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Saudi Aramco Cuts All Crude Prices to U.S. in August

Bloomberg -- July 5 (Bloomberg) -- Saudi Aramco, the world’s largest state-owned oil company, lowered its official selling prices for exports of all crude oil grades to the U.S. in August.

Saudi Arabia decreased the price of its heavy crude to all destinations, the company said in an e-mailed statement today. Aramco cut heavy crude prices to the U.S. the most, by 75 cents a barrel to $5.50 below the cost of West Texas Intermediate crude.

The price of extra light crude fell against WTI to the U.S, while Aramco increased extra light prices to Northwestern Europe, the Mediterranean and the Far East.

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Submitted Jul 05, 2009 By: TwoEyes

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flyfast Champion Author Kansas City Posts:4,516 Points:877,550 Joined:Jan 2008	Message Posted: Jul 5, 2009 10:38:29 PM Ignore flyfast Report Abuse drilling will kept it down to
bigmaninarig Champion Author St. Louis Posts:3,078 Points:539,715 Joined:Jul 2008	Message Posted: Jul 5, 2009 10:37:24 PM Ignore bigmaninarig Report Abuse I guess we'll just wait and see in August.
Jojavo All-Star Author London Posts:593 Points:121,465 Joined:Apr 2009	Message Posted: Jul 5, 2009 10:36:06 PM Ignore Jojavo Report Abuse Wow it is about time that they lowered the prices expecially when supply outweighs demand. The oil experts speculators should keep this in mind when they write their next forcast...
TFowler513 Champion Author Memphis Posts:2,372 Points:587,685 Joined:Mar 2008	Message Posted: Jul 5, 2009 10:35:29 PM Ignore TFowler513 Report Abuse More price manipulation.
coyoteAB Champion Author Alberta Posts:1,353 Points:110,200 Joined:Jul 2008	Message Posted: Jul 5, 2009 10:34:02 PM Ignore coyoteAB Report Abuse Propaganda.
Eichhornchen Champion Author Detroit Posts:2,731 Points:533,890 Joined:Feb 2009	Message Posted: Jul 5, 2009 10:32:23 PM Ignore Eichhornchen Report Abuse The price can swing more than that in trading in one minute.
carlsonguitars Champion Author Portland Posts:4,224 Points:698,875 Joined:Jan 2008	Message Posted: Jul 5, 2009 10:31:02 PM Ignore carlsonguitars Report Abuse Of course, otherwise we would BUY FROM ANOTHER COUNTRY!!!! HAHAHAHAHA!
TheSnowstorm Champion Author Montreal Posts:4,453 Points:1,003,680 Joined:June 2005	Message Posted: Jul 5, 2009 10:30:29 PM Ignore TheSnowstorm Report Abuse Quick, everyone run out and drive your cars all over the place. The Saudis are dropping the price of crude! This is just another ploy by OPEC to make us more dependant on their crude as our source for refining into gas. We need more alternatives now to get off the fossil fuel bandwagon. If not OPEC will put us over the barrel. (All puns intended).
la90042 Champion Author Los Angeles Posts:2,402 Points:505,405 Joined:Nov 2008	Message Posted: Jul 5, 2009 10:28:20 PM Ignore la90042 Report Abuse keep conserving - prices are still too high.
fasu007 Veteran Author South Carolina Posts:451 Points:691,125 Joined:Jun 2008	Message Posted: Jul 5, 2009 10:19:27 PM Ignore fasu007 Report Abuse Drill here, drill now. Where's the problem. We've got it, we need to use it.
Dancin Champion Author Toronto Posts:4,216 Points:1,782,320 Joined:Mar 2004	Message Posted: Jul 5, 2009 10:18:22 PM Ignore Dancin Report Abuse AMERICA, remember who your friends are. WHAT GOES AROUND, COMES AROUND.
PissedCanuck Champion Author Toronto Posts:3,822 Points:818,735 Joined:Nov 2006	Message Posted: Jul 5, 2009 10:11:43 PM Ignore PissedCanuck Report Abuse We'll use up their supplies first, then we'll drill for our own supplies later.
Voltus Champion Author Miami Posts:3,313 Points:652,205 Joined:May 2005	Message Posted: Jul 5, 2009 10:11:20 PM Ignore Voltus Report Abuse anyway, our money ends up financing terrorists...
DellMan Champion Author Omaha Posts:1,917 Points:442,925 Joined:Apr 2008	Message Posted: Jul 5, 2009 10:05:07 PM Ignore DellMan Report Abuse We need to start tapping our own resources and stop giving OPEC so much control. The sooner we start drilling in our own back yard the sooner we can stop being dependent on foreign oil. This administration doesn't want you to know there is more oil in America than all of the OPEC producing countries combined and then some. They just canceled numerous drilling leases in the US. They harp on how we need to stop depending on foreign oil and then prevent us from using our own supplies.
bestpuppy Champion Author Lancaster Posts:1,955 Points:496,025 Joined:Sep 2006	Message Posted: Jul 5, 2009 10:00:52 PM Ignore bestpuppy Report Abuse trying to keep us drunk on their oil. We need to move away from oil and towards the renewables
catman20716 Champion Author Maryland Posts:6,353 Points:1,158,075 Joined:Sep 2005	Message Posted: Jul 5, 2009 10:00:29 PM Ignore catman20716 Report Abuse ride your bicycle more when you get the chance to do so over driving.
billy44bo Champion Author Mobile Posts:3,287 Points:621,130 Joined:Feb 2008	Message Posted: Jul 5, 2009 9:59:57 PM Ignore billy44bo Report Abuse Drill here and Drill now lets keep our money here and only give opec the big finger from now on
Buck_on_Bass Champion Author Tennessee Posts:2,801 Points:599,880 Joined:Jul 2007	Message Posted: Jul 5, 2009 9:55:25 PM Ignore Buck_on_Bass Report Abuse The Saudis are trying to stimulate sales to the US.
DEG Champion Author Las Vegas Posts:12,823 Points:2,547,205 Joined:Jul 2003	Message Posted: Jul 5, 2009 9:54:33 PM Ignore DEG Report Abuse It sounds like a start. But it is still way too expensive.
OKRifle Champion Author Oklahoma City Posts:4,870 Points:848,095 Joined:Oct 2007	Message Posted: Jul 5, 2009 9:52:59 PM Ignore OKRifle Report Abuse Well, whooptee do! We need a long-term energy policy that doesn't rely solely on oil!
TXGasPriceSpy Champion Author Fort Worth Posts:2,686 Points:504,520 Joined:Sep 2008	Message Posted: Jul 5, 2009 9:51:32 PM Ignore TXGasPriceSpy Report Abuse I'm glad there is talk about gas prices coming down. I appreciate that as I'm sure most people are.
pgerassi Champion Author Milwaukee Posts:5,957 Points:1,169,270 Joined:Apr 2007	Message Posted: Jul 5, 2009 9:51:07 PM Ignore pgerassi Report Abuse I'll still conserve and hit them twice, once on units and once on price.
9C1 Champion Author Chicago Posts:17,694 Points:3,279,670 Joined:Jul 2001	Message Posted: Jul 5, 2009 9:48:24 PM Ignore 9C1 Report Abuse What's it all about Ralphy?
micpie Veteran Author Oregon Posts:465 Points:116,965 Joined:Jun 2009	Message Posted: Jul 5, 2009 9:44:32 PM Ignore micpie Report Abuse Gas prices in the US will continue to fluctuate, especially if the speculators have their say in the profits/losses they incur.
redcurls1 Champion Author Twin Cities Posts:1,655 Points:1,881,600 Joined:Jan 2003	Message Posted: Jul 5, 2009 9:43:56 PM Ignore redcurls1 Report Abuse My opinion is screw all the OPEC companies/countries. They can do what they want and I'll keep conserving.
micpie Veteran Author Oregon Posts:465 Points:116,965 Joined:Jun 2009	Message Posted: Jul 5, 2009 9:43:31 PM Ignore micpie Report Abuse August crude oil prices will continue to drop and by Sept. the US oil/gas usage will slow again!
FuelBarge Champion Author Long Island Posts:4,159 Points:1,099,015 Joined:Aug 2005	Message Posted: Jul 5, 2009 9:40:41 PM Ignore FuelBarge Report Abuse Will the price of gasoline follow? Probably not. In fact it will probably go up. After all, the price of gasoline is tied to the price of crude oil except when it is not.
RockCity Champion Author Denver Posts:2,717 Points:484,845 Joined:Mar 2009	Message Posted: Jul 5, 2009 9:40:27 PM Ignore RockCity Report Abuse Well if they really cut prices, that means that the price at the pump will? You guessed it, go up, until the fat lady sings.
able2ru Champion Author Little Rock Posts:1,328 Points:370,650 Joined:Mar 2005	Message Posted: Jul 5, 2009 9:40:17 PM Ignore able2ru Report Abuse That is heavy crude, the refiners will absorb that lowered cost in oil. consumers will only see a rise.
cathevan Champion Author Manitoba Posts:2,133 Points:524,025 Joined:May 2007	Message Posted: Jul 5, 2009 9:36:09 PM Ignore cathevan Report Abuse no price drop here i can tell you that
FranklinGasGuy Champion Author Nashville Posts:3,584 Points:705,260 Joined:Aug 2008	Message Posted: Jul 5, 2009 9:35:38 PM Ignore FranklinGasGuy Report Abuse Why? What is up? I thought you sold @ the best price you could get. Couldn't be Cap and Tax bill. Cause anyone can understand that is a joke.
rtcher Rookie Author Grand Rapids Posts:3 Points:23,360 Joined:Nov 2008	Message Posted: Jul 5, 2009 9:35:20 PM Ignore rtcher Report Abuse It's a long way from August oil from the Saudis to the gas pump here. Lots of stuff can happen and it will be hard to see a connection between this news and the pump price then, methinks. [Edited by: rtcher at 7/5/2009 9:35:49 PM EST]
camel1 Champion Author Minnesota Posts:3,795 Points:1,329,550 Joined:Jul 2006	Message Posted: Jul 5, 2009 9:28:29 PM Ignore camel1 Report Abuse Prices should be set by an open market not fixed
rrsekhar Sophomore Author New Jersey Posts:114 Points:37,255 Joined:Oct 2008	Message Posted: Jul 5, 2009 9:22:09 PM Ignore rrsekhar Report Abuse Sorry , opec is getting good deal , but Prices are not controlled by them , by us funds
ssect8 Champion Author Hartford Posts:3,097 Points:1,222,350 Joined:Jun 2006	Message Posted: Jul 5, 2009 9:21:39 PM Ignore ssect8 Report Abuse There's something a-foot, the Saudis where the ones who led the Oil Embargo against the US in the 70's.
TomT2Lee Champion Author Cincinnati Posts:3,470 Points:1,091,790 Joined:Sep 2005	Message Posted: Jul 5, 2009 9:19:05 PM Ignore TomT2Lee Report Abuse The punch line is yet to be delivered.
Fataugie Veteran Author Rochester Posts:438 Points:247,015 Joined:Oct 2006	Message Posted: Jul 5, 2009 9:16:56 PM Ignore Fataugie Report Abuse So how long until we get the story that somehow that's a bad sign for us.
GasMiserAZ Champion Author Phoenix Posts:12,127 Points:702,200 Joined:Aug 2008	Message Posted: Jul 5, 2009 9:15:39 PM Ignore GasMiserAZ Report Abuse We still can't trust the Saudis.
RobRD Champion Author Alberta Posts:3,828 Points:896,020 Joined:Jul 2007	Message Posted: Jul 5, 2009 9:11:00 PM Ignore RobRD Report Abuse Saudi's are America's best friend in OPEC.
djdon917 Veteran Author New Jersey Posts:322 Points:24,090 Joined:Oct 2007	Message Posted: Jul 5, 2009 9:01:40 PM Ignore djdon917 Report Abuse This wont last Long watch and see OPEC will Cry and will Bring Oil through The roof next
jimnecci Champion Author Virginia Posts:6,719 Points:1,496,490 Joined:Jan 2006	Message Posted: Jul 5, 2009 8:43:15 PM Ignore jimnecci Report Abuse more than meets the eye?
alterman156 Champion Author New York Posts:2,495 Points:582,900 Joined:Dec 2008	Message Posted: Jul 5, 2009 8:37:02 PM Ignore alterman156 Report Abuse I smell a rat too.
4thWatch Champion Author Pennsylvania Posts:1,364 Points:426,225 Joined:May 2008	Message Posted: Jul 5, 2009 8:22:44 PM Ignore 4thWatch Report Abuse I smell a rat!?
puljujarvi Champion Author Tampa Posts:3,481 Points:702,060 Joined:Sep 2008	Message Posted: Jul 5, 2009 7:59:43 PM Ignore puljujarvi Report Abuse If it was an honest and fair industry they would lower prices to the consumer at least proportional. But not sure I have ever witnessed any honesty or fairness in the industry. So if any prices will drop only a couple cents. However, more likely prices will still go up.
Tucker1961 Sophomore Author Seattle Posts:202 Points:21,125 Joined:Jun 2009	Message Posted: Jul 5, 2009 7:58:54 PM Ignore Tucker1961 Report Abuse They didn't lower it for my local gas station?
amearly Champion Author Michigan Posts:7,201 Points:1,496,570 Joined:Jan 2006	Message Posted: Jul 5, 2009 7:57:11 PM Ignore amearly Report Abuse They all lower for everyone except the consumer one day it's going to back fire on them.
julius1st4 Champion Author Ontario Posts:1,723 Points:812,265 Joined:Jul 2003	Message Posted: Jul 5, 2009 7:46:31 PM Ignore julius1st4 Report Abuse Sounds great; but, will it reflect in "Lower" prices @ the PUMPS????
vegaland Champion Author Houston Posts:2,403 Points:501,795 Joined:May 2006	Message Posted: Jul 5, 2009 7:43:35 PM Ignore vegaland Report Abuse The lower prices will increase consumption and lead to higher prices.
QueenMother Champion Author New Hampshire Posts:2,741 Points:1,223,250 Joined:May 2006	Message Posted: Jul 5, 2009 7:43:11 PM Ignore QueenMother Report Abuse I think it's great but let's see the price of gas & oil go down too.
animal63 All-Star Author Indiana Posts:502 Points:355,215 Joined:Oct 2008	Message Posted: Jul 5, 2009 7:38:34 PM Ignore animal63 Report Abuse great if the price of fuel also goes down.
MINImine Veteran Author Dayton Posts:453 Points:628,275 Joined:May 2008	Message Posted: Jul 5, 2009 7:37:38 PM Ignore MINImine Report Abuse Whatever happens, blame Obama
Bou Champion Author Maine Posts:6,374 Points:1,704,640 Joined:Jan 2005	Message Posted: Jul 5, 2009 7:37:28 PM Ignore Bou Report Abuse I wondered when they would smarten up.