GasBuddy Blog

GasBuddy News Article

votes

Naimi Says Supply and Demand Don’t Justify Rising Oil Prices

Bloomberg BusinessWeek -- Saudi Arabian Oil Minister Ali al- Naimi said global supply, demand and inventories of crude don’t justify the current increase in oil prices, the official Saudi Press Agency reported.

“Saudi Arabia is concerned about rising oil prices in the international oil market,” al-Naimi said today. “The price of oil is simply not supported by market fundamentals. The market is well balanced, forward cover remains within an acceptable range and inventories are more than adequate.”

Read the Full Article

Submitted Sep 10, 2012 By: jimbeaux53

Back To News

Category: Daily News Article Discussions > Topics	Add to favorite topics

Author	Topic: Naimi Says Supply and Demand Don’t Justify Rising Oil Prices	Post a Reply Back to Topics

REPLIES (newest first)Ignore Short Messages

First

Next Last

honda0105 Champion Author Tallahassee Posts:18,818 Points:1,636,245 Joined:Nov 2008	Message Posted: Sep 13, 2012 12:01:14 AM Ignore honda0105 Report Abuse Gas: b/c the administration doesn't set the price, contrary to some faux noise.
sparky808 Champion Author Honolulu Posts:3,139 Points:624,685 Joined:Sep 2011	Message Posted: Sep 11, 2012 3:33:40 PM Ignore sparky808 Report Abuse Thank you for posting.
MrPony Veteran Author North Carolina Posts:438 Points:413,400 Joined:Jul 2004	Message Posted: Sep 11, 2012 12:43:35 AM Ignore MrPony Report Abuse Gas1251 - I agree!
matthwbar Champion Author Toledo Posts:4,198 Points:1,044,530 Joined:Jun 2007	Message Posted: Sep 11, 2012 12:40:45 AM Ignore matthwbar Report Abuse I couldn't agree more...
defiancegasman Champion Author Ohio Posts:7,099 Points:1,327,520 Joined:May 2006	Message Posted: Sep 11, 2012 12:31:27 AM Ignore defiancegasman Report Abuse Too much GREED controling those in power to allow this to happen!! BIG OIL spends a couple of BILLION a year to get their REPUBLICANS in CONGRESS and in return make $100's of BILLIONS in profits.
letterchunker Champion Author Texas Posts:2,335 Points:683,150 Joined:Aug 2008	Message Posted: Sep 11, 2012 12:28:20 AM Ignore letterchunker Report Abuse I agree
lovetosavegas Veteran Author Houston Posts:319 Points:196,925 Joined:Apr 2005	Message Posted: Sep 11, 2012 12:28:01 AM Ignore lovetosavegas Report Abuse $3.99 sounds fair to me. Too bad, can't buy Suburban now.
GAS1251 Champion Author Texas Posts:5,288 Points:1,652,935 Joined:Jun 2008	Message Posted: Sep 11, 2012 12:27:28 AM Ignore GAS1251 Report Abuse If the Saudi minister recognizes it, why can't the current Administration see it?
rollercoaster All-Star Author Hartford Posts:502 Points:567,960 Joined:Jul 2008	Message Posted: Sep 11, 2012 12:24:41 AM Ignore rollercoaster Report Abuse the whole economy is upside down,why should it be any different for gas prices !!!
jkpsr Champion Author New Jersey Posts:4,202 Points:1,126,940 Joined:Jun 2005	Message Posted: Sep 11, 2012 12:24:31 AM Ignore jkpsr Report Abuse The Saudis can do something about it.
Kawibiker Champion Author Illinois Posts:1,221 Points:215,465 Joined:May 2012	Message Posted: Sep 11, 2012 12:23:33 AM Ignore Kawibiker Report Abuse ok
MACCLENNY9 Champion Author Jacksonville Posts:2,757 Points:461,390 Joined:Jun 2008	Message Posted: Sep 11, 2012 12:23:30 AM Ignore MACCLENNY9 Report Abuse seems to me its the oil comps. not govt. corruption
SHEP20715 Champion Author Maryland Posts:8,609 Points:1,741,120 Joined:Nov 2007	Message Posted: Sep 11, 2012 12:22:43 AM Ignore SHEP20715 Report Abuse No Mittens 2012
yakstar Champion Author Montreal Posts:2,550 Points:506,250 Joined:Jan 2012	Message Posted: Sep 11, 2012 12:22:24 AM Ignore yakstar Report Abuse whatever...
Quick68 Champion Author Columbus Posts:8,443 Points:1,252,525 Joined:Dec 2009	Message Posted: Sep 11, 2012 12:08:51 AM Ignore Quick68 Report Abuse A man on the radio in Columbus, Ohio today said the price in gas took a jump because the gas stations need to make up the money they loss over the summer. Talk about government corruption.
menagerie1013 Champion Author San Diego Posts:2,365 Points:711,190 Joined:Apr 2011	Message Posted: Sep 11, 2012 12:05:58 AM Ignore menagerie1013 Report Abuse Supply and demand rarely affect the pump price of gas.
rahcat Champion Author Grand Rapids Posts:2,676 Points:689,675 Joined:Jan 2010	Message Posted: Sep 11, 2012 12:03:34 AM Ignore rahcat Report Abuse No kidding? $4.09 here today.
ManOfLeisureII Champion Author Philadelphia Posts:2,010 Points:480,125 Joined:Jan 2012	Message Posted: Sep 11, 2012 12:03:23 AM Ignore ManOfLeisureII Report Abuse Sure prices reflect supply and demand.....the oil companies have all the supply and they demand whatever the heck they want.
EASYRYDER Champion Author Cincinnati Posts:11,466 Points:2,313,175 Joined:Nov 2006	Message Posted: Sep 11, 2012 12:02:38 AM Ignore EASYRYDER Report Abuse NObama 2012
joel27nc Champion Author Raleigh Posts:10,672 Points:1,885,095 Joined:Mar 2008	Message Posted: Sep 11, 2012 12:02:31 AM Ignore joel27nc Report Abuse I agree. Oil prices do not reflect supply and demand.
BlewettCA Veteran Author California Posts:318 Points:243,410 Joined:May 2012	Message Posted: Sep 11, 2012 12:00:42 AM Ignore BlewettCA Report Abuse no bama
walkingtall Champion Author Toronto Posts:4,129 Points:1,147,430 Joined:Nov 2004	Message Posted: Sep 10, 2012 11:57:20 PM Ignore walkingtall Report Abuse Oil companies are greed,more money,more profits.
SUPPER Champion Author San Bernardino Posts:2,568 Points:1,314,215 Joined:Dec 2004	Message Posted: Sep 10, 2012 11:57:14 PM Ignore SUPPER Report Abuse No bama
fuelsaver83 Rookie Author Sioux Falls Posts:17 Points:171,390 Joined:Apr 2012	Message Posted: Sep 10, 2012 11:55:44 PM Ignore fuelsaver83 Report Abuse Greed!
joeschmo12 Champion Author New York Posts:1,102 Points:324,550 Joined:Mar 2012	Message Posted: Sep 10, 2012 11:54:51 PM Ignore joeschmo12 Report Abuse Greedy fat cats
Mustache_33 All-Star Author Toronto Posts:900 Points:181,455 Joined:May 2012	Message Posted: Sep 10, 2012 11:53:05 PM Ignore Mustache_33 Report Abuse hm
us4usa Champion Author Missouri Posts:6,118 Points:1,136,670 Joined:May 2008	Message Posted: Sep 10, 2012 11:53:05 PM Ignore us4usa Report Abuse So why the ten cent jump in gas prices today???
EmperorsFinest Champion Author Chicago Posts:1,564 Points:340,870 Joined:Jul 2011	Message Posted: Sep 10, 2012 11:52:07 PM Ignore EmperorsFinest Report Abuse Tubular
Jmac2008 Champion Author Missouri Posts:2,406 Points:906,890 Joined:Dec 2008	Message Posted: Sep 10, 2012 11:50:58 PM Ignore Jmac2008 Report Abuse oil company and speculator greed.
SparkieMi Champion Author Kalamazoo Posts:3,395 Points:614,770 Joined:Sep 2011	Message Posted: Sep 10, 2012 11:50:16 PM Ignore SparkieMi Report Abuse Pump prices jumped 20 to 26 cents a gallon in Kalamazoo, Mi. today!!!!!!
obimerrill Champion Author Cincinnati Posts:1,575 Points:316,440 Joined:Jul 2012	Message Posted: Sep 10, 2012 11:49:46 PM Ignore obimerrill Report Abuse Speculators go away
hauler43 Champion Author Oakland Posts:8,158 Points:2,597,750 Joined:Sep 2003	Message Posted: Sep 10, 2012 11:48:37 PM Ignore hauler43 Report Abuse Greed
drobbbb Champion Author Maryland Posts:3,585 Points:836,810 Joined:Dec 2010	Message Posted: Sep 10, 2012 11:47:29 PM Ignore drobbbb Report Abuse unbelievable
SHEP20715 Champion Author Maryland Posts:8,609 Points:1,741,120 Joined:Nov 2007	Message Posted: Sep 10, 2012 11:47:11 PM Ignore SHEP20715 Report Abuse no way
69Bonne Champion Author Gary Posts:1,251 Points:492,300 Joined:Sep 2005	Message Posted: Sep 10, 2012 11:47:00 PM Ignore 69Bonne Report Abuse Price gouging by big oil and the distributors.
abcdMA Champion Author Worcester Posts:8,052 Points:1,600,730 Joined:Nov 2008	Message Posted: Sep 10, 2012 11:42:33 PM Ignore abcdMA Report Abuse and meanwhile the administration says and does nothing
midnightsdc Champion Author Ontario Posts:2,398 Points:1,505,470 Joined:Jan 2007	Message Posted: Sep 10, 2012 11:38:45 PM Ignore midnightsdc Report Abuse This all sucks
Digger52 Champion Author Chicago Posts:2,536 Points:874,665 Joined:Aug 2008	Message Posted: Sep 10, 2012 11:38:10 PM Ignore Digger52 Report Abuse So does this mean that the speculators run rampant over the Saudis, too?
bston Champion Author Oklahoma City Posts:1,950 Points:669,015 Joined:Mar 2011	Message Posted: Sep 10, 2012 11:36:46 PM Ignore bston Report Abuse They're selling our country down the river.
gsayeg1 All-Star Author Milwaukee Posts:873 Points:151,220 Joined:Jun 2008	Message Posted: Sep 10, 2012 11:35:55 PM Ignore gsayeg1 Report Abuse need to regulate the futures markets
RevDrCBJ Veteran Author Ann Arbor Posts:385 Points:192,825 Joined:Jul 2011	Message Posted: Sep 10, 2012 11:33:41 PM Ignore RevDrCBJ Report Abuse Greed impacts the rising oil prices.
Blue48 Champion Author Illinois Posts:7,440 Points:1,664,670 Joined:Feb 2007	Message Posted: Sep 10, 2012 11:33:18 PM Ignore Blue48 Report Abuse NOT A SHOCKER!
TXryder Champion Author Texas Posts:2,849 Points:459,535 Joined:Jan 2012	Message Posted: Sep 10, 2012 11:32:30 PM Ignore TXryder Report Abuse Supply and demand is not the cause its the result. Tyrant corporate manipulators demand and the consumer victims supply the cash.
bonzoonfmb Champion Author Florida Posts:1,817 Points:664,160 Joined:Feb 2010	Message Posted: Sep 10, 2012 11:30:09 PM Ignore bonzoonfmb Report Abuse Saudi Arabian Oil Minister Ali al- Naimi : “The price of oil is simply not supported by market fundamentals. The market is well balanced, forward cover remains within an acceptable range and inventories are more than adequate.” Even he will admit that gasoline prices are too high. Gas prices are too high.
SBlouch Champion Author San Antonio Posts:8,832 Points:1,884,330 Joined:Apr 2007	Message Posted: Sep 10, 2012 11:26:28 PM Ignore SBlouch Report Abuse We have known this for years. So why isn't something being done by Saudi Arabia with OPEC?
jwalkerh Champion Author Louisiana Posts:6,197 Points:1,377,430 Joined:Oct 2008	Message Posted: Sep 10, 2012 11:25:20 PM Ignore jwalkerh Report Abuse This is a no win situation for the consumers.
jrsva Champion Author Virginia Posts:9,994 Points:1,639,725 Joined:Jan 2006	Message Posted: Sep 10, 2012 11:24:04 PM Ignore jrsva Report Abuse Is anyone here surprised that market fundamentals do not support the current price of oil? Duh.
Buddy2264 Champion Author Tampa Posts:11,792 Points:2,386,695 Joined:Oct 2005	Message Posted: Sep 10, 2012 11:23:35 PM Ignore Buddy2264 Report Abuse All about greed and profits. Even in the US and Canada, the more we drill and produce the more that is shipped away as fuels. It is not going to lower the prices here.
Titan_62 Champion Author Maryland Posts:1,568 Points:353,935 Joined:Apr 2011	Message Posted: Sep 10, 2012 11:23:31 PM Ignore Titan_62 Report Abuse IT NEVER DOES!!!!
fullauto Champion Author Reading Posts:5,425 Points:1,492,940 Joined:Apr 2008	Message Posted: Sep 10, 2012 11:22:35 PM Ignore fullauto Report Abuse price is as price does.