pslewis

If this Middle East unrest cuts off Oil supplies ... so the Telegraph reports.

Saudi are trying to head off a rebellion by throwing money at its people ... I'm not sure that will be enough though - why accept £1 when you can overthrow the rulers and take £1,000,000,000,000!?

And if Saudi goes under we are REALLY in the cak!!

A big hike in Oil costs has preceeded all recessions ...... hold onto your hats, this is going to get much worse before there is any signs of anything improving - remember that the Government is about to squeeze the Economy like never before.

Us oldies have seen it all before - hence we are equipped to cope .... but you kiddies who have grown up with Labour and wealth beyond the dreams of the generation before are in for a big shock - sorry, that's just how it looks from here!

SiPie

Good to see another post full of optimism and hope coming from you Pete

DisoDisp

iTrader: (1)

The US wont let Saudi go under without a fight. they need their "puppet" monarchy, if a coup does occur, they wont be sympathetic to dealing with the west.

Besides, there are still a lot of US soldiers in Saudi, contrary to "official" reports on the matter.

Gear Head

iTrader: (2)

The problem is though, if there is a coup and they refuse to sell oil to the west, anyone that does deal with the new leaders will be seen as aligning themselves with them, alienating those coutries from the western world.

alloy

Nomura put out a note saying $220 for crude, however Saudi saying they will cover the short fall in supply by turning the taps up. OPEC will sort this issue sooner rather than later as potential inflation implications could be another risk to the global recovery.

dpb

corse you wont remember 1972/3 cos YOU were jus a kiddie at the time

alloy

Reports now suggesting Saudi has increased its oil output...

pslewis

Yes, and that Oil is being put on Tankers and anchored offshore!

Steve vRS

Source?

There aren't many oil tankers going spare for this kind of storage operation.

Now there are a few empty mines in South Africa where oil can and has been stored in the past

Steve

J4CKO

iTrader: (1)

It is in their interest to flog us their oil, ok China and other countries requirements are going up but I dont think they can take all of the production, the oil producing states dont have much else going for them, the more they limit supply, the more it causes us hardship, the greater the efforts the west will make to avoid its reliance on oil, will take a long time but they need to keep the price high, but affordable for as long as they can produce it so they can build their tourist infrastructure to have something when the oil runs out, lots of other countries have oil, us the US, Russia, Canada so even if they dont play ball more investment is made in other areas like the oil sands in Canada, more nuclear plants etc etc.

pslewis

Telephone calls I receive asking me to buy a share in a tanker of oil tells me that they are mooring offshore hedging on the price increasing rapidly ... too risky for a risk averse type like me though!

dpb

plus you cant afford much of share on a trolley collectors wage these days

pslewis

True, one wouldn't be able to afford much on a Trolley Collectors wage ... but you seem to struggle through

bugeyejohn

iTrader: (11)

Us oldies have seen it all before - hence we are equipped to cope .... but you kiddies who have grown up with Labour and wealth beyond the dreams of the generation before are in for a big shock - sorry, that's just how it looks from here![/quote] ***************************** MR LEWIS Im afraid i have to agree,i too lived through those times but i have fond memories.I remember the excitement on me and my sisters faces when our family car got to a hill and we all got out and pushed to save fuel,and the joy as we coasted down the other side,on the flat we used to drag it along ahh happy days.Wife saddle up the kids were going for a drive and dont forget the rope.

Leslie

You must be talking about all that money that was overborrowed in order to make the economy look artificially good and to buy votes for elections!

That will be the cash that we are now having to borrow more money for in order to pay off the interest on as well as the PFI's which are so gutbustingly expensive. What kind of a way is that to run an economy?

I think your heroes should be thrown in the Tower for treasonable behaviour!

Les

pslewis

You're just bitter that the Tories are worse than Labour Les!

EddScott

The hanging about offshore isn't a special occurance. You can often see the tankers hanging about offshore round here - Milford Haven.

You know the price is about to go up when they've all gone.

fast bloke

if if if......


Pete - you could be dead already IF you were sufficiently sick. I could be the richest man in the word IF I had been in Russia 20 years ago.

Sadly, your chums B.Liar and Brown have already committed us to another recession. (In all honesty, the first one hasn't stopped, it just got deferred a bit. ) An oil crisis will only make it longer and deeper. While we all starve, who do we see hob nobbing with thte despots? Yep - Its Tony B, milking his millions to help the frog faced..

Do you know if he has managed to become a Taig yet,? I was brought up as one, but if that scumbag manages to convert, I am getting a copy of Koran and a fishing jacket.

Henrik

iTrader: (5)

bring it on, the UK needs a good recession to make it competitive.

Might bring some sanity to insane house prices too, which would be good for younger people (most people under 37)

Leslie

You know perfectly well that I will only support those who are doing something good for the country regardless of their party allegiance.

Tell us how you personally would feel or even cope on being told by the previous financial "star" that there is no money left!

How would you feel about the previous style of management then? Can you summon up any kind of praise for those who left us in such a position?

All your bletherings come to nothing when you can't answer a question like that.

Les

pslewis

Les, my dear chap

We all know that Labour were just the ones caught holding the firework when it went off - it could have been anyone!

To be honest, and you know this too, we (the UK) had the longest growth under the last Labour Government in the history of mankind ........... everyone was doing very well thank you - anyone who didn't make hay while the sun shone needs a kick up the rear end, most did and are sitting on wealth beyond their dreams.

Leslie

Can't agree with that Pete. They just appeared to be doing well because of the overborrowing well beyond our means as it turns out.

National debts, especially the one we have now, dont appear overnight. You really have to work at it to get it up to over a £trillion!

Coupled with the total lack of regulation of the banks thus allowing them to fiddle away just as they pleased, meant that when the recession balloon did go up, the country was in the worst position to cope with it and still is for that matter.

This situation is down to NL of course since they were responsible for the ruin of the economy at the time. How any government could deliberately put the country in such an invidious position is difficult to imagine. Ask UB about their underlying agenda!

Les