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Page added on March 21, 2012
Saudi Arabia Losing Control of Oil, McNally Says
Bob McNally, president and founder of Rapidan Group LLC, talks about Saudi Arabia’s oil production and the outlook for oil prices. Saudi Arabia can increase crude production by as much as 25 percent immediately if needed, the country’s oil minister said, seeking to allay the concern over supplies that has driven prices to the highest in three years. McNally speaks with Erik Schatzker on Bloomberg Television’s “InsideTrack.”
5 Comments on "Saudi Arabia Losing Control of Oil, McNally Says"
armageddon51 on Wed, 21st Mar 2012 8:54 pm
I have to admit that the guy has quite a correct view about what’s going on right now. I wish our medias were more keen and present to talk/inform about those issues to viewers. But all we’re getting is the life of reality shows candidates/music idols/movie and pop stars. They are maintaining us in a state of total dumbness and ignorance. We’re not going to make it as a society.
misterno on Thu, 22nd Mar 2012 1:41 am
Bob McNally does not know what he is talking about. He says speculators can only effect the price for hours and would formate the price of oil for a day or so but can not dictate the price for days or months. Well I say bullshit. If speculators can only effect the price of oil only for hours or maybe a day, then howcome back in 2008 price of oil went down from $147 to $30’s in 6 months? I don’t think demand went down drastic enough so that price goes down straight bottom. Nobody can say global oil demand plunged so much that price went from 147 to 32. This is not true. There is only one explanation for the price rising to $147 and going down to $32. SPECULATION!!!! And this guy was White House staff in George Bush presidency??? Woow that explain a lot of things. LOL
BillT on Thu, 22nd Mar 2012 2:58 am
Misterno, maybe that drop to $30 was because there was no buyers for a short period? The world was holding it’s breath because they did not know if there would be a market the next day, for a long period. When the can finally hits that steel wall ahead, then the collapse will be real and oil will again drop, but to zero as there will be no money flowing anywhere for a long time. Wait and see.
Kenz300 on Thu, 22nd Mar 2012 7:17 pm
During the 1970’s the oil embargo cause the price of oil to more than triple in price.
What would be the effect on the world if oil prices tripled today. $4 gas goes to $12 gas. That would slam the global economy and cause a world wide depression.
Individuals, businesses, and politicians are not doing enough to develop a plan to deal with higher energy prices and limited supplies.
Any alternative will look like a good option when oil prices spike.
BillT on Fri, 23rd Mar 2012 11:11 am
Ah, but…oil prices are going to drag all the ‘alternates’ prices right along up the ladder with it. ALL ‘alternatives’ rely on oil to exist. ALL of them that power your car, your home, your job, your life.