http://money.cnn.com/2008/12/17/markets/oil/index.htm

What do you think?

 

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

It's actually 4.2 million barrels per day now. Doesn't sound too good for us in an already slow economy. I guess they've decided to go ahead and neutur us as well.

 

DRILL BABY DRILL !!!!!! LET THEM KEEP THERE TRASH! We need to keep on track with alternative power sources

 

Well the last I looked oil was down (today) in spite of their best efforts.

 

OPEC has said for a few years now that $70-$80 range is where "they" want the prices to stay. But as soon as it goes over that range they do VERY LITTLE to nothing about it Lets Drill like heck and keep working on alternatives!!!

 

I agree. They're just not used to so little money rolling in, you know, times are hard in the oil rich countries. I also agree with the drill and alternative fuels. We need to keep pushing and cut the ties or at least most of them to where we only buy a fraction of the oil we need from them, then perhaps they'll have their own recession. Although they'll probably call us for help, "we need money, help us".

 

The economy is gotta cool off a bit, its ok. Let them cut back on production. Russia is trying to open their markets up to foreign drilling contractors.
About 6 years ago or so, when oil prices dropped to $20/bbl, the driving force in that was Russian oil, they just didn't have the capacity to develop their resources to keep up.

 

I think Americans got a very basic lesson in supply in demand. Gas skyrocketed and demand dropped. Gas prices then dropped, I know the speculators had a hand in it also. If gas goes back up, americans will stop using again. People are not scared of OPEC anymore. We found the weak spot. Keep developing alternatives and get the home supply up.

 

All OPEC members will not comply with the cuts. Some will cheat and produce more cause they need the money and that will drive the price down even further. Greed is why this all started and Greed will be the reason prices drop to next to nothing level. Read also that they have 21 super tankers full of 400 Million barrels of oil traveling the oceans. In Sept. they only had 7 super tankers storing oil. They will eventually run out of storage. Right now they are trying to hide the over supply issue cause demand has dropped so much.

 

It's not going to happen anytime soon. The credit market dried up and so did the money for the hedge funds. OPEC wishes but that's about it.

MikeyB