Price of A Barrel of Oil

[GLF]

I try to follow the world news on a daily basis. I was reading a story on msn called "Saudi Arabia rebuffs Bush on oil production (http://www.msnbc.msn.com/id/24660754)". Then I came accross this part in it.

Also, as Bush prepared to leave Washington, Senate Democrats introduced a resolution that would block $1.4 billion in arms sales to Saudi Arabia unless Riyadh agrees to increase its oil production by 1 million barrels per day. The Democrats said they introduced the measure to coincide with Bush’s trip to send a message to Saudi Arabia that it should pump more oil to reduce the cost of gas for Americans.

You can not strong arm another country like this to get them to increase their oil output. I know what I would say if I was the King of Saudi Arabia, and the U.S. said this to me. Go BLEEP yourself! Does anyone actually believe that if we blocked $1.4 billion in arms sale to Saudi Arabia, they would increase their oil exports????

I would think the extra $1.4 billion in arms sales would help our country by keeping jobs and food on everyones tables!

This actually has me wondering about who we have running our country???? :confused: :confused: :confused:

It will take more than one country to get oil prices back in check. Maybe they should ration how much oil each country is allowed to import?????

Strategic Reserve
Do you think the extra 70,000 barrels of oil a day we are putting in the strategic reserve will lower the price of a barrell of oil? I dont!

Here's one....Saudi Arabi exports over 3 million barrels of oil a day.

3,000,000
x $128
$384,000,000 per day! :eek:
x 356
$136,704,000,000 per year! :eek: :eek: :eek:

[SEADUCKTION]

HMM, and where is all that $$$$$ going???? No wonder they own so much over here.
Rich

[Rayman96]

Another thing to consider is that Bush is an oil man himself. Initially funded by Saudi money to get his oil business up and running.

Secondly, if you were not going to sell them the weapons, then someone else would.

Here at the pumps the price is around $1.25 a liter as of yesterday, could be more today with the long weekend in full swing.

[Lion Den]

Everyone wants to blame the oil companies but their return is about 4 percent of the cost at the pump. On the other hand the state and federal government makes 15 percent of the cost at the pump and they don't raise a finger to drill, transport etc. They want to pound on the oil companies, but in reality they are making record profits too without doing anything except watching oil price rise.

As for strong arming the other countries for more oil, we should be drilling for the oil that we already own. Even the willingness to do that would bring the foriegn barrel price down, which by the way President Bush nor the Oil Companies determine. Speculators purchasing futures determine the barrel price. OPEC and much of the mid east has realized they can impact oil price by simply making a comment or threat. When Pres Clinton vetoed drilling domestically 15 years ago oil was $19 barrel. If the government and the rest of the eco fanatics that the government fears would have allowed drilling then, we wouldn't be in this situation now. Polititions on both sides of the isle are to blame for not addressing this before, not just the oil companies. The Democrats for being part of that group and the Republicans for their lack of a back bone. The oil companies are at the mercy of the government. Every country in the world can drill when and where they want except the US. The government tells the companies where they can drill, how much they can mine, and how much they can refine.
These are the same folks in that had the bright idea of ethonal that drove up the price of the food we eat. (once again listening to the eco fanatics) China tried this before us and now they can't get rice. Didn't we try gasahol in the 80's? That worked out well.

[Yooperdad]

The foreign sources of oil are all fed up with the US and our pleas when we sit on an estimated 50, yes 50 years worth of oil and gas in our own country and offshore. They would be nuts to pay any attention to us when we are not willing to do anything to help ourself. Nuts!

[GLF]

Has anyone ever thought of it like this? Why not use up the other resources before we tap into ours? When theirs is gone, we will still have ours.

[nailer]

Has anyone ever thought of it like this? Why not use up the other resources before we tap into ours? When theirs is gone, we will still have ours.
I've suspected that to be the case for a while now.