Why does the whole world sit by and let the saud family dictate oil prices and destroy the world economy?

Contrary to what a previous poster stated, they (the saudi's not the house of Saud) do control prices by controlling supply. From that standpoint, there's not much we can do. Bush tried a couple of weeks ago, but they basically laughed at him.


For us, it all goes back to Reagan being hell bent on deregulating everything. We were almost completely off foreign oil in the late 70's, then Mr. Voodoo economics stepped in and here we are 30 years later facing a problem we would have already solved.Why does the whole world sit by and let the saud family dictate oil prices and destroy the world economy?
I'm sorry but you have bought into a myth, did you know that the Us gets 80% of our oil from North America? Canada and Mexico. Russia is also a major oil producer of oil, to the world market along with Brazil what we have going on is there are developing nations all over the world, and while this is a good thing for freedom and democracies, it is also puts a strain on oil prices,simply because the world production of oil, has not caught up,it will in time .Why does the whole world sit by and let the saud family dictate oil prices and destroy the world economy?
Oil prices are not ONLY high because of the Saudi Royal Family. A few of the other reasons are





World wide markets going into recession led by the world's largest economy, USA





Demand of waring nations for oil for all their military equipment in vast ammounts.





OPEC who are the real controlling body of oil producing nations, hasn't increased production to suit world demand, so every drop becomes more valuable.





Expanding industrial revolutions in China and India is pushing up the demand for oil by an enormous ammount. And they are prepared to pay whatever to get it.





If the world demand was less the price Must drop or they won't sell it, so if world oil reserves that are not yet developed WERE developed then supply would more readily meet the current demand and prices would become more sensible and stable.





Prices can also be reduced by lowering world demand - less motorised warfare, alternative fuel development, less vehicle use.





Unfortunately they can charge whatever they like and the industrial world will pay, because oil is the industrial world's blood. NOTHING works for long without it. It's like the blood in your or my body.





It is why Hitler's U Boats prized getting an oil tanker in their periscope sights. They knew that if you starve a country of oil it grinds to a stop, and you have won the war. Simple as that. You can hold the world to ransom with the stuff! The only problem with trying that tactic though is that you are assuming that the people who are being starved of oil don't have the strengh and will to come and take it.





Go into Iraq for example? ordinary people are fair minded and wouldn't like a government to do that, so you'd need an excuse. The leader is an evil man, [which he was] and he has weapons of mass destruction [which weren't found] but sshhh! keep quiet about the word ';oil';.





...oh and Mr Bush wouldn't be an oil man by any strange quirk of fate, would he?
In case you haven't noticed by now, the US economy dictates all commodity prices nowadays. Are you so freaking ignorant to the point you don't know that almost all commodities are traded in US dollars? Haven't you noticed the crappy real estate market, the detoriating US dollar, and the current surge in prices by now?





Moronic idiots like you need to get an education or at least read the newspapers once in a while!





I really wish OPEC+main crude/raw material producers would have the sense to follow in Iran's path and think realistically. The US dollar is really worth no more than the paper and ink it is produced with if you look at how in debt the govt that prints it is! Its time to move on to using a half decent global currency. The world's so-called largest economy is really a debt and spending piece of inefficient junk that needs to file bankruptcy.
OPEC and speculation determines oil prices, the saudi royal family doesn't. wow, the Bush admin has clearly gotten to you. did you know that the Tarsan oil fields in Alberta canada also produce oil? we must be in on it. have you heard of shell and esso? they also determine price, that's why there's such thing as anti price gouging laws. be part of the solution, not the problem, and don't believe everything you hear.
The real reasons that gas is so expensive are:





The dollar has plummeted in value. This is probably the biggest reason of all.





World demand for crude and refined products has increased greatly





The major oil companies have been slow to build new refining capacity (some believe purposely to limit supply and drive the price speculation.)





Speculation in the commodity market.





Crude oil and refined products are likely never to be cheap again. Time to get used to it and look to conserve to cut our costs. More domestic drilling is basically a false hope because the oil reserves in Alaska or off the California coast are simply not significant enough to change the price or increase the supply much at all in the long run. The real solutions are alternative fuels and renewable energy sources and conservation.
Wrong.





Supply and demand dictate the price. Stop buying, the demand goes down, then the price goes down.





Start drilling offshore in California, drill in Alaska and as long as the demand stays high enough, the price STILL wouldn't go down.





Also, if the value of the dollar goes down by 50%, what do you think happens to the cost of an item.....it goes up.





At an Auction, the item doesn't go to the LOWEST BIDDER.





Here's your options:


1. Get a raise in pay,


2. Find an alternative source of fuel,


3. Lower your use of said fuel.





That's about your only options.





If I took over Saudi Arabia today, I would be selling to the highest bidder as well, especially if I had a Finite product and will be out of business when the shelves are empty.
It's their oil, they can do what they want with it. When this oil business started back in the 70's Jimmy Carter wanted to do move rapidly toward energy independence.....The Reagan republicans made short work of him. Conservation and high mileage transportation was for wimps we were told. So now we have a problem where no problem would have existed. To this day the GOP hasn't changed a bit. Dumb and dumber! 'Ya get what 'ya pay for. No kiddin'!
The royal family does not control oil prices... they have a say but it is OPEC that determines the oil prices... there are 100s of people and organizations from the Middle East and South America who determine oil prices.
the value of the dollar and speculating on futures is driving up the prices... alternative energies will drive the price of fuel with in realistic prices...
Obama is an extreme liberal. Congress is liberal. McCain is gridlock. Gridlock is better than liberalism.
The saudi family doesn't dictate world prices, the vlaue of the dollar and speculative traders do.