OPEC Pushing to Cut Production, Drive Up Oil and Gasoline Prices

OPEC Pushing to Cut Production, Drive Up Oil and Gasoline Prices

www.foxnews.com

Just as Americans are finally beginning to reap the benefits of plunging gasoline prices — including more money in their pockets — OPEC is getting ready to squeeze them once again by cutting oil production and driving up prices to refineries.

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And there is nothing you or anybody else can do about it. How long does it take for people to realize the gravity of a situation? How much money will it take for people to take action? Alternative fuels need to be here now. I dont' care if hydrogen is more expensive than gas right now. If we all use it then mass production will make it cheaper, and technology will help and decrease the cost even more. I dont' have all the answers, but I know what doesn't work anymore. You want a revolution? Lets have one against the Oil compnanies........ We can't? Oh, now I guess I see they are too powerfull and we should have done something earlier.

Any ideas short or horse and buggy?

www.foxnews.com
(visit the link for the full news article)

[edit on 21-10-2008 by network dude]

Just wait.

Let's think of who in the world has tons (maybe the most) oil...

Also keep in mind, this country is not a member or OPEC.

When they come out on the world market, they will gut opecs prices and boost our economy as well as theirs.

This country is Iraq. They have tons and tons of barreled oil and huge plans to sell to the world. They are just jumping through the hoops and setting up...

Keep your eyes peeled, maybe this could mean something for the Dinars too.

reply to post by network dude


Chavez must be desperate. All the money he has given away to his bolivarian friends in South America...

I agree. It makes little sense to me how OPEC believe that hiking oil prices will help them in the long term. When catering to a bear market, it seems obvious (as a producer) that the well-being of your consumers is linked to your own.

Statements such as "The more the better" Gholamhossein Nozari's damn-near moronic assessment, makes me think this is nothing but a short term power trip exercised by people who wish to feel the illusion of the noose around the global market's throat.

The result will be: Long-term damage and even greater prioritization of alternative energy resources. With the result of leaving them powerless and isolated. Enjoy the cash cow while you can OPEC.

The fact that today the US is not in the position to respond to this with a big YAWN is entirely our own fault.

It's been known for >30 years this was coming, and due to short sighted profit grabbing on the part of both gov't and industry, the necessary R&D was not done.

Now it's a big deal. Maybe we better start a war over it.

reply to post by Oscitate


Saudi Arabia is building that Mile High building which in my view is ridiculous, but its their oil money. ME countries competiting for the glory of the tallest building in the ME and the world.

Originally posted by deltaboy
reply to post by Oscitate

 

Saudi Arabia is building that Mile High building which in my view is ridiculous, but its their oil money. ME countries competiting for the glory of the tallest building in the ME and the world.

I'm going out on limb here but it's my opinion that they're building a house of cards

reply to post by network dude

But we can do something about it. First we have to educate ourselves, then we have to become proactive and demand our elected officials act. There are plenty of other sources of energy that are free...wind, solar, wave as well as new technology such as hybrid and electric plug in cars as well as bio fuels. We can't continue as a nation to allow ourselves to be a slave to those who provide and control the price of the oil we are so dependent on. We have to wean ourselves off this oil and get on with becoming more energy independent. A good place to start is with Jeff Wilson's new book "The Manhattan Project of 2009" It is beyond totally comprehensive. He walks you through every aspect of our dependence, oil and understanding it's uses, where we get it from, how much is left. It is NOT a infinite source of energy. We are using oil at the rate of 2x what new oil is being discovered. It will run out one day. We have no plan for that day. We are at the mercy of OPEC and the high cost of oil has seriously damaged our society and economy. www.themanhattanprojectof2009.com

I say if they do cut production to raise prices, the US responds in kind.

How about all the food/refined gas @5X it's current rate for opec members?

I've mentioned this in a thread I started, as I was interested in a "fuel shortage" in the US...

thread here

www.abovetopsecret.com...'

Anyway, to the point - one of my oldest friends is an electrical engineer on and oil rig in the North Sea (UK) and apparently it's common knowledge amongst the workers that they're slowing production to keep the price of oil artificially high. I'm not sure what company the rig is producing oil for as my friend works for an independant company that contract him out. It would seem though that the oil companies are just keen on protecting their profits, they have no need to raise production again at the current time (seemingly), so they can keep the price relatively stable at it's current demand.

I've heard, but can't guarantee the veracity of, that several of the more beligerant oil producing nations cannot meet domestic budgets with the current sag in oil prices. These would be Venezuala, Iran, and Russia. I haven't researched it heavily, but find it amusing. Though the credit crisis is still wreaking havoc on both the world of finance and the real economy, did they not think that $140/bbl oil would not lead to demand destruction at some point?

If you owned a commodity that dropped in value by almost 50% wouldn't you make adjustments to get the price back up? Much as I despise paying so much for oil, especially to despotic regimes, from a capitalistic sense, they are just responding to market conditions. I don't know what else you would expect from them.