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Originally Posted by Intercooled
60 Minutes had an interview with head of OPEC from Saudi this past Sunday. In short, Saudi will be finshing up a new multi billion dolllar oil extraction facility in the middle of the dessert in 09. They found a huge oil field and they believe there is enough oil in this field to supply the world with oil for 50 years. Suadi relays solely on its oil business to keep the country going. The interviewer asked "now that oil is down to $40/barrel are you concerned. He said they were concerened and that they need $55/barrel to keep the country moving but they want oil to be at $75/barrel. He said with this new oil field they hope to stabalize the markey so it wont fluctuate as much. He also mentioned with smirking grin that it cost Saudi just under $2 to produce a barrel of oil. He says our country(USA) wants its citizens to believe that we are going to run out of oil and everything is a crisses. He believes it will be a long time before we run out of oil. Velezuala and Iran want oil to be extremly expensive so they can fund thier nuclear programs, but Saudi is more or less the leaders in OPEC and make the final say. They also realize the no good that Velenzuala and Iran up to.
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I believe everything the Saudis say. I mean, they have never lied to us before have they? And since it was on 60 Minutes, it must be true!
