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Home Front Economy
OPEC shrugs off US legal threat
2007-11-18
Long article. A few excerpts:
The Opec heads of state are expected this weekend to warn the US against suing the cartel for price-fixing. A draft communiqué circulating last night appeared to include a threat to US legislators who want to use a change in American law to take action against the group.

The document said: “We reiterate that measures or legislation undermining the spirit of producer-consumer cooperation would jeopardise market stability and energy security.” It added that consuming countries should adopt “transparent, nondiscriminatory and predictable trade, fiscal, environmental and energy policies; and promote free access to markets and financial resources”.

The US House of Representatives voted in May to approve legislation that would strip Opec member states of sovereign immunity they enjoy from prosecution in US courts. The proposals have gathered momentum in Washington because of high oil prices, although the White House has threatened to veto them.
Another fine mess the Dhimmicrats are getting us into. Have they actually passed an appropriations bill yet, since that's only their job?
The communiqué also emphasises the role that carbon capture and storage technology can play in helping to tackle climate change. However, it omits any reference to increased oil production or the weak US dollar, which Iran and Venezuela had pressed for in a private session that was accidentally broadcast to journalists in another room. Officials quickly cut the broadcast, in which Saudi officials were heard arguing with their Venezuelan and Iranian counterparts over a proposal to stop pricing oil in US dollars.

A Saudi official said such a measure would risk triggering a collapse in the value of the dollar.

Securing Saudi ArabiaÂ’s oil supply

The Saudi Government is establishing a new 35,000-strong industrial security force to bolster the oil industryÂ’s defences. Oil facilities have been protected by a variety of different security groups, including the police, traffic police, coastguard, army and private security guards.

Saudi Aramco, the worldÂ’s biggest supplier of crude oil, is spending an estimated $250 million bolstering security at its oil and gas production and processing facilities in Saudi Arabia to help to defend against possible terrorist attacks. The company is being assisted by Control Risks Group, the British security consultancy, which has been helping to draw up plans to fortify vulnerable installations and improve perimeter security

Saudi AramcoÂ’s money will be spent on a range of new measures, including thermal imaging cameras and radar technology for isolated desert production sites and export terminals.
Posted by:lotp

#1  I don't suppose it would occur to these people to actually drill more in the US?
Posted by: Abdominal Snowman   2007-11-18 18:09  

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