posted on Feb, 10 2004 @ 08:02 PM
OPEC plans to cut crude trade by over 23 million barrels a day starting April 1st. (April Fools?) The decision was made in response to fears that
waning demand for heating oil as winter comes to an end could lead to price slumps. Also, effective immediately, 1.5 million barrels of crude per
surplus production will be cut.
American trade representatives are up in arms on the issue. The price America pays for 1 barrel of oil increased 52 cents as a result of today’s
decision. It is still unclear what this may mean for prices at the gas pumps this summer, as price per gallon has already been projected to increase
by as much as $0.60.
Report from MSNBC:
[Edited on 10-2-2004 by SkepticOverlord]