If the US increases oil production and The Saudis Decrease it, What happens to the Price of Crude Oil?

I am always hearing that drilling will increase supply and lower prices. Yet the president has to beg the king of Saudi Arabia to produce more oil. What if they produce less when we produce more?





If 100 percent of the people buying gas are willing and able to pay $4 a barrel but if supliers raise the price to $8 a barrel and only 50% of the people, won't that mean the same payday for the people selling the oil?If the US increases oil production and The Saudis Decrease it, What happens to the Price of Crude Oil?
It should remain about the same if the increase of the US oil and the decrease of the Saudi oil are equal.If the US increases oil production and The Saudis Decrease it, What happens to the Price of Crude Oil?
They wouldn't produce less oil, they like the money too much. If they did it would just bring more buyers to us and we have more oil than the entire middle east put together, that would be the best thing that could ever happen to us. We woul dbe gettin gmoney were missing out on by not drilling now plus taking the Saudis share. That would be great for national security, great for our economy, and great for gas prices. Go cllean my bathroom Obama.
To answer what happens to our oil is it depends on how much oil we begin to produce. Saudi's are just outside of our top five or right within for the oil we import. If Venezuela or Mexico stopped producing we would be in more trouble but Saudis(are still important) but would not cause as much of an impact immediately. Hopefully it would keep more money in the US anyway.
If that happens, then still, hundreds of thousands of our citizens will have good paying jobs that the democrat party refuses them. Our government will collect trillions in royalties for the right to use the land. It will make the trade imbalance less.





Do you really think the Saudis will stop pumping? They really have no other product to sell. There are thousands of Saudi royalty that would have no income without that oil revenue.





fs
dele28 you are incorrect. Saudi Arabia is the world's second biggest oil producer with 8.8 million barrels produced every day, right behind Russia with 9.5 million per day. Mexico produces 3.2 million per day and Venezuela 2.4 million.
It will go up, when in doubt it will always rise, somehow it defies gravity when it comes to the price of oil what goes up must go higher.
Nothing absolutely nothing
First of all, you are wrong to think that Bush has not asked Saudi Arabia to increase oil production. (one of many links here proving you wrong: http://cbs5.com/national/President.Bush.鈥?/a>





He did ask and they said ';no.'; Either way, with all the oil we have in the US, it is much more than the oil in the middle east and by creating more supply, the demand will go down and therefore be cheaper. Think about it, we have to pay to have it shipped over here on tankers, yet if we extract it from our own land, we only have to transport it via tanker truck, no shipping needed (minus Hawaii). Also, drilling on our own land will produce more jobs, get the airline industry off its butt, and people will be more willing to travel. All of these would be a boost to the economy and we could then use the money that we normally would be sending to the middle east for oil, on creating nuclear power plants for alternative energy sources. Make sense?