Crude oil ought to be $150 per barrel: Iran

reuters.com ^ | 9-16-12 | reuters

[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.

[NoLibZone]

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

They are war mongers.

[cripplecreek]

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

[Former Proud Canadian]

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.

[Gay State Conservative]

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.

[Jonty30]

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

Unhappy Iranians are a threat to the regime.

[Shady]

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

[Carry_Okie]

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

[BradtotheBone]

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

[BobL]

$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.

[afraidfortherepublic]

Drill here; Drill now; Approve Keystone.

[Chode]

Irant should be turned into a parking lot - Chode...

[mamelukesabre]

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

[familyop]

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.

[Eye of Unk]

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.

[Chode]

works for me...

[elkfersupper]

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

[Former Proud Canadian]

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.

[Celtic Conservative]

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

[MNJohnnie]

Iran should be a free democratic state.

[Brad from Tennessee]

[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.

[usconservative]

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

[usconservative]

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.

[usconservative]

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.

[cableguymn]

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.

[Focault's Pendulum]

Crude oil ought to be $150 per barrel: Iran

And Iran should be a glassed over parking lot.

[A Strict Constructionist]

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

[Former Proud Canadian]

Sorry, I was being sarcastic.

[DustyMoment]

Crude oil ought to be $150 per barrel: Iran

Yep!

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

[SunkenCiv]

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

Thanks NoLibZone.

[Smokin' Joe]

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.

[Smokin' Joe]

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

[AppyPappy]

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.

[Smokin' Joe]

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.

[elkfersupper]

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

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

[Smokin' Joe]

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.

[Shady]

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

[Smokin' Joe]

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.

[A Strict Constructionist]

“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.