NEWS: OPEC Set to Cut Production by 10%

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.

www.CNN.com
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:
www.msnbc.msn.com...

[Edited on 10-2-2004 by SkepticOverlord]

And we still have the cheapest gas in the world.
Europe in the late '80s (U.S. Navy) were at a $1 a litre then. One gallon = 3.78 litres. $4 a gallon 15 years ago.

These increases by OPEC are almost expected. Just wait till we get close to releasing fuel cells in 2010. The price for oil is going to SKYROCKET once the world knows we will soon be independant.