On Sat, May 17, 2008 at 7:43 AM, Deepa Mohan <[EMAIL PROTECTED]> wrote: > The White House says the President's (Bush) visit is > intended, in part, to celebrate 75 years of formal > U.S.-Saudi relations. But the rising price of oil > commanded attention.
Deepa, It is important when sharing the views of your friends to clearly distinguish your words from the words of your sources that you quote. > The above news item from Los Angeles Times does not > explain why the price is now US$ 128 per barrel and > still Bush is not doing anything about it. The author makes the incorrect assumption that there is something that is doable to bring down the price of oil significantly. cf. Peak Oil. > 1. OPEC supplying 38% of the Global market is > controlling the market and making prices to go up. > (0%- how can a 14 member supplier group with less than > 50% market share control the total market?) Mr. Varadha Rajan needs to read up on his history for documented cases of OPEC controlling oil prices in the past. See http://en.wikipedia.org/wiki/1973_oil_crisis > 2. World Oil wells will soon run out of Oil within > next 10 years and then price of Oil will be several > times more. (20%- only 20% of world oil wells will run > out in next 10 years including India's. Middle east > and Africa will still keep pumping oil for next 100 > years) There is a difference between pumping oil and pumping oil economically at the price from a decade ago. > 3. China & India's demands are driving up world prices > (30%- Yes it is true that both China & India are > consuming and importing more Crude- an increase of > over 30% by volume- why they choose to do it at prices > 5 times normal is a mystery to common men rather than > spending even 10% of that money in Oil saving measures > such as improving local transportation or developing > Solar energy) Not much of a mystery, really, There isn't such a thing as "normal" prices. The price of oil today is an indicator of increasing scarceness of economically tappable oil and increased outbidding by India and China to keep their economic engines going. > 4. The future markets based in US & Europe (controlled > by Rich Jews) is deliberately playing the markets to > increase the price to infuritate the western world to > attack middle-east as they succeded in doing in Iraq > in 2003 at a much lower price level. Meanwhile they > are gaining everyday in a bull market controlled by > them (50%- most logical conspiracy theory) An idiotic and racist view. The US or any Western power is not stupid to invade Saudi Arabia or Kuwait when the lessons of the 2003 invasion of Iraq are continuing to be learned. If the invasion of Iraq (home of the second largest petroleum deposits in the world) did not reduce the price of oil, it would require a willful suspension of disbelief to think that invading Saudi Arabia is going to. Where, precisely, are the troops going to come for such invasions and occupations? If Dubya or McCain are stupid enough to go through with such an invasion, how exactly will the those playing the futures market make their money? > 5. US and West want a "World-War-3" to rescue their > economies after major industries moved out of their > region (to East) and with their currencies under > pressure before it is too late to rescue or intervene. > Hence they first created the Oil Crisis and now the > food crisis so that common people will start rioting > in the streets of several countries and then they can > introduce a new world order with their superior > military force. (100% my guess) Mr. Rajan, unfortunately, does not provide any clue as to the exact mechanics of how these powers are going to step in to introduce a new world order. I wonder if Mr. Rajan is familiar with the order situation in teensy little countries like Afganistan and Iraq. Thaths -- Bart: We were just planning the father-son river rafting trip. Homer: Hehe. You don't have a son. Sudhakar Chandra Slacker Without Borders
