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Crude Oil Report 16 may 2008

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charles bash

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May 16, 2008, 8:00:16 PM5/16/08
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(Texas) "light sweet crude" 16 May 2008 closed om NYMEX at $ 126.29 a
Barrel and a new record high, for June delivery.

President Bush was rebuffed today by the Saudi Oil Minister who said the
kingdom decided on 10 May to raise production by 300,000 barrels per
day. At the request of Customers that increase Was Sufficient! SUPPLY
AND DEMAND ARE IN BALANCE TODAY,, he said. (Saudis) say that even an
increase in production would be Unlikely to Bring Down The Soaring
Prices!

President Bush had asked the Saudis to increase oil production on the
hope that prices would receed.
C. Bash



strabo

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May 18, 2008, 2:01:06 PM5/18/08
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Bush and company lie again. There is plenty of oil. Transport may be
lacking but this can be quickly overcome by domestic production.

Flooding the market with oil products would create competition and
prices would plummet. There would be no need for farmer assistance to
sell corn for fuel and food prices would drop.

America would again be independent of foreign oil and this would remove
the rationalization for imperialistic wars.

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