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mookiemookie

06-01-11 02:57 PM

WikiLeaks: Saudis often warned U.S. about oil speculators

It may be my confirmation bias showing, but here it is...

Quote:

When oil prices hit a record $147 a barrel in July 2008, the Bush administration leaned on Saudi Arabia to pump more crude in hopes that a flood of new crude would drive the price down. The Saudis complied, but not before warning that oil already was plentiful and that Wall Street speculation, not a shortage of oil, was driving up prices.

...

Another confidential document from the embassy in Riyadh, dated Feb. 14, 2007, indicates that Saudi officials had concluded years ago that speculation played at least as big a role in setting oil prices as traditional issues of supply and demand did.

I've harped on this issue before. When the world's largest exporter says something's an issue with the oil business, it probably is.

Freiwillige

06-01-11 08:51 PM

Oh yea, speculators will buy oil cheap and sit on it for months and sometimes years to sell at their discretion when oil is up. Buy low and sell high and just wait for the next international crisis to make the market jump. A bunch of thievery and greed it is!

These guys need to be put on the next terrorist list, they are terrorizing my wallet!

gimpy117

06-01-11 09:43 PM

its all speculation.

Gerald

06-01-11 09:45 PM

The data is correct,:|\\

Bakkels

06-01-11 09:51 PM

Quote:

Originally Posted by Vendor (Post 1675515)

The data is correct,:|\\

Did you mean to say "Follow the money"? :O:

Gerald

06-01-11 09:56 PM

Quote:

Originally Posted by Bakkels (Post 1675521)

Did you mean to say "Follow the money"? :O:

Money is in the picture, of course, yes I just said that Mookie, posted have relevance, :yep:

mookiemookie

06-01-11 09:57 PM

Forgot to post the original article:

http://www.mcclatchydc.com/2011/05/2...en-warned.html

Bakkels

06-01-11 09:59 PM

Who are you calling Mookie?? :timeout: Well I'm honored anyway... :haha:
Anyway, I was just refering to a movie. Nothing to be taken too serious Vendor :03:

Gerald

06-01-11 10:12 PM

I know, but these figures may be interesting for "some" I myself have read this earlier, but to attach more importance to it, but there is always information that can be shared is connected with other events, and then there will be more substance.

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