What's Up With OPEC?

Today, Oct 9 2008, OPEC is having an emergency meeting scheduled because the price of oil is falling. I don't get it. They get scared now when it hits under $100 per barrel. I see it on the way to $30 again, or in other words, normal.

Second big question: Last March when oil was this price, I was paying $2.88 a gallon...... so what's up with this $3.35 a gallon now, if I am lucky to find it?

reply to post by Jim Scott


well the meeting with opec.. they like having money, who doesnt'. Plus that if oil went below 50 dollars it would be bad news for Canada since it needs to be 50 for their sands to be profitable.
As for gas prices lagging the drop, we're still paying off the cost of that 147 oil and why its taking awhile is because the stuff has to go from A to Z and then to you. I wish I could elaborate more, but the best I can explain is that oil plays a large part into just getting it out of the ground and into your car. By next month we should see sub 3 dollar gas.

My prediction to go to $30 is still on track. Today we are under 70 and dropping. OPEC doesn't know what to do. The US consumer is buying hybrids. I saw a green website saying that if everyone could improve their gas mileage by 7 mpg, we would be free of foreign oil. That was something I saw about 3 years ago. I think we're making progress.