Originally posted by jetxnet
Keyhole, is not China's economy booming at an alarming rate, therefore providing more demand from the current Oil supply chain?
Here's a post from
the LINK I gave earlier!
I don't understand how, due to China's inreasing demand for oil (due to them giving subsidies to it's poor people) would cause the price of oil
to rise. There's plenty of oil to go around, just because they have increased their demand for oil (and the demand is being met), why should this
increase the price of oil p/b.
Usually when you buy something in larger quantities, the price goes down.
Shell CEO Says Record Oil Not Due to Shortage
Oil prices at a record high above $135 a barrel are rising due to market sentiment rather than a shortage of supply, Royal Dutch Shell's chief
executive said on Thursday.
U.S. crude oil hit an all-time peak on Thursday, climbing to $135.09, lifted by concern about long-term supply and a host of predictions of further
rises from influential investment banks and investors.
"What we say and what we see is there are no physical shortages," Shell's Jeroen van der Veer told Reuters television. He runs the world's
second-largest fully publicly traded oil firm by market value.
"There are no tankers waiting in the Middle East, there are no cars waiting at gasoline stations because they are out of stock. This has to do with
psychology in the markets and you cannot forecast psychology".
His view that there are no shortages chimes with that of other oil producers, such as members of the Organization of the Petroleum Exporting
Countries. Others, such as the U.S. government, say supply is tight.
So there IS no shortage of oil due to China's increasing demand, only "speculators" worried about China's increasing demand for more oil.
It is merely speculators fearmongering about China's increasing demand for oil MIGHT cause a FUTURE shortage of oil. That's all I can see.
Maybe I'm still not understanding you correctly?
Keyhole, did not McCain and Bush just advocate for off-shore drilling? Off-shore drilling has been banned for quite some time.
Yup! Bush is an oil man, he wants more drilling and refineries!
This will not bring the gas prices lower until the dollar gets stronger and the unregulated speculating ends!
Please read this Senate Report from 2006 on
The Role of the Market
Speculation in Rising Oil and Gas Prices, Senate Staff Report, they know the "Enron Loophole" is there!
Keyhole, did not Saudi Arabia, just within the last week, add over 200,000 more barrels of Oil output per day as to stave off potentially further
increases in supply strain?
Yup! And what did we have to promise to give them to increase production? They knew that there is no oil shortage, they are just appeasing Bush's
pleas, Bush doesn't want to fix the loophole(!), all his oil buddies are making a killing on it!
He wants it to last as long as possible!
Shell CEO, like
OPEC, sees no oil shortages now
KUALA LUMPUR, June 2 (Reuters) - Royal Dutch Shell (nyse: RDSA - news - people ) Chief Executive Jeroen van der Veer said on Monday he did not
see any shortage of physical oil supplies, echoing the view of many OPEC ministers who say the world market is well-supplied.
Oil prices have risen more than fourfold since 2004 and gained about a third this year, partly on increased fears among investors that producers will
struggle to produce enough oil to meet demand in a decade's time.
"There are no physical shortages in the world. We don't have ships waiting in the Middle East, no people queuing up for gasoline," van der Veer
told reporters in the Malaysian capital, where he was briefing on Shell's Asian business plan.
"From a stocks point of view the whole value chain works well...
It (the price) has a lot to do with psychology."
Keyhole, does the world Oil problem come down to just a single loophole?
The problem is the dollar which is worth
half of what it used to be worth, so the price of oil doubled right there! And then
there are the speculators who are doing all the fear mongering that you have bought into! They are the ones convincing people that their is or is
going to be an oil shortage due to China!
But, when you investigate it a little bit, that there is
NO oil shortage!
All the tankers are cruising.
All the vehicles have gas.
All the gas stations have gas.
The US only just stopped dumping the excess oil that is imported into the US oil reserves. (By the way, they're almost full)
There is no oil crisis,
the supply is meeting the demand!
Every country is getting however much it needs!
If you don't believe it,
FINE!
Originally posted by jamie83
you're only posting links to stories and blogs that support your position or agenda.
I've yet to see any of your sources that say that speculators are NOT causing any of the increase in gas prices, or anything else to back your view
or agenda! Are you a speculator? Are you just throwing around some dis-information?
Here's a bunch of articles on the oil speculation!
Senate committee tackles oil prices
Germany in call for ban on oil speculation
Oil and Speculation
Can't we just stop the oil speculators?
The Danger of Speculation
Speculation—but Not
Manipulation
The Role of the Market
Speculation in Rising Oil and Gas Prices
I've answered these questions and more in the other thread I posted the link for, go there and read it, and follow
all the links!
I'm done!
[edit on 6/23/2008 by Keyhole]
