Is Saudi Arabia being honest with the world when it says that there is no oil production shortage?

Question

Saudi Arabia, where it costs $.50 (fifty cents) to produce a barrel of oil, and which is the home of the 9/11 terrorists that attacked the United States, dominates OPEC and OPEC pricing arrangements.

World Population increases by 2.5 Billion over 33 years and OPEC oil production stays the same.

See a problem here? Is there any reason world fuel prices are at record levels worldwide?

1973 Total OPEC Oil production 30.63 Mbbls per day

2006 Total OPEC Oil Production 30.66 Mbbls per day

Table 11.5 World Crude Oil Production, 1960-2006 (Million Barrels per Day), http://www.eia.doe.gov/aer/txt/ptb1105.html

1973 Total World Population 4.108 Billion (May 22, 1973)

http://www.ibiblio.org/lunarbin/worldpop

2006 Total World Population 6.618 Billion (May 22, 2008)

World POPClock, U. S. Bureau of Census, http://www.census.gov/ipc/www/popclockworld.html

Answer 1

Favorite Answer

No they are not being honest they are happy to rip off the west. I hope that alternative sources of fuel are found and they can keep their oil.

Answer 2

Please don't distort the facts. It takes a freaking average $30 to produce a barrel of crude and there's no way the Arabs can produce it that cheaply as you have said. After the $15-30 (possibly up to $50) production cost that every crude producer has to pay, you have tons of transporation costs, taxes, costs to keep gas stations in operation.

Who in their right mind would increase oil production when they know they can limit production and raise prices? If I were the supreme ruler of let's say, Russia, why would I bother spending extra effort to produce extra minerals and natural gas when I know the things will be worth more in the near future?

Answer 3

Saudi Arabia is only one of a group of master planners to eliminate Israel and Jews. They are very tricky and almost impossible to determine what they are up to today. However understanding their tactics are made easier if you keep in mind that Isreal is the target in the Middle East. Why? Because Israel has always been the target there for eons. Nothing has changed.

Answer 4

you forget Oil is a finite resource (relatively, it gets replenished, but slower than we would suck it out)

Maybe the saudiis have a pace for pumping out oil that would not blow their reserves in mere decades?

I'm not defending them in any real way, but you have to admit that if we exponentially increased oil production with the human population growth, we'd be out fast!

Then again, you always have to ask- just how much oil is there REALLY? Who is deceiving who? There's no answer to this, so speculation isn't really worthwhile.

Answer 5

The U.S. is seeing an increase in gas prices because the value of the dollar is dropping.... not because there is a shortage of oil...

Source(s): My pretty little head :)

Answer 6

the united states has its own oil we only import 10 percent of our oil they are ripping us off

Answer 7

we should be drilling our own oil, and adding refineries, that is the answer, take foreign oil out of the equation

Answer 8

I do not think they are being honest. Not sure why?

Answer 9

i would say no

Answer 10

so