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Crude oil ought to be $150 per barrel: Iran
reuters.com ^ | 9-16-12 | reuters

Posted on 09/16/2012 3:12:16 PM PDT by NoLibZone

Crude oil should be at least $150 per barrel, Iran's oil minister was quoted as saying on Sunday, and the sanctions-hit country's OPEC governor said current oil prices were not high enough to threaten the world economy.

Benchmark Brent crude prices rose to nearly $118 a barrel on Friday, stoking fears that surging energy costs could harm fragile economic growth. Days earlier, Saudi Oil Minister Ali al-Naimi said he was worried by high prices and the kingdom would take steps to moderate them.

Iranian oil officials say oil prices are still fairly low and deny there is any danger of current prices hampering growth.

Iranian oil minister Rostam Qasemi said on Sunday crude oil ought to be at least $150 per barrel, the Iranian Students' News Agency (ISNA) reported.

"During the winter, oil prices always climb," Qasemi said. "So it's natural that this year as well we will have a rise in oil prices in the winter."

Mohammad Ali Khatibi, who represents Iran on the board of governors of the Organization of the Petroleum Exporting Countries (OPEC) told the oil ministry news website Shana that even price-sensitive consumers saw $100 a barrel as fair.

He argued that prices a "few dollars" above that level were unlikely to upset Western economies.

(Excerpt) Read more at reuters.com ...


TOPICS: Business/Economy; Extended News; Foreign Affairs; News/Current Events; War on Terror
KEYWORDS: anwr; energy; iran; keystonexl; oil; oilprices; opec; waronterror

1 posted on 09/16/2012 3:12:23 PM PDT by NoLibZone
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To: NoLibZone

The greens want the US to be dependent on ME oil.

They are war mongers.


2 posted on 09/16/2012 3:13:30 PM PDT by NoLibZone (Every conservative knew the attacks were coming... 3.5 years ago when Obama was elected.)
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To: NoLibZone

There’s a delicate balance that must be kept. Tip it too far and the profitability of drilling elsewhere comes into play.


3 posted on 09/16/2012 3:16:02 PM PDT by cripplecreek (What does it profit a man if he gains the whole world but loses his soul?)
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To: NoLibZone
I have an idea. By a stroke of the pen the US President can increase supply in the near future by 600,000 barrels/day. This supply will flow directly to US gulf refineries from a secure place unaffected by riots or demonstrations. It will not cost US taxpayers a cent, and will create thousands of jobs.

Keystone, brought to you by TransCanada Pipelines.

4 posted on 09/16/2012 3:16:47 PM PDT by Former Proud Canadian (Obamanomics-We don't need your stinking tar sands oil, we'll just grow algae.)
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To: NoLibZone
Before too long the price of oil is gonna be very low on the list of priorities of the Iranian mullah's,their minions or,alas,ordinary Iranians.
5 posted on 09/16/2012 3:17:41 PM PDT by Gay State Conservative (If Obama's Reelected Imagine The Mess He'll Inherit!)
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To: NoLibZone

It is my understanding that the Iranian economy is unsustainable, due to low oil prices.

Unhappy Iranians are a threat to the regime.


6 posted on 09/16/2012 3:17:41 PM PDT by Jonty30 (What Islam and secularism have in common is that they are both death cults.)
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To: Former Proud Canadian

Ah but that would make evil billionaire Warren Buffet mad since he has the monopoly on transporting crrude via BNSF.


7 posted on 09/16/2012 3:18:38 PM PDT by Shady (The Tea Party is the Party of the American People, Working and creating wealth in SPITE of OBAMA!)
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To: NoLibZone

Considering how the Fed has been inflating the currency, in a way, he’s right.


8 posted on 09/16/2012 3:23:37 PM PDT by Carry_Okie (The Slave Party Switcheroo: Economic crisis! Zero's eligibility Trumped!! Hillary 2012!!!)
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To: NoLibZone

With Helicopter Ben printing $40 Billion a month, it will be $150 a barrel very soon.


9 posted on 09/16/2012 3:24:24 PM PDT by BradtotheBone (Moderate Democrat - A politician whose voting record leans left and whose vote can be bought.)
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To: NoLibZone

$150 per barrel is $4.00 per gallon. Add in other costs, maybe $5.50 per gallon.

That’s still less than half of the per-mile costs of Governor Perry’s toll roads (here in Texas)...at least for most cars.


10 posted on 09/16/2012 3:29:27 PM PDT by BobL (You can live each day only once. You can waste a few, but don't waste too many.)
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To: NoLibZone

Drill here; Drill now; Approve Keystone.


11 posted on 09/16/2012 3:31:27 PM PDT by afraidfortherepublic (Joe Biden is reported to be seeking asylum in a foreign country so he does not have to debate Ryan.)
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To: NoLibZone
Irant should be turned into a parking lot - Chode...
12 posted on 09/16/2012 3:31:27 PM PDT by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
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To: Chode

That’s too much work. Lets just do Tehran and call it goodnuf.


13 posted on 09/16/2012 3:46:01 PM PDT by mamelukesabre
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To: NoLibZone

It probably will go to $150 and beyond, but not because Iranian leaders want that to happen. There are huge numbers of new drivers in several large populations every year, and manufacturing continues to go strong in those countries. Those populations dwarf ours.


14 posted on 09/16/2012 3:49:20 PM PDT by familyop (cbt. engr. (cbt), NG, '89-' 96)
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To: Former Proud Canadian

If we had Sarah Palin behind it as well as the GOP nominee it would be guaranteed.

Nope, instead we get something else that so far is whimpering and cowering at the starting gate.


15 posted on 09/16/2012 3:53:11 PM PDT by Eye of Unk (OPSEC)
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To: mamelukesabre
works for me...
16 posted on 09/16/2012 3:55:49 PM PDT by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
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To: NoLibZone

Actually, crude oil should be less than $2 a barrel, but nobody has the political courage to make that happen.


17 posted on 09/16/2012 4:00:35 PM PDT by elkfersupper ( Member of the Original Defiant Class)
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To: Eye of Unk
Romney will build the Keystone. Well, he will let TransCanada build it, on day 1.

It's a no-brainer. I wonder why Obama hasn't thought of it.

18 posted on 09/16/2012 4:15:01 PM PDT by Former Proud Canadian (Obamanomics-We don't need your stinking tar sands oil, we'll just grow algae.)
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To: NoLibZone
Yeah and Iran should be a glass paved, self -illuminating parking lot, too so I guess We all dont get what we really want.

CC

19 posted on 09/16/2012 4:16:54 PM PDT by Celtic Conservative (Q: how did you find America? A: turn left at Greenland)
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To: NoLibZone

Iran should be a free democratic state.


20 posted on 09/16/2012 4:18:11 PM PDT by MNJohnnie (Giving more money to DC to fix the Debt is like giving free drugs to addicts think it will cure them)
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To: Shady
[Ah but that would make evil billionaire Warren Buffet mad since he has the monopoly on transporting crude via BNSF.]

He also has a near monopoly on coal transportation and owns many of the mining operations producing coal. Bill Gates, who would like people to believe he is “Green,” is a major coal partner of Buffett’s.

21 posted on 09/16/2012 4:49:40 PM PDT by Brad from Tennessee (A politician can't give you anything he hasn't first stolen from you.)
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To: NoLibZone

If Oil reaches $150/bbl, then we oughtta just flat out nuke Iran off the planet, period.


22 posted on 09/16/2012 4:50:46 PM PDT by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
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To: MNJohnnie
Iran should be a free democratic state.

And it would've been if butthead in the White House had supported the uprising a few years ago, rather than backing his good friend Ahmedinejad.

23 posted on 09/16/2012 4:52:12 PM PDT by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
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To: Jonty30
It is my understanding that the Iranian economy is unsustainable, due to low oil prices.

Your understanding is incorrect. It's not oil prices, it's the fact that Iran has no refining capacity to make gasoline, so they export oil and import gasoline. Losing proposition for them.

24 posted on 09/16/2012 4:53:37 PM PDT by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
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To: Former Proud Canadian

It’s a no-brainer. I wonder why Obama hasn’t thought of it.


He has. He is just stuck.. he signs off on it he looses the green nuts. He signs on to it and those of us on the right will know it’s just a political move.

He can’t win and is trying to figure out what side will cost him the least.


25 posted on 09/16/2012 5:07:50 PM PDT by cableguymn
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To: NoLibZone
Crude oil ought to be $150 per barrel: Iran

And Iran should be a glassed over parking lot.

26 posted on 09/16/2012 5:15:02 PM PDT by Focault's Pendulum (Obama A man without an American mission.)
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To: NoLibZone

Wheat and corn or products made from these products should be $1K per bushel for the Petroleum crowd.


27 posted on 09/16/2012 5:20:42 PM PDT by A Strict Constructionist (We're an Oligrachy...Resistance to tyrants is obedience to God. Thomas Jefferson)
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To: cableguymn

Sorry, I was being sarcastic.


28 posted on 09/16/2012 5:49:52 PM PDT by Former Proud Canadian (Obamanomics-We don't need your stinking tar sands oil, we'll just grow algae.)
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To: NoLibZone
Crude oil ought to be $150 per barrel: Iran

Yep!

And, Iran ought to be the world's largest piece of glass!

29 posted on 09/16/2012 6:19:35 PM PDT by DustyMoment (Congress - another name for white collar criminals!!)
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...

Hey, this wouldn’t happen if it weren’t for ethanol. /s

Thanks NoLibZone.


30 posted on 09/16/2012 7:23:45 PM PDT by SunkenCiv (https://secure.freerepublic.com/donate/)
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To: Shady
Warren is transporting (mostly) light sweet crude from the Bakken and Three Forks in North Dakota. There already was a severe lack of pipeline capacity when North Dakota only produced 200,000 barrels a day, and the state produces three times that now.

Some of that crude oil would likely have gone south on the Keystone Pipeline, but most of the intended capacity was for tar sands crude out of Canada.

Oil is going by rail to as far away as Nova Scotia to be refined from the Williston Basin (The geological province the Bakken Formation is in). Either way, Warren Buffet will be making money, the infrastructure and rail terminals are in place.

31 posted on 09/17/2012 6:57:44 AM PDT by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing)
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To: elkfersupper

When crude gets back to $2/barrel, will cars cost $600 (new) again, too?


32 posted on 09/17/2012 6:59:03 AM PDT by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing)
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To: NoLibZone

The Saudis are smarter than the Iranians. They know that they can kill the goose that lays the golden eggs if they keep gas prices too high for too long.


33 posted on 09/17/2012 7:05:25 AM PDT by AppyPappy (If you really want to annoy someone, point out something obvious that they are trying hard to ignore)
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To: A Strict Constructionist
Wheat and corn or products made from these products should be $1K per bushel for the Petroleum crowd.

At $150.00/bbl, maybe we should quit using food for fuel and keep drilling for our own oil. As it stands, it takes more petroleum invested to produce the relatively low grade ethanol fuel than we get from the ethanol in fuel value.

Keep burning food in the gas tank, and it'll be $1K for everyone.

34 posted on 09/17/2012 8:34:54 AM PDT by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing)
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To: Smokin' Joe
When crude gets back to $2/barrel, will cars cost $600 (new) again, too?

More like $2,600. Revisit the '65 Mustang.

35 posted on 09/17/2012 4:24:26 PM PDT by elkfersupper ( Member of the Original Defiant Class)
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To: elkfersupper

Actually, crude oil punched through two dollars in 1919. A new car then was about $600. Unless you went high end...The Mustang wasn’t the cheapest Ford offering in ‘65, either.


36 posted on 09/17/2012 8:31:55 PM PDT by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing)
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To: Smokin' Joe

That is right, but the political cronyism is still blatient.


37 posted on 09/18/2012 5:07:17 PM PDT by Shady (Hey, King Bozo Osmocote....you can't hide the truth anymore..)
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To: Shady
That is right, but the political cronyism is still blatient.

No doubt. It's just that when you're playing at Buffet's level, you're likely to make more money.

Also, the rail idea was in progress long before Keystone was shut down. We've been drilling laterals in the Bakken in ND and MT since 2000 (although there were some earlier attempts in the '80s).

The lack of pipeline capacity had crude from the region (formerly selling on par with WTI) selling at a $30/bbl discount back then, and shipping it was a pretty obvious way to make a buck.

Guys like Buffet had the resources to do something about that, and Keystone getting stymied was just icing on that cake for them.

38 posted on 09/18/2012 9:23:24 PM PDT by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing)
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To: Smokin' Joe

“maybe we should quit using food for fuel”

Eliminate the maybe and I will agree with you. Drill now, drill fast, drill often. Charge the Muslims big bucks to eat anything we produce.


39 posted on 09/19/2012 1:37:10 PM PDT by A Strict Constructionist (We're an Oligrachy...Resistance to tyrants is obedience to God. Thomas Jefferson)
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