| User Info
| The Implications of OPEC's Failed Meeting in forum [Market-Ticker]
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Soar07
Posts: 353
Incept: 2009-05-04
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Peak Oil is here.....
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Time to put the USA first! Stop Globalization, Illegal Immigration, Outsourcing. Buy American. Enforce the rule of law. Drop kick political correctness!
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Fraudster
Posts: 4175
Incept: 2011-05-10
Online
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Is that a bullish pennant on crude?
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"Let China sleep, for when she wakes, she will shake the world." - Napoleon Bonaparte
"Circulation ceases first at the outer edges [Europe and Japan]. It will take a while yet for the decay to reach the heart [America]." - Foundation & Empire by Isaac Asimov
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Coaster
Posts: 669
Incept: 2008-07-25
Maine
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http://www.youtube.com/watch?v=9ykqtgGjW....The failure to agree is a major repudiation of Saudi Arabia's leadership position in OPEC. It's also a big boost for Iran, which holds OPEC's presidency this year. Also, Russian production is down 5 percent y-on-y. Storm coming indeed.
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Digitlman
Posts: 331
Incept: 2011-03-04
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Peak Bull**** is here.
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Soar07
Posts: 353
Incept: 2009-05-04
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Time to put the USA first! Stop Globalization, Illegal Immigration, Outsourcing. Buy American. Enforce the rule of law. Drop kick political correctness!
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Joejohns
Posts: 694
Incept: 2010-09-09
Banned
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Our support of Israel is the key to cartel actions. It was what was played by the Saudi along with a few of their friends to rally them to OPEC.
This while the Saudi support "their" brand of terrorists thugs to try to keep the fires burning everywhere else.
This in turn gave the U.S. the "right" to support thugs to stem the terror tide.
Same old game and on it goes.
The only question is who is the next target for SHOCK AND AWE(shucks).
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Fraudster
Posts: 4175
Incept: 2011-05-10
Online
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Some argue that the Saudi support of oil priced in dollars is a large part of the reason why the U$D is the world's reserve currency. If Saudi influence erodes, what effect does this have on the dollar intermediate to long term?
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"Let China sleep, for when she wakes, she will shake the world." - Napoleon Bonaparte
"Circulation ceases first at the outer edges [Europe and Japan]. It will take a while yet for the decay to reach the heart [America]." - Foundation & Empire by Isaac Asimov
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Captbill
Posts: 842
Incept: 2008-07-22
Arizona's West Shore
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POTUS said, Quote:Energy prices would have to necessarily skyrocket. How'd that work out for you Mr. President?
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Incredible. There's Smith and he's standing there and he's got the iceberg warning in his ****ing hand, excuse me, his hand, and he's ordering more speed. Lewis Bodine, RMS Titanic
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Joejohns
Posts: 694
Incept: 2010-09-09
Banned
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Your MIL is the support of the dollah. Don't be a child.
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Frat
Posts: 1935
Incept: 2009-07-15
NKY
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What actually happened at the meeting?
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We're ****ed. Where's Henry Bowman when you need him?
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Eli
Posts: 7207
Incept: 2007-09-10
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Try and print into this, Ben and Obozo.
Good ****ing luck.
This is now a very healthy daily spike, and this is going to absolutely corn hole every one of us.
My bet is that peak oil is here and there is not a damn thing to do about it.
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If you want a vision of the future, imagine a boot stamping on a human face - forever.
George Orwell
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Corn1945
Posts: 4167
Incept: 2009-04-30
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Chris Martenson covered Saudi Arabia's various claims of production increases. Every single one over the last year or so has been a lie. It's becoming increasingly obvious they cannot increase production.
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Genesis
Posts: 130772
Incept: 2007-06-26
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Don't confuse can't and won't.
If you have something people want, do you want higher prices or lower prices?
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Dashingdwl
Posts: 9763
Incept: 2007-06-26
los angeles
Online
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From zerohedge
US Representative Markey says US must prepare to use strategic petroleum reserve after OPEC refusal to boost supply.
Tell me, is demand that high that we cannot keep up with the demand for oil? I'm confused.
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When you are hard and disciplined, you can be principled. People fear you because they have no leverage against you. It's the truest form of Liberty.
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Fraudster
Posts: 4175
Incept: 2011-05-10
Online
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Gen don't forget that Saudi Arabia recently revised their reserves downwards significantly. It may very well be "can't".
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"Let China sleep, for when she wakes, she will shake the world." - Napoleon Bonaparte
"Circulation ceases first at the outer edges [Europe and Japan]. It will take a while yet for the decay to reach the heart [America]." - Foundation & Empire by Isaac Asimov
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Corn1945
Posts: 4167
Incept: 2009-04-30
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Are they able to increase their production rates above current production rates? I think the answer is no. OPEC members have a very substantial financial incentive to overstate reserves so they can up their yearly production quotas.
I think "stated reserves" is the next big fraud to be uncovered. They were probably lying for years.
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Eli
Posts: 7207
Incept: 2007-09-10
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I don't think anyone is confusing that at all.
They have been milking Gwahar for a long time and it has been the bulk of their spare capacity. And pumping a lot o salt water in there which is never a good sign.
Is it a certainty that they are out of spare capacity? No
But the evidence suggests that they are, that is my bet any way.
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If you want a vision of the future, imagine a boot stamping on a human face - forever.
George Orwell
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Genesis
Posts: 130772
Incept: 2007-06-26
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I don't believe anything that comes out of a cartel that has no transparency on their claims.
We've heard the "out of oil" mantra for a literal 30 years, yet we manage to keep pumping more. Well, if it's all gone, how'd that happen?
Yeah, I know, there's a curve to it, and this is a rock of finite size. I get that. But there are a trillion reasons to lie about what you have to suit circumstances, and as such I'm a skeptic on all sides of this debate.
This is one of the reasons that I support a transition in our nation to LFTRs and coal liquifaction. We know how much of that we have, and we can develop a known price for it. With that we know where the market is.
The key is not so much the absolute price, it's the risk of big moves that you can't reasonably adjust and plan for.
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Redwolf
Posts: 745
Incept: 2010-05-23
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Our control of Saudi Arabia ended the day we supported the over throw of Mubarak of Egypt. No middle eastern power would be "friends" with us after that. In a year or so Egypt will execute Mubarak and every former friend of America in that region will be our enemy. Hell look at what we did to Libya and they were only slightly our friends. The people we leave alone are our enemies such Syria, Iran, and Pakistan. The Saudi's have taken the correct lesson from this and are courting a replacement for the US.
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Fraudster
Posts: 4175
Incept: 2011-05-10
Online
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Fair arguments Gen but be careful not to use the rear view mirror while driving foward.
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"Let China sleep, for when she wakes, she will shake the world." - Napoleon Bonaparte
"Circulation ceases first at the outer edges [Europe and Japan]. It will take a while yet for the decay to reach the heart [America]." - Foundation & Empire by Isaac Asimov
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Mikeit83
Posts: 964
Incept: 2009-06-19
East Coast
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OPEC doesnt want to lower the price for the following reasons.
1. The price of the dollar has collapsed. That 100$ barrel of oil today was what- 75$ a year ago? Why would they??
2. It is very well known they dont like Obama. They wont let him suck their dick. They are mad at him for his foreign policy.
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Vernonb
Posts: 398
Incept: 2009-06-03
State College, PA
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No increase in oil output. The pipes are running dry. We are past the era of peak oil and the Arab nations know it. Their capacity to sell is coupled against the total reserve in the country. In the past if you wanted to sell more barrels of oil all you had to do was claim an increase in your reserves. The lies are finally catching up and the middle east will soon be dry.
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"The welfare of the people in particular has always been the alibi of tyrants, and it provides the further advantage of giving the servants of tyranny a good conscience.”
-Alber Camus (1913-1960)
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Mikeit83
Posts: 964
Incept: 2009-06-19
East Coast
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Another topic that I dont think anyone else has broached- is why America may not be willing to drill their oil yet.
Once the Middle East runs out of oil- and China and Russia start running dry- we still have a lot of ours untouched. When they run dry, we may be the next Saudi Arabia.... or at least be able to use our oil to defend ourselves.
But my only counter to that is why we are letting China drill on our near shore installations.
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Mo
Posts: 12158
Incept: 2007-06-26
Pa.
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I think this is a hit-back at Obama for abandoning Mubarak. The Saudis ordered O to tell Israel '1967 borders, or else'. Then they butt-****ed him today, just as they had planned. And just as he did Mubarak.
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Welcome to Pottersville
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