Quote Originally Posted by Islandborn
By 800,000 barrels a day...... think your payin slot at the pump now? Just wait.
Government spread disinformation through their accessary net. But the reality is:

Saudis often warned U.S. about oil speculators, cables show
By KEVIN G. HALL
McClatchy Newspapers

WASHINGTON --- 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 it 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.


Saudi Oil Minister Ali al-Naimi even told U.S. Ambassador Ford Fraker that the kingdom would have difficulty finding customers for the additional crude, according to an account laid out in a confidential State Department cable dated Sept. 28, 2008.

"Saudi Arabia can't just put crude out on the market," the cable quotes al-Naimi as saying. Instead, al-Naimi suggested, "speculators bore significant responsibility for the sharp increase in oil prices in the last few years," according to the cable.



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katsung47 Reviewed by katsung47 on . Saudi Arabia Slashes Oil Output Today By 800,000 barrels a day...... think your payin slot at the pump now? Just wait. Rating: 5