationally. One of the Princes who supported that was put in detention along with the others. That particular Prince also said (awhile back) that the price in the US for Saudi oil should be about $2.00 per gallon. Apparently there are those who think otherwise and we keep getting hosed at the pump.


nebish - 12/30/2017 at 06:02 AM

I agree that we are getting hosed at the pump related to the price of a barrel of oil. Back in 2007 and 2008 when oil was climbing, I distinctly remember in my NE Ohio region oil at $100 brl = $3.00 gallon gas. When oil peaked about $140 gas was just under $4. Now oil per brl is below half that, but the gasoline prices did not fall back to where they were relative to the oil price.

It goes up and when it comes down it never quite comes all the way down to where it was before.


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