Saudi Oil/King Fahd

[EBolgiano]

Do you think the price of fuel has been bad lately? I just saw on the news where the Saudi King died. I have worked in the oil fields in Saudi, Abu Dhabi, Kuwait, and the Arabian Gulf and believe it or not he was considered Pro American. There are two reasons that the United States invaded Iraq. The first is that after Saudi, Iraq has the greatest oil reserves in the world. The second is the fear of political unrest and loss of Saudi imports when the King dies. Well, he died and we (The USA) do not have a handle on the Iraqi oil. I do not think that a great disruption of oil is immediately forthcoming just keep your eyes on the prices.

 

[Blakers]

Since his stroke several years ago, he's only been a puppet ruler anyway. The real power is with his half brother. That's not going to change now.



Blake

 

[JBlock]

Scary, I work over in Saudi as well. King Fahad was America friend. So we waiting to see the ripples, my guess there will period of national morning probably the remainder of the work week through Fridays prayer.



Joe

 

[SBall]

I wouldn't be surprised to see the stock market and energy futures prices impacted by this news as the day goes on.

 

[FATCAT]

I wouldn't be surprised to see the stock market and energy futures prices impacted by this news as the day goes on.

Yeah ... someone needs to make a buck on the king's death. Especially off the backs of the working public.

 

[JBlock]

Article Bush and the King

August 1, 2005 -- 6:28 a. m. EDT THE WALL STREET JOURNAL ONLINE



What King Fahd's Death

Means, and Doesn't Mean





King Fahd bin Abdul Aziz of Saudi Arabia died early this morning, and if there is any consensus about the portents of the death, it's that his passing doesn't mark the end of an era.



King Fahd, 84 years old, was one of seven sons that the kingdom's founder, Abdul Aziz, had with his favorite wife, and Fahd was the fourth among them to reign as king. But King Fahd's rule has been all but titular since 1995, when he suffered a stroke, leaving Crown Prince Abdullah in charge if not with absolute power. The Saudi Royal Court announced this morning that Abdullah, 81, also a son of Abdul Aziz, has now become king, and that the new crown prince is Sultan bin Abdul Aziz, 77, another brother and the long-serving defense minister. Tracking the balances of power within the Saudi royal family can be akin to Kremlinology of a past age, but Sultan and his son, Prince Bandar, the former influential ambassador to the U. S. , are believed to have differed with Abdullah at times over the direction of the kingdom in recent years. Prince Bandar recently stepped down from his longtime post in Washington, reportedly because of waning influence. And one near-certainty about Abdullah's coronation is that it strengthens the hand of the new Saudi ambassador to the U. S. , Prince Turki Al-Faisal, who is believed to be close to his uncle, Abdullah.



The Saudi relationship with the U. S. outweighs all other diplomatic ties for the kingdom, including those with its individual partners in OPEC. And the sometimes controversial closeness between Riyadh and Washington -- and especially President Bush -- was highlighted this morning when a senior Saudi official in Washington told the Associated Press that Mr. Bush was alerted within minutes of King Fahd's death. Oil, and more recently terrorism, have been the prevailing liaison themes, and it was King Fahd who made some of the key decisions that would carry them along. When he took the throne in 1982, the new ruler with a playboy past and a need to burnish his Islamic credentials in comparison to revolutionary Iran essentially handed over religious affairs to the kingdom's extremist Wahabists. At the same time, he deepened the Saudi security relationship with the U. S. , becoming a junior partner and sometime banker for the American side in the Cold War.

 

[Jumbo Jet]

The rest of the world couldn't consume all the current oil supply available. If we offered the Saudi's $30 a barrel, and they didn't take it, who the heck are they going to sell it too.



I think we have a bunch of oil future buyers doing knee jerk reactions to every possible problem that could hurt the oil supply. WTF does it matter to them? You and I are going to buy the fuel for our trucks anyhow.

 

[jersey diesel]

Who?????

Take a look at the current events in China!

 

[Jumbo Jet]

There would be shortages. I haven't heard of shortages anywhere in the world - yet! China's demand has grown but is being met.

 

[Texas Diesel]

King Frahad (pronounced FRAUD), isnt he Bin Ladens 2nd cousin?



King Frahad ushered in unprecidented prosperity for Saudi Arabia (read the RAPE of America) and I am supposed to feel bad he croaked?

 

[FATCAT]

China?!

Take a look at the current events in China!

Some two weeks ago, China reported that they grossly overestimated the amout of oil they consumed in the past year (Wall Street Journal and NRO had the story). Everyone in the world was saying that China is buying up all the oil ... then this story comes out ... well, where is the big drop in oil prices that SHOULD have followed since everyone thought China was using so much oil ..... nothing, not even a blip in the Oil Trader Pits. Proff that the price of a barrel of oil on the Exchange is pure speculation driven by phony stories put out by people with HUGE interest in Oil Futures.



Its a FRIGGEN SCAM!!!!!!!!!!!!!!!!!!

 

[Blakers]

Proff that the price of a barrel of oil on the Exchange is pure speculation driven by phony stories put out by people with HUGE interest in Oil Futures.

I've been saying this for years. All we need to do is open up a new field (ANWAR) and the price will drop like a rock. It always has since the 1860s. Things are no different now - they are based on someone's gamble that the price will rise or drop and they will be able to make a buck on it.



Blake

 

[SHobbs]

I stopped supporting those idiots. Been running cottonseed oil for 3 months and the truck loves it and it is a little cheaper than diesel.

 

[EMurillo]

everything is all about one thing... ... POWER

 

[JimB1]

It's a real shame that for the last several decades there's been a huge transfer of wealth out of the middle class and oil prices are just one of the many reasons. Economies thrive because people like us spend most of our earnings for goods and services. When middle class wealth dries up world wide economic depression will set in. Un-affordable energy will quickly put us into a non-recoverable tail-spin OR just maybe there's some workable YANKEE enginuity 'round the corner somewhere that will insure the good life for our grandchildrens grandchildren. JimB.

 

[JBlock]

Here a suprise for ya'll "the King was buried in an unmarked grave. "



"In keeping with the kingdom's austere Islamic tradition Fahd, who in life enjoyed enormous wealth and privilege, was laid to rest in a sprawling Riyadh cemetery alongside hundreds of other unidentified dirt graves. " (Reuters New Service)