Saudi Oil Summit Aims to Keep America Dependent on Foreign Oil
I don’t post much for GO (some publisher I am), but I was just doing a little morning news browsing over coffee today, when I came across this gem in one of the infinite useless articles about oil prices:
Concern about high oil prices led Saudi Arabia, the world’s largest producer, to call a weekend summit between oil producers and oil consumers to address the issue before high prices can permanently damage demand.
Um, correct me if I’m wrong, but is “permanently damaging demand” exactly what everyone in America is so intensely desperate to do, now that they realize that 99 cent/gallon gas is little more than a fantasy? On one hand, we get told every day that wind and solar and biofuels are great, but there’s no way we can ever get away from gas… But if that’s true, why are major oil producers calling summits about the danger that such a thing might happen?
If I’m reading this wrong, correct me in the comments. I just feel like the disconnect between normal people and the industrialists we depend on is growing wider and wider with each passing day…
From CNN Money
It may sound crazy, but I do think that high oil prices are a good thing. The high prices are about the only thing that will force us to be more efficient and develop alternate fuels.
Do you really have any doubt about the Saudis’ desire to keep selling 10 million barrels of oil per day at $130 per barrel?
Demand destruction or a shift to any other alternative would be extremely detrimental to their cash flow. If you have never had the opportunity to make $1.3 billion per day, you simply have no idea how painful the loss of that revenue can and will be.
The thing that the Saudis and all other oil producers fear the most is that they just might have awakened the sleeping giant that can replace their product in many markets. My personal belief is that the giant will never go back to sleep now that the true nature of the problem of energy supply has been revealed.
No more dependency! Drive an electric car!!!!
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The Saudi’s are smart in the fact that they don’t want the prices to go much higher or it will lead to oil efficiencies and alternative fuels at a much faster rate so we’re not dependent on their oil much sooner.
The trick will be not to become complacent when the prices of oil go back down to $80-$100/barrel (or lower), but to keep on developing energy efficiencies and alternative fuels. It’s the best thing for the long haul, or we’ll find ourselves in the same position down the road.
I think the day has come that Americans quit paying through the nose for fuel. We need to come up with alternatives. I’m tired of hearing of the many mansions that the Arabs have built because of the “stupid” Americans that are so dependent on their oil and the politicians in Washington that have a vested interest in the oil industry. The Arabs and foreign oil peopIe are laughing all the way to the bank while we pay at least $4.00 a gallon for fuel that costs much less to produce. I think it’s appalling that many of our politicians in D.C. have investments in the oil industry and are not encouraged to decrease our dependence on oil. What about America? We seem so consumed with everyone else but what about our failing economy? I have seen way too many for sale signs in my community. All these other nations don’t seemed concerned about America but we spend all our money trying to help them and letting their immigrants into our country with privileges our own citizens are not granted. As a citizen I have to pay full tuition for college but foreigners are granted special tuition rates because they are not citizens. What has happened to privileges for American citizens and not just foreigners? If they are here illegally send them back. That’s what would happen to Americans if we were found to be illegal in a foreign country. We are far too tolerant. I’m tired of paying and paying and paying for foreigners to have their children in our country and live off our welfare system because they are born on American soil. Send them back. We have to spend the money for bi-lingual teachers so their children can understand English. If we went to a foreign country they would say, “sorry you will have to learn our language.” It costs us millions of dollars to hire teachers for persons that are in this country because they are simply born in America.
Well, off on the illegal immigrant thing. I really think America needs to rise up and find an alternative fuel regardless of the politicians interests and tell foreign oil, “too bad we are tired of funding your extravagant lifestyle and your arrogant attitude toward Americans. Sorry, but we can make our own way without you.” Good luck gouging other nations that are dependent on you for fuel.