Oil production going up.

[KaptKaos]

http://biz.yahoo.com/nytimes/080614/1194784977541.html?.v=3

Should be interesting come Monday. Comments?

[Gogar]

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.

Uh huh. "We're worried that we could make too much money. It's really got us tied in knots."

[jyl]

I've been having lots of debates with short-term oil bulls lately. By "short-term oil bull" I mean people who think oil is going to break out and head much higher in the short term.

They think the Saudis are bluffing, that they don't actually have enough excess capacity, that their fields are in worse shape than generally believed.

Personally, I went short oil stocks and long transport stocks this week, so this is welcome news . . . hope it works.

[Porsche-O-Phile]

I'm more of an oil bull myself but I'm hedging myself with call positions on TSO and VLO right now. Scary to be holding those, but at least I'm covered.

[speeder]

Demand almost has to go down in the U.S., which is the place with the most room for change due to inefficient energy choices. (Escalades, anyone)? People are switching to 30+mpg cars and MCs in droves, it's real. Consumption is already way down, how many people are loading up the Suburban to drive somewhere on vacation this summer? How many people are not going to be able to put the ski-boat in the water this year with this economy?

I'll bet the interstate highways are pretty empty this summer, I know I'm driving less. The big change is that Americans will not go back to SUVs and PU trucks even if (when) gas goes back to $3 @ gallon after this scare, IMO. Most dealers are not taking SUVs in on trade right now for any price, the typical consumer who lives on credit and is upside-down on a late-model car in regular times is now completely hosed.

[Mule]

You sound thrilled!

[Rick Lee]

I have to go meet my folks in Seattle in August and was trying to justify riding the bike up there. Looks like flying is still way cheaper. I figure I'd need 15 tanks of gas at about $17 a pop plus a night in a hotel on each end of the trip. Flying is about $250-$300 non-stop RT.

[speeder]

Originally Posted by Mule

You sound thrilled!

Do you even own a vehicle? What kind? Just curious how you found this place, your signature always just has some political quote or other nonsense.

[Mule]

Originally Posted by speeder

Do you even own a vehicle? What kind? Just curious how you found this place, your signature always just has some political quote or other nonsense.

Are you a plant here from the Communist party?

PS I drive a 928S4 that likes 996's.

[speeder]

Wow, you're even dumber than you look. And you look pretty ******* stupid.

[Mule]

Originally Posted by speeder

Wow, you're even dumber than you look. And you look pretty ******* stupid.

Wow, I see I'm bringing out ALL of your brilliance & eloquence too. Go Komrade!

[Rick Lee]

Denis, I've ridden with you in your 996 and I've sat in your car while you filled up with gas. I think it's pretty safe to say you don't drive like the price of gas bothers you in the least. Don't get me wrong, there's nothing wrong with giving your Porsche a workout and I do the same in the 993. But don't whine too much about the price of gas. I doubt your driving style optimizes fuel economy!

[speeder]

Originally Posted by Rick Lee

Denis, I've ridden with you in your 996 and I've sat in your car while you filled up with gas. I think it's pretty safe to say you don't drive like the price of gas bothers you in the least. Don't get me wrong, there's nothing wrong with giving your Porsche a workout and I do the same in the 993. But don't whine too much about the price of gas. I doubt your driving style optimizes fuel economy!

The price of gas at this point is not a huge factor in my day-to-day life, because I don't have a commute and my weekly miles are pretty low. Even still, at $5.00 @ gallon for premium I am dusting-off the bicycle and getting another MC asap. So even my consumption will go down, which was not high to start with. That was my only point; that demand in the U.S. is going to shrink permanently on a per capita basis, IMO, even if oil goes down some.

And I've been babying the pedal of my car lately in traffic, with occasional bursts of speed that I cannot control. It's in my DNA.

[m21sniper]

Originally Posted by Mule

PS I drive a 928S4 that likes 996's.

I knew i liked you for a reason!

Nice car.

[ckissick]

It's interesting that the Saudis are upping production by 0.5 million barrels per day, while ANWR would supply us with 2 mbd, 4 times as much. But the Dems in Congress say ANWR doesn't have enough oil to make any difference.

[Mule]

Originally Posted by m21sniper

I knew i liked you for a reason!

Nice car.

Thanks Dude! V8's rock! Algore can blow me!

[Mule]

Originally Posted by ckissick

It's interesting that the Saudis are upping production by 0.5 million barrels per day, while ANWR would supply us with 2 mbd, 4 times as much. But the Dems in Congress say ANWR doesn't have enough oil to make any difference.

Another foolish attempt to point out logic to the left! If you could condense it down to a liquid & inject it into their brains, they still wouldn't get it!