Iran's president says oil prices too low
By: Ali Akbar Dareini on: 19.04.2008 [10:45 ] (648 reads)
By: Ali Akbar Dareini on: 19.04.2008 [10:45 ] (648 reads)
|
Iran's president says oil prices too low
Saturday April 19, 4:51 am ET
By Ali Akbar Dareini, Associated Press Writer
Report: Iran's president says oil at $115 a barrel is too low, calls for higher prices
TEHRAN, Iran (AP) Iran's hard-line president declared that crude oil prices, now above $115 a barrel, are too low, state media reported Saturday.
President Mahmoud Ahmadinejad told an oil and gas exhibition in Tehran on Friday that he thought the commodity still had to "discover its real value," according to the Web site of Iran's state-run television.
Oil prices have hit all-time highs above $115 a barrel in recent weeks, amid reports that oil and gasoline reserves in the United States were lower than expected and as the dollar sinks to record lows.
"The oil price of $115 a barrel in today's global markets is a deceiving figure. Oil is a strategic commodity that needs to discover its real value," the Web site quoted Ahmadinejad as saying.
Crude oil futures surged to a new trading record of $117 a barrel Friday following an attack on a key pipeline in Nigeria. The increase capped a week of record highs fueled by supply woes and the dollar's weakness relative to other major currencies.
Ahmadinejad said despite high oil prices, the true value of crude oil, adjusted for inflation, is currently less than what it was in 1980.
"While the price of other commodities have increased, the economic value of the current oil price is even less than 1980," he said.
But some figures suggest that today's crude prices might have surpassed inflation-adjusted highs set in early 1980. Depending on how the adjustment is calculated, $38 a barrel then would be worth $96 to $103 or more today.
Ahmadinejad accused Western industrialized nations of "selfishness" in their quest for cheaper oil.
"When they get hold of oil, they assume that oil is a free commodity and belongs to them and has wrongly been placed in other territories. ... This is the spirit of selfishness and arrogance," Ahmadinejad was quoted as saying.
A host of supply and demand concerns in the U.S. and abroad, along with the dollar's weakness, have bolstered oil prices, even as record retail gasoline prices in the U.S. appear to be dampening demand.
A weaker dollar makes commodities such as oil less attractive to investors as a hedge against inflation, and it makes oil more expensive to investors overseas. Analysts believe the weaker dollar is the primary reason oil has soared this year. The effect tends to reverse when the greenback gains ground.
Ahmadinejad called the U.S. currency "a handful of paper" without any global support.
Iran has stopped using the U.S. dollar in its oil transactions with the outside world, switching to currencies such as euro.
"The dollar is not money any longer but a handful of paper distributed in the world without commodity support," the Web site quoted Ahmadinejad as saying.
Link
Saturday April 19, 4:51 am ET
By Ali Akbar Dareini, Associated Press Writer
Report: Iran's president says oil at $115 a barrel is too low, calls for higher prices
TEHRAN, Iran (AP) Iran's hard-line president declared that crude oil prices, now above $115 a barrel, are too low, state media reported Saturday.
President Mahmoud Ahmadinejad told an oil and gas exhibition in Tehran on Friday that he thought the commodity still had to "discover its real value," according to the Web site of Iran's state-run television.
Oil prices have hit all-time highs above $115 a barrel in recent weeks, amid reports that oil and gasoline reserves in the United States were lower than expected and as the dollar sinks to record lows.
"The oil price of $115 a barrel in today's global markets is a deceiving figure. Oil is a strategic commodity that needs to discover its real value," the Web site quoted Ahmadinejad as saying.
Crude oil futures surged to a new trading record of $117 a barrel Friday following an attack on a key pipeline in Nigeria. The increase capped a week of record highs fueled by supply woes and the dollar's weakness relative to other major currencies.
Ahmadinejad said despite high oil prices, the true value of crude oil, adjusted for inflation, is currently less than what it was in 1980.
"While the price of other commodities have increased, the economic value of the current oil price is even less than 1980," he said.
But some figures suggest that today's crude prices might have surpassed inflation-adjusted highs set in early 1980. Depending on how the adjustment is calculated, $38 a barrel then would be worth $96 to $103 or more today.
Ahmadinejad accused Western industrialized nations of "selfishness" in their quest for cheaper oil.
"When they get hold of oil, they assume that oil is a free commodity and belongs to them and has wrongly been placed in other territories. ... This is the spirit of selfishness and arrogance," Ahmadinejad was quoted as saying.
A host of supply and demand concerns in the U.S. and abroad, along with the dollar's weakness, have bolstered oil prices, even as record retail gasoline prices in the U.S. appear to be dampening demand.
A weaker dollar makes commodities such as oil less attractive to investors as a hedge against inflation, and it makes oil more expensive to investors overseas. Analysts believe the weaker dollar is the primary reason oil has soared this year. The effect tends to reverse when the greenback gains ground.
Ahmadinejad called the U.S. currency "a handful of paper" without any global support.
Iran has stopped using the U.S. dollar in its oil transactions with the outside world, switching to currencies such as euro.
"The dollar is not money any longer but a handful of paper distributed in the world without commodity support," the Web site quoted Ahmadinejad as saying.
Link
| ||
Oil should be around $300-$400bbl right now. The price is being kept artificially low to stave off the imminent demise of the capitalist economies. The strategy is temporary and another war will send oil above $500, maybe even a $1000. When that happens, you have World War Three - remember the reason Japan legitimately attacked Pearl Harbour? Because the US was cutting off oil supply lines to instigate exactly that response. Germany too, was building a railway to Baghdad when WWII "started". These are basic fundamental historical facts...no energy = no economy = war. It's not rocket science. |
| ||
lets say 1 liter coca cola (CC) the genuine US product of the decade which easily produced world wide with everything in renewable and available such as water, sugar, and its recipe has price of US$2/liter ?. 1 barrel of Crude Oil (not renewable) the product of mother nature is equal to 159 liter. On the bases of CC/barrel to CO/barrel the good price of CO should be quoted (US$ 2/liter x 159 liter ) US$ 318/barrel. I think President Ahmadinejad is absolutely correct by saying that CO is still cheap as its price is quoted by bank computers virtually and also paid virtually from bank to bank computers (almost non existence of money exchange when crude oil is loaded into the tanker). This transaction is almost equal to robbing the tangible asset (CO) as the real liquid of CO is loaded into and transported by tankers. However, the seller (mostly stupid Arabs sheiks) only got numbers with a lot of zero printed on computer screen with bank logo in it, just to pleased stupid dumb asshole Arab sheiks, that the money already in his account in the banks in New York or London!!!. On this bases I think no matter high the quoted CO price even US$1000/bbl, it still doesn't matter, since it is paid only by punching bank computer keyboard, just to pleased Arabs Sheik, Kings or seller. The real price of CO should be paid by a real tangible assets like gold, platinum, palladium, companies shares, grains, land in New York etc |
| ||
ht tp://iraqwar. |
| ||
ht tp://www.rense. |
| ||
just robbing Arabs (Sunny in particular). On the land is taking everything including Arabs men and women to convert them into "slaves and prostitutes" and deep within below their land (I meant Arab land) is to take and incorporate its huge OIL RESERVE a tangible assets for future America energu need. This and everything will be taken for American well being. I think most people in this world understand and would tolerate that, as long as American and Jews take everything that belong to Arabs Sheik and its King for their people well being, because these Arabs is just word nothing for (Saudis, Kuwait, UAE, Iraq Oman etc). |
| ||
On the one hand, I agree with Jad. As long as Amerikkkans are driving gas guzzling sports cars and SUV's and Humvee Limousines, etc, and they are driving long commutes to work, then I agree that the price of oil is too low. On the other hand, if oil prices go too high, the economies of the countries that purchase the oil might slow down, causing them to purchase less oil. Either way, the price of oil will hit a ceiling when alternative fuels become viable. Perhaps that will be the true measure of the correct price of oil. Still, Jad is right in saying that Western imperialist powers feel a sense of entitlement for cheap fuel, and are willing to commit extreme crimes to attain that cheap fuel to which they have become accustomed. |
| ||
For the good of the world, lets drive oil prices to + $300. That will make the war worth while. It'll put the dosh in the hands of the East to arm up. It'll take the dosh out of the west and suck the attacking nations down, crashing the economies. It'll make attacking oil tankers through the Pacific a very real game of subs and deep water war. It'll make keeping oil pipelines working a real game. Lets also put gold where it should be at around US$ 3000. |
Send instant messages to your online friends http://uk.messenger
Change settings via the Web (Yahoo! ID required)
Change settings via email: Switch delivery to Daily Digest | Switch format to Traditional
Visit Your Group | Yahoo! Groups Terms of Use | Unsubscribe
.
__,_._,___