Wow...attempt to bomb Saudi oil refinery

[B40]

Breaking story..oil up $2 right now...there were also explosions..

[d_jedi]

The explosions caused a "minor fire" in a nearby industrial area that was quickly brought under control, the government statements said.

The incident did not affect the facility's operations, said Saudi Oil Minister Ali bin Ibrahim al-Naimi.

The incident happened shortly after 3 p.m. (7 a.m. ET) about 1.5 km (1 mile) from the plant's main entrance, he said.

All of the would-be attackers were killed, according to Obaid and a senior Saudi security official.
.

[d_jedi]

http://www.thestar.com/NASApp/cs/ContentServer?pagename=thestar/Layout/Article_Type1&c=Article&cid=1140778990886&call_pageid=968332188492&col=968793972154&t=TS_Home
WTF? Why does the price of oil rise drastically, when it did not affect operations??! I don't get it.

[15-20_God]

WTF? Why does the price of oil rise drastically, when it did not affect operations??! I don't get it.

markets never like uncertainty.

[B40]

http://www.thestar.com/NASApp/cs/ContentServer?pagename=thestar/Layout/Article_Type1&c=Article&cid=1140778990886&call_pageid=968332188492&col=968793972154&t=TS_Home
WTF? Why does the price of oil rise drastically, when it did not affect operations??! I don't get it.

Because it shows terrorists are targetting oil refineries...sure this one was averted, but there may be another one next week or next month that may not be.

[FastFokker]

WTF? Why does the price of oil rise drastically, when it did not affect operations??! I don't get it.
Do you honestly think the price of a barrel of oil is the based on the cost of a producing a barrel of oil + minimal profit? :lol:

The cost of producing a barrel of oil in the middle east is probably something like $5. hahahaha I'm just guessing, but that's my uneducated guess.

[B40]

Do you honestly think the price of a barrel of oil is the based on the cost of a producing a barrel of oil + minimal profit? :lol:

The cost of producing a barrel of oil in the middle east is probably something like $5. hahahaha I'm just guessing, but that's my uneducated guess.

Yeah, but then it's probably another $5 to ship it (with the high oil prices) ;)

[FastFokker]

Yeah, but then it's probably another $5 to ship it (with the high oil prices) ;) :lol: That's honestly a friggin hilarious. :lol:

[lip1978]

In other news, the Alberta government has started to finance terrorist groups in Saudi Arabia.
Ralph Klein was quoted as saying it was "an investment for the future" :)

[FastFokker]

Well honestly we all fund "terrorists" when we fill up our vehicles with gasoline.

No use pretending we don't.

[Bullseye]

Well honestly we all fund "terrorists" when we fill up our vehicles with gasoline.

No use pretending we don't.

Not in Canada, we're a net exporting country.

[FastFokker]

Not in Canada, we're a net exporting country.
Canada doesn't import any oil? Good to know, thanks for correcting me.

I'll rephrase then.. :cheesygri

Well honestly all Americans fund "terrorists" when they fill up their vehicles with gasoline.

No use pretending they don't.

[najibs]

Bush is probably behind the bombing, in order to jack up the price of his oil :lol:

[B40]

http://www.thestar.com/NASApp/cs/ContentServer?pagename=thestar/Layout/Article_Type1&c=Article&cid=1140778990886&call_pageid=968332188492&col=968793972154&t=TS_Home
WTF? Why does the price of oil rise drastically, when it did not affect operations??! I don't get it.

This is why..."Al-Qaida suicide bombers will attack more Saudi oil facilities, the terror group purportedly threatened Saturday in an Internet statement that claimed responsibility for the foiled attack on the Abiqaiq plant in eastern Saudi Arabia."

http://news.yahoo.com/s/ap/saudi_explosion

[Sgt_Strider]

Bush is probably behind the bombing, in order to jack up the price of his oil :lol:

:rolleyes:.

[hardcoredummy]

http://www.thestar.com/NASApp/cs/ContentServer?pagename=thestar/Layout/Article_Type1&c=Article&cid=1140778990886&call_pageid=968332188492&col=968793972154&t=TS_Home
WTF? Why does the price of oil rise drastically, when it did not affect operations??! I don't get it.

Another quality d_jedi post :rolleyes:

If you knew gas was going to go up 20 cent tomorrow, what would you do? You'll go out and buy as much gas as your tanks can hold. And even if gas doesn't go up tomorrow, you and everybody else who filled up all their tanks ahead of time causes the supply to dwindle, and prices to go up anyways, at least by a few cents.

Same thing in the market. One attack fails, but knowing that they're the target now, there's a good chance more attacks will occur, and if one is successful, it can cause problems in production... so they buy all they can at current prices, rather than take the chance that they're going to have to buy the oil at $10 more per barrel tomorrow. Everybody does this (what are the chances of prices going DOWN after an attack... even if it's unsuccessful... so they all stock up anyways), so even if there isn't a successful attack, prices will go up due to the temporary increase in demand.

Doesn't take a genius to figure all this out... but then again, maybe it does.