June 23rd, 2008
08:49 AM GMT
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LONDON, England – Never have so many come for so little. For many, the outcome of the Saudi oil gathering at Jeddah is a huge disappointment.The Saudis announced they would raise daily production by 200,000 barrels a day to 9.7 million barrels.

But let's put this in perspective. It's doesn't even make up for the 300,000 barrels of lost production suffered by Royal Dutch Shell and Chevron in the past week due to militant attacks in Nigeria.

The Jeddah gathering had a huge build-up and came at a time when governments and consumers are feeling the double burden of record high oil prices and food prices. Some had hoped that Saudis would increase production by as much as 500,000 barrels a day.
The Saudis said they would expand production capacity, but that's in the future, not now.

The world is crying out for more oil. World oil demand is expected to rise by 800,000 barrels a day, according to the International Energy Agency.

So where does this leave all of us? With high oil prices continuing. As I've written prveviously, don't blame the speculators. What's going on in the oil market right now isn't a short-term problem but a structural shift, based on increased demand, and not enough production.

At close to $140 a barrel oil is trading at five times the average six years ago.

And there are predictions that it could even higher, possibly to $200 a barrels in less than two years.
Given the outcome of the Jeddah gathering, there's no reason to think those assumptions aren't corrrect.

The Saudis along with others attending the summit had to look like they are concerned. They touched on several issues surrounding the oil market, but with the exception of the Saudi production announcement, there's no real outcome.

Given how little the summit produced, it probably would have been better for everyone to stay home, at least that would have saved some jet fuel.

Tell me what you think.

soundoff (43 Responses)
  1. Clarence

    Yup, the outcome of the summit is very disappointing. Not much came out coz, like you said, 200k more barrels per day doesn't even cover the volumes that Chevron and Shell have lost.

    What a waste of time...and fuel.

    June 23, 2008 at 10:16 am |
  2. Ashmead

    Well Todd, looks like you know more that the majority of leading economists (Yes! including Americans) who have said that speculators are a major cause of the increased price because they buy and hoard the commodity for increased profit – not for use as fuel.

    When you reduce your demand to NEEDS rather than WANTS (4 gas guzzling cars per family, etc), prices will drop, then the speculators may be put out of business and prices would drop even further.

    June 23, 2008 at 10:17 am |
  3. Henry Duveen

    its easy to stop speculation in the oil futer market! all that has to be done is increase the margins to 100 procent. im sure that wil help a lot.
    Henry Duveen.

    June 23, 2008 at 10:22 am |
  4. Peter

    Already the fact that governments are desperately seeking increased oil production from an unstable region, with Gordon Brown actually attending an event with forgone conclusions, and all of them pleading hard for more oil to meet the insatiable demand of an addiction showing serious withdrawal symptoms, is frankly ridiculous. Where are the truly concerted international efforts in the direction of viable renewable energy supplies – an international meeting with a realistic agenda would a beginning, providing it is not just a “hot air” and champagne get together – which implicitly recognize that oil is about to be a dead duck in the water? There are numerous proposals from around the world to head in a new direction, but they all resound of that terrible question “what now?”

    Brown’s intention of making the whole of the U.K. glow in the dark (1,000 nuclear power plants to be built…remember Chernobyl, Gordon?) in the near future, possibly with the help of Saudi investment, is not the solution either – an indirect further dependency on foreign energy supplies? If we really want to stay dependent on these unpredictable countries, why not suggest that they set up a broad network of solar panels in their extensive desert landscapes with 320+ days of sun, so they can export electricity to the rest of us in the cloudier north? Oil is a non-entity in the coming, prices will rise further, and governments and well as consumers had better get used to that hard fact instead of moaning about it. Where there is a will, there is a way.

    June 23, 2008 at 10:22 am |
  5. Mike

    Everyone, save on gas and save the economy
    Drive less until oil comes below $100.
    We con do it!

    June 23, 2008 at 10:38 am |
  6. Charles

    You reflect the arrogance of the West in your diatribe about the current situation vis-a-vis the current Oil price. You keep throwing up Oil Producers (predominantly developing & 3rd world countries, funnily enough!), China, India and Brazil as if they are culprits in all of this. And most criminal of all, you pooh -pooh (like so many other 'commentators'!), the impact of Speculators – even to the point of re-defining what speculation is!!
    The current levels of demand ascribed to China & India have BEEN KNIOWN for at least the last 2 – 3 years or more (they didn't just announce their presence on the world economic and commodity consumption stage last week!!) – so how come the high spike – especially within the last 3 months...?
    And as far as increasing refining capacity is concerned – what happened to the role of the oil majors in your spectacle-enhanced scenario ..? What are they – some poor, exploited, under-paid victims of this scurrilous conspiracy against the poor West getting their daily dollop of Crude....? I guess we should do a telethon for them, then...
    Senior executives I know in the Oil industry have stated for at least the last 5 years that they mothballed fields in their portfolio because they were making more money than they had forecast. Fields that had been financed and exploited, based on an assumption of $15/barrel (as planned 5 – 10 years ago) were currently paying out at about 3 times that – you do the math...!!!
    And who said that all refining capacity is solely vested (from an investment and/or development basis) in the State-owned Oil Producers ) – again something you alluded to on-air...?
    And as for Gordon et al DEMANDING that Producers reduce their prices – alI can say is that some things never change...!!

    June 23, 2008 at 10:42 am |
  7. Mike

    We can make a difference.

    If we cannot push for more supply, then we can reduce the demand.
    If everyone drives a bit less (using public transportation, car pooling, fewer joy rides,...), this will increase oil inventories and reduce speculative prices on oil.

    Pass it on and we can drive down the price of oil and save the economy.

    June 23, 2008 at 10:49 am |
  8. Carl Horn, Nelson, New Zealand

    The price of oil is no big surprise. With the supply of oil at almost its maximum peak rate of extraction, if it isn't already, supply will not be able to accommodate the demand, which means that the price will rise. Peak oil is not a theory, it is a fact. The US peaked in 1970, the North Sea in 1999, and most other oil producing countries have already peaked. Their production is in decline. Now the world is about to peak, and world oil production is about to decline. We must get used to the fact that the world is going to have to live with less energy. It's not a matter of money, it's a matter of geology. So I watch with interest as the story unfolds. I suggest strongly that the media let the public know that it's not speculators or terrorists or corruption which is causing their pain, it's an unsustainable exponential lifestyle meeting the realities of finite resources. They had best get used to it and start making adjustments. It's a problem which will not go away. Interesting times indeed. But the sun continues to shine. Cheers, Carl Horn

    June 23, 2008 at 11:04 am |
  9. Edward Sevume

    We should have seen the high price of fuel coming!
    Asia is experiencing an economic boom. As long as the populations of the new economic power houses of Asia are eager to pursue the same way of life as we in the west have done lately, expect a never ending price spiral. International market speculators know that supply has fallen short off demand. Known reserves do not have capacity to satisfy current demand. Irrespective of what the Saudis promise, there is little they can do to quench the thirst of oil addicted westerners and the rising stars in the east. The effective means of pushing oil prices down is by re-evaluating our ways of life, finding alternative sources of energy and relieving pressure on the right foot off the gas pedal!

    June 23, 2008 at 11:04 am |
  10. kam

    3 step solution

    1) Drive less, use public trasportation, bycycle your way to work, school if possible( conservation)
    2) Increase fuel efficiency standards for vehicles that use fossil fuel based fuel (diesel, gasoline, etc)
    3) make plugin hybrids flex fuel vehicles (min 20 % biofuel) compulsory for all vehicles within next 5 yrs with tax breaks for the 1st 100000 vehicles achieving 100 mpg vehicles.

    This will reduce the America's Crude Oil usage by min of 50% in 5 yrs.

    June 23, 2008 at 11:12 am |
  11. dibakar

    Would any one please explain,
    1. How price of oil is fixed.
    2. How much exactly the producer gets.
    3. What is the mismatch between demand and the supply.
    4. What % of the cost is refining cost.
    5. Why price suddenly spikes on some news (for example after Israel's war game)
    6. During such spikes who gains the most? The oil producer of other people.
    I think these questions should clearly be discussed. Because, whole world can not suffer, because a few wants to make huge profit.

    June 23, 2008 at 11:13 am |
  12. Thomas

    At the risk of being horribly repetitious I would say again that this shows that governments need to get real and start proposing some hard initiatives to get away from our dependence on foreign oil. We need strong leadership that can break the bounds of corporate interests and do what is needed to gain independence. And given the strained political environment that exists with many OPEC members, I doubt there is enough incentive to increase production on their behalf. How much do we as consumers of oil have to humiliate ourselves before we actually do something constructive to make a real and lasting change?

    June 23, 2008 at 11:16 am |
  13. kam

    Plug-in Hybrid flex fuel vehicles can get more than 500 mpg. Technically this is possible and has been demonstrated by many individuals and small companies. All we need is tax breaks from the governemtn and volumes will pick up automatically to make it economically feasible. This election we will vote for the candidate who supports plugin-hybrids flex fuel vehicle and American Energy Independence. Let us force both the candidates to endorse plugin-hybrids flex fuel vehicle. Barack is half way through with plug-in hybrids. Let us get McCain also to endorse it. This election should be won by a candidate who will fight and win American Energy Independence.

    June 23, 2008 at 11:44 am |
  14. Tim Bebb

    Hi Todd,
    I agree with the majority of your comments, but what I do not hear mentioned is the breakdown concerning what oil / oil products are used for in everyday use. I agree that our appetite for fuel is increasing but if everyone was more aware of where ALL the oil went ( used to manufacture the products we all use daily and obviously take for granted ) then perhaps cut backs in those areas would free up more oil that could be used for fuel production.

    What I also find disturbing is that with the new "increase" in oil production by Saudi Arabia equals a record set 27 years ago, were we using more oil then than now? and if not, why is the excuse that everyone producing oil is at capacity when obviously they are not – unless of course they have been strategically closing wells since the 1980's.
    Your comments would be appreciated,

    June 23, 2008 at 12:48 pm |
  15. Mr. R

    Fact: Saudi has the only spare capacity to increase output.
    BUT: The extra bbls are heavy and sour so not all refineries are equipped to process it.

    Fact: Oil demand is growing rapidly especially in emerging economies.
    BUT: Cars don't run on crude oil and homes aren't heated on crude either. We only have today the spare capacity to increase production of crude. Refining capacity is stretched and while you can increase crude supply over 1 or 2 months (if you have the spare capacity); it takes 4-5 year to build a new refinery.

    So, the price of oil is not artificially up and forget about speculators, major oil companies manipulating the price or OPEC wanting more for the barrel as this is pure propaganda.
    In reality oil fundamentals changed, the forward curve of just shifted upwards meaning everyone is expecting higher crude prices and they are here to stay. It is harder to get to the oil, it is more expensive to refine the oil and it is certainly ain't gonna get cheaper.

    Imagine the price at the pump if we had the same gasoline cracks that we saw last year, reaching more than $30/bbl; this would have meant the retails price of gasoline should be at least 50c per gallon above where we are today.

    June 23, 2008 at 1:26 pm |
  16. John-Oliver

    I have just read Thomas' comment and would like to say that he is completely on the ball.

    June 23, 2008 at 2:32 pm |
  17. Joseph

    Saudis must pump at least 500K bpd extra to bring any meaningful effect to the market, 10 mbpd in July.
    Suggestion of price band is excellent & would automatically put brakes on speculation in the near term.

    June 23, 2008 at 3:18 pm |
  18. habib Abdulkadir

    All these would seem to others like a feast for oil producing nations. But for nigeria the international situation has never been more apprehensive. The situation did not disappoint any body since it is consistent with the nigerian curse of "the more the petrodollar the more the crisis". We have once again failed to seize the opportunity to invest in our infrastructures and develop even if only the oil industry. Not surprising with a president who did not aspire to be, and thus is still in the wonder as to what's possible and what's not.

    June 23, 2008 at 3:33 pm |
  19. v r deshprabhu

    To curb speculation in Oil futures the following could be tried-(1)only those having the capacity to store the quantity bought could be allowed to purchase – just to prove that he is serious enough to take delivery; (2)100% upfront margin money to be collected;(3)curb on purchase when open interest reaches 90% of oil production;(4)ban non users [hedge funds, pension funds,etc] from oil market to be restricted to actual refiners.

    June 23, 2008 at 3:35 pm |

    Dear Todd,
    Please be kind to post this message for GOOD OF ALL HUMANITY.
    It is a SHAME that western mass media PROPAGANDA machines "GROUP THINK" to dumb down it's citizens , with out ever giving FACTS on OIL CONSUMPTION.
    Here are those FACTS.
    1.World oil production is about 90 million barrels/day.
    2.White colonial world,including USA&EU consumes 72 million barrels/day, (incuding military) being 80% of world oil production, but OBSCENELY consumed by just 12% of world population.
    3.Leaving most talked about nations CHINA&INDIA with 2.5billion population ,consuming 7.5&2.5 million barrels/day respectively for a TOTAL of 10 million barrels/day.
    4.Japan consumes just over 6 million barrels.day.
    *Can CHINA&INDIA, with over 2.2 billion people living with less than $1/day, are the SCAPE GOATS for OIL PRICE INCREASES.
    Avoid the 21st Century New FREE World Order demands of "DISARMING WHITEY OF THEIR WMDS&NUKES TO DEPRIVE THEIR "CARROTS&STICKS", and FORCE them to learn to live in PEACE with rest of free&civilized humanity, in HARMONY, giving up their whitey ways of VIOLENT LIVING with "ARROGNACE OF IGNORANCE".

    June 23, 2008 at 4:32 pm |
  21. Travis

    The world's oil consumption hasn't grown enough over the past decade to account for the EXTREMELY high oil prices. Oil companies claim they aren't price gouging but every year they post record high profits. If demand was truely the driving factor for the high prices, oil companies wouldn't have record huge profits so consistently. There needs to be an investigation into large oil companies and their profit taking. A REAL investigation, not something that's done simply to make the public feel good.

    June 23, 2008 at 4:55 pm |
  22. Bob

    Wait! the Saudis are poised to spend billions to build more refineries,you guessed it in Saudi Arabia, could this mean they are able to further control the oil processing and the price, nah ,they just want to make sure the price of their product decreases.

    June 23, 2008 at 5:15 pm |
  23. sandy

    So who should be blamed for the oil price hike?
    a. The middle east countries ....because they are unpredictable.....coughs
    b. india and china........coughs

    and what about the dollar here ???? what happened there??? nobody is talking here about the huge huge profits that exxon mobil shell chevron et. al have made. Part of the money now i have astrong hunch has gone for the funding of war in iraq and afghanistan for 2009 rememember, almost the same amount was rejected by the democrats or bush was afraid to table a few while ago.....one more thing what about the oil on which dubya is floating. if the americans feel that they dont have enough oil to drink as if iraq was not enough ...why dont they ask dubya to dig their own offshore fields????? ohhhhh some shark will die.?????? whats the use anyway tey are already the worst polluter in the world in all ways probably.......

    June 23, 2008 at 5:43 pm |
  24. Thomas Brandon

    i know that in 1980 Chysler Corp came out with 2 proto-type cars with winkler engines that ran on corn oil or peanut oil i seen them demistrated they were as normal cars. you can check this out at history of cars. the protypes were not put on market maby because of Gov. or presure from oil co. i do not know but the proto-types is still in wearehouse and still runs. This proves that gas prices is only made up and could have been solved years ago

    June 23, 2008 at 5:45 pm |
  25. JB

    The oil producers are saying that there is little demand from refiners.
    The refiners are saying there is little profit to be made in refining.
    California reduced, that's right reduced, its consumption by 4% last year.
    There is no lack of supply, only a lack of refiners willing to operate at a loss due to speculators taking the lions share of profit out of their operations. The price at the pump would have to go much higher to induce the refiners to increase production, but then the crude price would just jump up to take advantage and you are right back where we started.
    Take the paper traders out of the equation for a while and see what happens.
    Those with hard assets in the market will again have an incentive to be efficient and bring the cost down.
    The paper monsters need to be better regulated or we will end up with Enron style manipulations of the market all over again.
    People who have contributed nothing are taking all the value out of this market to line their pockets and have done so because we have permitted them to.

    June 23, 2008 at 6:10 pm |
  26. Martin from Germany

    Of cause it didn't make a dent in the curve! What did you expect? We are on the last third all the way up to the "Hubbard Peak". And from there on things _will_ get better.

    If you can't pay for your fuel anymore you _will_ start to use public transport. If you can't pay for your heating oil you _will_ put isolation on your house. If you can't pay for a Burger anymore you _will_ be happy to have some grain or rice. All of these effects will curb global warming, therefore saving the lives of your children, grandchildern and so on.

    Yeah, you _will_ suffer (especially as an American, you guys are so wasteful!). Sorry for that. Suck it up! Think about the future! Great times ahead, i promise! Redefine the "American Way" a little bit and you are set for a great time!

    June 23, 2008 at 6:24 pm |
  27. mel gould

    Why do American vehicles need oil changes so often. If one buys an American car on the UK side of the pond it's oil change interals will be longer. Same car fewer oil changes. We do not need to go to the lube shop every 4,000 miles or so, It will be 12,000 or even more depending on the type of driving, City/Highway.
    This standardisation alone would save millions of gallons of oil. Are Americans being ripped off? Does this add to your oil shortage?

    June 23, 2008 at 7:39 pm |
  28. Suresh Pillai

    The disruption in crude supplies is not just one off incident that has the effect to reduce the net requirement of 80 million barrels a day by about 3 to 5 millions which is roughly the av. additional demand seen.Last week there was disruption in North Sea supply as also cut in supply from Libya all of which put together is enough to create the spectre of demand outstripping supply.There has also been disruption in supplies in Russia,Sudan outside of opec ,for a variety of reasons during the course of the year.The Saudis have hinted at raising output in Dec. which is understandable-U.S.elections would be over by then.What is good for keeping Uncle Jack's tottering financial institution from going belly up is of prime concern and for that another trillion dollars will have to be found in the wake of expected write downs.

    June 23, 2008 at 8:10 pm |
  29. Sanjay Narayan

    Does nobody care for the poor anymore.Oil producing countries must realise they have a social obligation too. Profits is not an end in itself. They must remember that everybody came with empty hands in this world and will leave with empty hands.

    June 23, 2008 at 8:48 pm |
  30. Martin

    Hello !
    I'd like to know your opinion about recent article cited below :"House panel told curbing speculation could cut prices
    Monday June 23, 4:34 pm ET
    By Lara Moscrip, CNNMoney.com contributing writer

    Near-record oil prices could quickly fall by half if Congress were to rein in speculators, according to testimony Monday from a hedge fund manager and oil company adviser before a House subpanel.

    Michael Masters, of Masters Capital Management fund, told the subcommittee of the House Energy and Commerce Committe that – with greater regulation – oil prices could drop to $65 or $70 a barrel within about 30 days."(end quotation)
    In regard what you 're saying about not to blame speculators , I agree , but I'm scared of the possible regulations approved by Congress in oil -market including even complete removal of "speculators".Will it be realistic and really make oil price sink to 70$ per barrel?

    June 23, 2008 at 9:21 pm |
  31. Tom Hayes

    In No Country for Old Men Cormac McCarthy has the narrator mull that huge fortunes are being made everyday all over the world without anyone knowing about it. McCarthy was talking about drug money. I can see how that could be a danger but it doesn't apply to speculators. If speculators are making money betting on oil price increases it's not a great secret and there is nothing wrong with speculating and making money from it. It's how the system works and generally the system works by self-correcting. The speculation will stop at some point when prices stabilize and/or when there is no more money to be made from the speculation and Mr. Benjamin is right to point out that prices will stabilize or fluctuate at much higher prices than they are now. But as long as there's even a chance that they will rise then speculators will be a part of the system, not part of a "problem". Speculators make money for a lot of people. They can drive markets up and while it's tough when markets fall it's easy to forget that when they do a lot of people rightfully make a lot of money, having sold high after buying low. All speculators have to do is act within the law. As long as they do they are a vital and necessary part of the system. And let's not forget speculators can just as easily make money by driving prices down!

    June 25, 2008 at 12:36 am |
  32. Bob

    I agree with your posting, however you left out some very relavent facts.
    1. We love our cars and haven't changed our driving habits for as long as I have been driving 40+ years. Everyone is hell bent on the road in a rush trying to burn up as much fuel as they can. Still must be cheap or we would change the way we drive.
    2. We love our cars but want the cheapest fuel that we can get. We'll drive around all day looking for the best price. Penny wise dollar foolish.
    3. We put every dollar we have into vehicles but won't invest a cent into the energy sector, looking and developing resources. We don't want refineries or anything to do with what fuels our economy in our back yard and think that anyone that works in the energy or auto industry as the other half and don't desire whatever they get, as it is too much.
    4. We have had cheap energy for so long that we see any increase as too much. No wonder the oil industry won't put money back into development.
    5. When I started driving gas was 45 cents a gallon, roughly a tenth of todays price. Our first home was $20,000.00 and before the correction was selling for $450,000.00, over 20 times it's original price. The material used for building and the labour was relavent but the so called land value and developer fees went through the roof. What we are experiencing is a housing market correction not overvalued energy.
    6. Who do you want for a neighbor: the land developer, sales people that sold you the house, morgage broker or the poor working slob that works for a living.
    7. America; get real and invest into our future, this world uses energy to help us get the work done. The next time you choose a neighborhood checkout what these people do for a living.
    8. Go after the people that got us into this mess not the industry that keeps us rolling.

    June 25, 2008 at 6:19 am |
  33. Radek Blazik

    Todd, am afraid you are downplaying the role of speculators in the matter. Both speculators and rising demand are resposible for the record high prices. In my opinion demaned triggered the fast growth of oil prices and speculators are fueling the fire. To bring the prices down the international community has to make radical steps:

    1. regulate the Oil futures markets

    2. invest into new drilling facilities to raise supply, especially in
    non-OPEC countries

    June 25, 2008 at 4:29 pm |
  34. CS

    i think OPEC should consider the suggestions given by the Finance Minister of India. The suggestions given did a good job convincing me that when implemented, there will never be the oil scare again.

    June 26, 2008 at 4:18 pm |
  35. jim morrissy

    Nice head fake! Your commentary and a recent interview with Jeff Rubin is meant to distort the true picture of speculative impact on oil prices. You are superlative at confusing issues with facts...remember the manipulated market in energy created by Enron? I didn't think so!
    You can fool some of the people some of the time...

    June 28, 2008 at 5:24 pm |
  36. sugino midori

    Dear Mr.Benjamin
    Japanese oil company has great skill to make bio-energy from CO2. The company is in setagaya-ku,TOKYO. They mix oil,CO2 and micro-organism, and it become "methan gas". It's included with "CCS project". I'd like to ask making special program of "CCS" all of the world,and please let people know the limit of it. "CCS" will make recent problem so clear,I guess.

    June 30, 2008 at 8:10 am |
  37. John W

    While I agree that the Saudi increase is meaningless, I don't agree with you about the effects of speculation. Production and consumption simply have not changed enough in a years time to explain spectacular increase and the dollar was already very weak a year ago as well. I think the comparison to Enron is not without merit. Interestingly nobody seems to know who the speculators/holders of these futures/option whatever etc are. They are simply referred to as "funds" And curiously, none of you in the financial journalism community seems interested to find out.
    The only possibility of a correction seems to be if some of these speculators wind up having to take delivery on the product they have bought and I'm not holding my breath for that.

    June 30, 2008 at 8:13 am |
  38. sugino midori

    I never criticize about "CCS". I 'm just wondering higt oil price. Food price is getting higter too, so WFP can't perchase enough food. Because of many reasons, I wrote comment like that. And "making methan gas from CO2" is so useful for African people, I think.
    What sould I add or moderate my opinion next ? Nothing!

    June 30, 2008 at 9:17 am |
  39. John

    If we were to mirror the price of a barrel of oil and a bushel of wheat, I'd wager we'd see the price of oil drop pretty damn fast.

    July 7, 2008 at 6:02 pm |
  40. Ali Mutahir

    I agree that the jeddah summit did nothing to ease the oil markets with a meagre 200,000 bpd increase in Saudi oil production,but we must understand that Saudi Arabia cannot do it alone anymore.This is not 1973. The world has changed and so have our consumption patterns. The United States should open up its SPR reserves and stop using big GMC and Ford trucks and Escalades and Suburbans,etc. If something substantial is expected of the largest producer of crude oil,then I think the same is expected of the largest consumer. What is the US government doing about the "refinery gap" in the economy??Lets start setting our house straight before blaming the world. I disagree that crude oil futures and thus speculation has nothing to do with the oil price hike, hedge funds are having a ball!!

    July 10, 2008 at 10:18 am |
  41. sainath patil

    If we take in consideration of inflation rate present price of oil is on real basis .This prce of oil will bring balance in the world distorted economics and in turn it will give impetus to world peace and happiness.

    August 4, 2008 at 1:26 pm |
  42. Bob in St. Louis

    I am puzzled by something I heard recently in an interview with an oil executive in Saudi Arabia. When asked if Saudi Arabia could pump more oil, he said they could if there were buyers. If the oil supply isn't short and not setting the price, then McCain's plan for more offshore drilling is pointless, other than to put more money in the US oilmen's coffers!

    August 6, 2008 at 9:23 pm |
  43. icon pack

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    October 4, 2012 at 9:57 pm |

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