hamilton71801

http://www.foxbusiness.com/story/mar...rrels-day-wsj/

OPEC cut 4.2 million barrels a day , said they need the money. How much do you think it'll impact the price at the pump????

mudwisr2

Great. I knew they would do something before long to "require a price increase" at the pump.

infidel

I heard production costs for the Saudis to bring the oil up and deliver it to port for export is $2 a barrel.
Nice profit margin, ehh?

GasganoFJ60

They just cant bare to see the public happy with prices....

Desert Dually

WoW! I had no idea it was like that!

Roperteacher

They can't raise prices too much in our economy. The USA is the biggest consumer of the crude I do believe. With our state of affairs any significant increase would bury us further. Kind of like " Don't bit the hand that Feeds'.

tempforce

if it hurts our economy, we use less. then they make less money. just like raising taxes slows down spending.

infidel

Not only that the Saudis have a new drill site due to come on line next year that will produce more oil per day than the entire US including Alaska.
The entire facility covers only ten acres with over 100 horizontal shafts going out up to five miles in each direction.
To help extract the most oil ocean water is pumped inland 250 miles and injected down the wells.

GASKICKER

I'd like to see your source on this....this is very interesting.

Roperteacher

I just checked and crude oil took another plumit today in the stock market, Down just for a moment to 39.99 a barrel!

Diesel_411

I'm for it, Alberta's economy is based on oil production, and royalties. They only want to raise it to around 50$ a barrel.

92'1stGen

They only cut 2.2 million today, 4.2 is just the total cut since September. I doubt it will do much to the price of oil though, it even went down today and look how much the price of fuel has fallen since the first cut.

rattlerbob5.9

It was on 60 minutes a week or 2 ago the new plant is to be online the first of 09 and the water supply line from the ocean is 175 miles long their cost to produce a barrel of the highest quality sweet crude is $7.00 !

And here is the real they used enough steel to build 3 golden gate bridges and everything has been payed for in cash the saudi's think right now-today the price per barrel should be $55.00

The price of gas jumped up here 3 days ago unleaded currently $1.68 from a low of $1.59 with the current price per barrel it should have been down to around $1.20

wyododge

Can anyone name an industry in the us today that is still somewhat profitable in the us, or the world for that matter. Off the top of my head I can't think of any. No bailouts, no union excesses, great benefits, good pay and all that with an extraordinarily large governmental regulatory boot across our neck. And that does not even begin to address the enviros lurking around every corner fighting us every step of the way. Now, granted I have a horse in the fight, but the oil and gas industry is employing a HUGE number of people in the US and Canada. We don't ask for much and we are demonized everyday in the press, by large portions of the public, and by most politicians. We have no job security, we work out in the dead of winter and the full heat of the sun, every day, 24/7. We drink hard, play hard we are away from our families for weeks or months at a time, and earn every penny we are paid every day. Anything below $2.00 a gallon gasoline is not profitable for the industry and the result is that rigs will shut down in the US and hundreds of thousands of Americans will be, actually currently are being, laid-off. It is interesting that you very rarely hear people complaining about the enormous federal and state tax you pay at the pump every day, talk about windfall profits. You should pray for $80/barrel oil, right now the oil and gas industry is the only thing keeping this country from financial ruin. I know it is easy to shoot at someone who is making what seems to be huge profits, and the bandwagon of Big Oil has never been so full, but believe me if it weren't for those profits today, you would be driving your bike to work. And heating your home with the tree you cut down in the back yard this morning.

I would be willing to be that most of you who flippantly moan about fuel and oil prices have never really taken a look at the industry as a whole, and the benefit it provides this great nation. I'll bet most of you got your info from the same news sources you call liberal and biased. It is easy to tell, just read the posts above for the talking points.

Thank you for your time, now go fill up!!!

Roperteacher

Oil is now actually 37.00 a barrel. Took a 3.00 hit shortly AFTER the announcement was made.