King of Saudi Arabia said there was not enough demand to justify more production

United States
May 16, 2008 6:30pm CST
Today President Bush asked the King of Saudi Arabia to increase oil production and he refused, again, stating that the demand was not large enough to justify increasing production. I must admit that I am a bit quizzical regarding this... Are we being somehow penalized by OPEC for decreasing our consumption?If so then why are we being encouraged to drive less? Is it only to decrease global warming or is there somehow a covert desire to have us pay more money for gasoline. Is this Administration so web to EXONMOBIL and to Saudi Arabia that we are just to be sacrificed and squeezed to death?What is happening really? I am curious about this whole oil crisis?Is there anything that can be done about it?
1 person likes this
3 responses
@jonesy123 (3950)
• United States
16 May 08
One part is OPEC countries showing the world that they have a hold on us and the power to influence us and our economy. It's a little political power game. I guess Bush did not offer enough in return. On the other hand, they are pretty much at max production already. I don't think there is much more production possible. Thirdly, it's not really much of OPECs fault that the gas prices are exploding but a lot more the speculation in the oil options and people looking for a quick buck there.
2 people like this
• United States
16 May 08
I was wondering if perhaps the refining capability or lack of it is part of the problem? Also wondering how to decrease or halt the speculation? Is there any possibility?
1 person likes this
@jonesy123 (3950)
• United States
16 May 08
Yes, refining is definitely part of the problem. They always claim there is a problem, maintenance needed, and if it is only routine.... Personally I believe big oil intentionally reduces refining capacity to reduce supply so they can increase the prices again. Speculation could be curbed with proper regulation, but I don't think that'll happen.
2 people like this
• United States
17 May 08
I think that you are right about this and also know that a lot of refinaries were put off line in the past and that the ones that exist have not been well-maintained. It seems that there was an agreement with OPEC that reduced our refining capabilities in the past... I was wondering if it still exists?
1 person likes this
@Lakota12 (42684)
• United States
18 May 08
seems like if they turn up production the price would go down. makes no sence to me what they are trying to do. BUt looks like they are trying to break us down. and I dont think it has anything to do with global warming the only thing different with the weather I have seen this year is that we have stayed cooler longer than usual here in the west with no april showers
1 person likes this
• United States
22 May 08
It seems that you are right here... I think that OPEC and Saudi Arabia in particular have done their best to make it so that we are over the barrell. I wish that we could get off of it and be more independent. I think that if the oil companies like Exon-Mobil and the car companies had wanted to move into another technology they would have earlier. Their stubborness and their disregard for the public welfare are to blame for this.
@Lakota12 (42684)
• United States
23 May 08
yaw and did you see where they were questioning about 6 of teh gas kings and they said that they were no wehre out of line with the rest of the other big companies what other big companies are raiseing gas prices!
• United States
17 May 08
I think President Bush should by now be aware that we do not want to pay more and more money on fuel at all. I do not know what the King of Saudi Arabia is talking about at all. Now that I am really concerned about the oil situations and crisis. Now that I am concerned with highly priced fuel. I still need fuel for my vehicle.
• United States
22 May 08
We are in agreement... the world is concerned about oil prices... and wants something better.