I have been hearing that there is no reason to pump more oil for some time now. If plenty of oil is being pumped but everyone is cutting back because of the price where is the oil? You can only store so much oil and then you would have to stop pumping but no one is doing that so obviously greed is the reason that OPEC does not want to increase production. They are lying through their teeth.

I would be past asking OPEC and Saudi Arabia to pump more oil. Its time the world told them they will pump more oil until the price gets down to around $50 a barrel or OPEC is going to be internationally outlawed as the criminal cartel it is.

OPEC is bring the world to an economic crises point and if the big powers don’t do something rather quickly it is going to be too late.

I have a suggestion. Everyone should open up their national oil reserves right now and at the same time the U.S. should take care of the Iranian nuclear and military threat. After this threat is out of the way there will be no future oil speculation because of the Iranian threat. Then we should go all out to help Iraq gear up their oil producing capability and also tell Saudi Arabia that they will fill the gap or they risk dire consequences.

OPEC sees no need to pump more after price surge | Reuters

DUBAI (Reuters) - OPEC members saw no need on Sunday to pump more oil in response to last week’s double-digit surge in oil prices to over $139 a barrel that top exporter Saudi Arabia described as unjustified.

Top oil exporter Saudi Arabia is the only OPEC member with capacity to boost output quickly and significantly.

But Saudi Oil Minister Ali al-Naimi and his Pakistani counterpart met on Sunday and agreed that the price rise was unjustified and unrelated to market fundamentals, the official Saudi Press Agency reported.

“The increase of the oil prices is becoming a real threat to the worldwide economy,” Germany’s Economy Minister Michael Glos told Reuters.

$150 OIL?

OPEC blames factors beyond its control, including speculation and international political tension, for the price rises. Those factors could take prices even higher soon, said Iran’s OPEC representative Muhammad Ali Khatibi.

“I forecast that by the end of summer the price of oil will reach $150 a barrel,” Mohammad Ali Khatibi was quoted as saying by Iran’s state broadcaster.

Russia has stressed its opposition to any decision on Kosovo’s
status that is not accepted by Serbia. It has warned that recognition
of Kosovo by the United States and other nations would encourage
separatists in the former Soviet Union, across Europe and around the world.

Russia is widely expected to block recognition of Kosovo in the United Nations and continue backing traditional ally Serbia.
President Vladimir Putin
said Friday that Russia would not “ape” the West, indicating it would
not immediately recognize long-standing independence claims of
pro-Russian separatist regions in ex-Soviet Georgia.

The Russians are correct this is going to make the whole region unstable. I think NATO is making a huge mistake and also building the foundations for a new cold war. When was the last time US foreign policy make sense in any crises area of the world?. It won’t start here.

Full Article

Technorati Tags: Kosovo, Serbia, Russia, cold war

If you still are one of those who believe we are living in a world that is getting progressively better you might read this article.

clipped from www.guardian.co.uk The west must be ready to resort to a pre-emptive nuclear attack to try to halt the “imminent” spread of nuclear and other weapons of mass destruction, according to a radical manifesto for a new Nato by five of the west’s most senior military officers and strategists.Calling for root-and-branch reform of Nato and a new pact drawing the US, Nato and the European Union together in a “grand strategy” to tackle the challenges of an increasingly brutal world, the former armed forces chiefs from the US, Britain, Germany, France and the Netherlands insist that a “first strike” nuclear option remains an “indispensable instrument” since there is “simply no realistic prospect of a nuclear-free world”.