TV News LIES

Wednesday, Nov 22nd

Last update05:20:13 AM GMT

You are here News Energy WikiLeaks: Saudis often warned U.S. about oil speculators

WikiLeaks: Saudis often warned U.S. about oil speculators

E-mail Print PDF

Chinese super tankerWhen oil prices hit a record $147 a barrel in July 2008, the Bush administration leaned on Saudi Arabia to pump more crude in hopes that a flood of new crude would drive the price down. The Saudis complied, but not before warning that oil already was plentiful and that Wall Street speculation, not a shortage of oil, was driving up prices.

Saudi Oil Minister Ali al Naimi even told U.S. Ambassador Ford Fraker that the kingdom would have difficulty finding customers for the additional crude, according to an account laid out in a confidential State Department cable dated Sept. 28, 2008,

"Saudi Arabia can't just put crude out on the market," the cable quotes Naimi as saying. Instead, Naimi suggested, "speculators bore significant responsibility for the sharp increase in oil prices in the last few years," according to the cable.

What role Wall Street investors play in the high cost of oil is a hotly debated topic in Washington. Despite weak demand, the price of a barrel of crude oil surged more than 25 percent in the past year, reaching a peak of $113 May 2 before falling back to a range of $95 to $100 a barrel.

More...


Most Recent Related Stories...


U.S. withdrawal from energy transparency group called strategic

US withdrawal from energy transparency 'strategic' Leaving a transparency initiative on fossil fuels was a mistake, advocates said, but Washington and...

Explosion hits oil rig on Lake Pontchartrain

Oil rigs explodes in Lousiana At least seven people were injured when a large explosion on an oil rig operating in Louisiana’s...

Whitefish Energy Apologizes to Puerto Rico, San Juan Mayor for Twitter Comments

Whitefish Energy 0 with 2 employees - gets $300m contractWhitefish Energy issued an apology to San Juan Mayor Carmen Yulin Cruz and “everyone in Puerto...

Judge allows Dakota Access pipeline to keep running

Dakota pipeline allowed to continueA federal judge ruled Wednesday that the Dakota Access oil pipeline can continue operating while a...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!