If you want to lull a drunk into thinking you are his friend, give him more booze. So as we in the world continue to drink more oil at an alarming rate, the oil pimps in the middle east are giving us more to drink.
As with any drunk, the only one who can help them is the drunk themselves. For over 30 years we in America have sat on our hands doing little to wean our appetites for the black gold of the earth. Just when we see that our auto companies are starting to take the oil crisis serious and start to produce alternative fueled and hybrid vehicles, the bartenders in the middle east decide to buy the house a round of drinks.
White House Deputy Press Secretary Tony Fratto praised the step. “Any increase in production in today’s oil market is welcome,” Fratto. “It is important that we also take steps to increase domestic production and our refining capacity.”
Al-Naimi also said the Saudi government will invest in oil projects that would allow Saudi Arabia to have the capacity to produce 12.5 million barrels per day by the end of next year.
King Abdullah’s announcement came at the end of the Jeddah energy summit, where he also called for OPEC to set aside $1 billion for a strategy to ease the oil price crisis. He said $500 million should be given to developing nations to help them get the energy they need.
You have to love statements like this:
“It is important that we also take steps to increase domestic production and our refining capacity.”
No Duh, dude!
How about this one:
Saudi Arabia to have the capacity to produce 12.5 million barrels per day by the end of next year.
Of course. The last thing they want to see is for us to switch to another fuel. Their hope is that we will abandon our research into electric, hydrogen, hybrids or any alternatives to gasoline. [See LS9 below.]
Are we going to be lulled into another stupor? If gas prices fall a few pennies will we consider this a deal and abandon our efforts to curb our drinking?
PS Or is LS9 going to be the answer? LS9 here.