Nice fooleys the elites got going, huh?
"Energy, food costs drive up inflation; But Saudi Arabia is expected to boost oil production in July" by Globe Wire Services | June 14, 2008
WASHINGTON - Soaring energy costs pushed inflation up in May at the fastest pace in six months. Food costs kept rising, too, and all signs are pointing to more bad news on gasoline, oil, and food in the months ahead....
But relief may be on the way for some energy costs. Saudi Arabia, the world's biggest oil exporter, is planning to increase its output next month by about a half-million barrels a day, according to analysts and oil traders who have been briefed by Saudi officials....
On Wall Street, stocks ended a turbulent week with a big gain.... The Dow Jones industrial average rose 165.77 points to close at 12,307.35.
Private economists cautioned that there would probably be more bad news on inflation in the months ahead given that this year's oil shock has gone on much longer than expected.
"Businesses that had been patiently waiting for oil prices to fall have run out of patience. We expect more of them to start throwing in the towel and raising prices," said Kenneth Beauchemin, an economist at Global Insight, noting the announcement by Dow Chemical Co. late last month that it was raising prices by up to 20 percent.
But according to a report in The New York Times, if Saudi Arabia increased its oil production, the kingdom would be producing 10 million barrels a day, which, if sustained, would be the kingdom's highest ever.
Oh, I must have missed that report.
Small confession: I rarely go to the New York Times' website anymore, and if I do, I rarely look at the newspaper edition. I used to buy a copy every day (until January 1 2008), and when I stopped that, at least I was visiting the web site everyday. Now I no longer really care what is coming from the New York Times.
And I was a DECADES-LONG reader and purchaser!
NEVER AGAIN!
The move was seen as a sign that the Saudis are becoming increasingly nervous about both the political and economic effect of high oil prices. In recent weeks, soaring fuel costs have incited demonstrations and protests from Italy to Indonesia....
Yeah, where have THOSE PROTEST BEEN in my Zionist AmeriKan War Daily agenda-pushing piece of filth?
Get a sentence on a Saturday, huh?
Wouldn't want to give Americans ideas unless it was for global-warming, gays, immigrants, or some other agenda-pushing item, right, shit press?
While they are reaping record profits, the Saudis are concerned that today's record prices might eventually dampen economic growth and lead to lower oil demand, as is already happening in the United States and other developed countries.
Then WHY hasn't the PRICE COME DOWN, huh?
Law of supply and demand?
Pfffffftttt!!!!
The current prices are also making alternative fuels more viable, threatening the long-term prospects of the oil-based economy.
President Bush visited Saudi Arabia twice this year, pleading with King Abdullah to step up production. While the Saudis resisted the calls then, arguing that the markets were well supplied, they seem to have since concluded that they needed to disrupt the momentum that has been building in commodity markets.
Last week, King Abdullah also took the unprecedented step of arranging on short notice a major gathering of oil producers and consumers to address the causes of the price rally. The meeting will be on June 22 in Jeddah."Yup, Bush's Saudi buddies coming to our rescue -- and theirs!!
