Yukos to stop production, is $3.00/gal gas far away?....

[unkachuck]

http://www.moscowtimes.ru/stories/2004/07/29/001.html

.....light crude futures today, NY, $43.05 per barrel....

The turmoil Bush has brought us and the world is not going to disappear, even if he does in November.....$3.00 plus a gallon gas around the corner?....Putin/State taking over Russian oil?.....Russian oil selling in Euros, what's it going to cost us?.....

[lapfog_1]

1. This is one of the untold stories

by American media.

However, even more telling, is that Bandar told the BFEE that
the Kingdom would produce enough oil to lower prices in time to
help with the election cycle... and I believe that he intended
to do that. Why the Kingdom cannot do that (or has not by this
date, only 100 days from the election) is perhaps the most
worrying aspect of these stories. See, everyone believes the
Saudi numbers on their oil reserves and pumping capacity, BUT
it is not well known that Saudis have been doing their own estimates
for many years now, and there are no independent audits. Bandar
and the other Princes may not even know the true state of the Saudi
reserves or pumping capacity. That the Saudis have not increased
production to stabilize oil price at something like $35/barrel,
is very worrisome.

And when the next oil crunch hits, the spot market could go through
the roof.

Why do I feel like a lot of people have their heads buried in the
sand (literally) about this?

[NewJeffCT]

2. this is a huge story

If gas prices start shooting up again, our fragile consumer confidence will plummet.

I'm sure * & Rove have a bat phone open to Bandar Bush in Saudi Arabia constantly asking him to start increasing production. However, I'm guessing that he'll wait until after the Repub convention, as just the news that the Saudis are increasing production by X million barrels per day will send oil & gas prices down. Then, a drop from $2.20 a gallon to $2.05 a gallon will seem like a victory for *