Saudi Arabia says it will call for a meeting of oil producing countries and consumers to discuss soaring oil prices and work to prevent unjustified rise in prices.



Information and Culture Minister Iyad Madani says the kingdom will work with OPEC to "guarantee the availability of oil supplies now and in the future."

In a statement following the weekly Cabinet meeting, Monday, the minister said Saudi Arabia will also work to control "unwarranted and unnatural" price hikes.

He said that the current price of oil is unjustified.

www.onenewsnow.com...

Originally posted by xmotex
Whether or not we drill in the ANWR has about 1/100 as much to do with oil prices as our current policy in the Middle East does.

Originally posted by Leo Strauss
If we increased our CAFE standards to a very modest and acheivable 35 mpg we would not need ANY foreign oil. NONE!!

Originally posted by Boone 870
reply to post by The Nighthawk

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In the end it doesn't matter. ANWAR doesn't have enough in it to make a dent in our consumption whether we drill there or not and the expense of drilling it would probably be higher than the return to the oil companies.

Hyperion is getting ready to "plunk down" $10,000,000,000 in South Dakota.

Here is what the opposition has to say,
"We have strategies in place to slow or delay all the permit processes." I'm sure that will add a little to the cost of opening the new refinery.

Originally posted by Keyhole


It's hard to believe they allow this unregulated electronic exchanges to keep manipulating the price of fuel all around the world.

Re-regulate the OTC electronic exchanges and end these high fuel prices due to "speculators.

It's not like our government wasn't informed or didn't know that this could/would happen 2 YEARS AGO!!!

Perhaps 60% of today’s oil price is pure speculation

A June 2006 US Senate Permanent Subcommittee on Investigations report on “The Role of Market Speculation in rising oil and gas prices,” noted, “…there is substantial evidence supporting the conclusion that the large amount of speculation in the current market has significantly increased prices.”

What the Senate committee staff documented in the report was a gaping loophole in US Government regulation of oil derivatives trading so huge a herd of elephants could walk through it. That seems precisely what they have been doing in ramping oil prices through the roof in recent months.

The Senate report was ignored in the media and in the Congress.

Originally posted by desert

Keyhole, here's what I wrote to my congresspeople
"Dear Representative/Senator

Please remove/repeal the provision of the Commodity Futures Modernization Act of 2000 re the exemption from CFTC oversight of trading of energy commodities by large firms on OTC electronic exchanges.

Thank you."

Originally posted by grover
Of course they do... its an election year but two things prove it for what it is... propaganda:

(1) The fact is the Republicans have had a stranglehold on power for the past 7 1/2 years and are desperate to pass the buck...

...While the Demcrats have controlled congress for the past 2 years they don't have enough votes to override either a filibuster or a presidential veto so their power to do anything without Republican cooperation is very limited indeed... So in the long run that argument simply does not hold much water.

Originally posted by marg6043
The markets are doing fantastic for the speculators in this nation, taking into consideration that almost every congressman has investments in the oil companies as they happen to be very good lobbyist you can imagine to whom they are going lean on, screw the regular American people.