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The old adage, "what goes up must come down", is alive and well in the free market of the world crude oil supply.
"Peak" or no peak, the price of oil is still plummeting. For now, at least, as some OPECers want to slow down production to keep price levels above $50. Nevertheless, they'll be some extra cash for Christmas shopping!!
Oh, and don't forget: "Drill, baby, drill!!" .........
Nov. 14 (Bloomberg) -- OPEC, supplier of more than 40 percent of the world's oil, will probably announce plans to lower supply for the third time in as many months to prevent prices plunging toward $50 a barrel, a Bloomberg survey showed.
The Organization of Petroleum Exporting Countries will cut output at a meeting in Cairo on Nov. 29, according to 17 of 18 analysts surveyed by Bloomberg. Fourteen of the analysts predict the reduction will be 1 million barrels a day or more.
``Given the rapid deterioration in the flow of economic data, and implications for further oil demand weakness, OPEC might have to cut by at least an extra 1 million barrels in order to catch the market's attention,'' said Harry Tchilinguirian, senior oil analyst at BNP Paribas SA in London.
The Cairo summit, originally intended for only the group's Arab members, was upgraded to a full OPEC meeting yesterday as oil prices dropped to a 21-month low.
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"All that is required for evil to triumph is for good to do nothing."
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Geo Bush says last July: "We need to drill more here at home in America to free ourselves from energy dependence," and, lo and behold, the Saudis, Hoogo Chavie, Heil Akmendidnahhdididad, and all the rest of the OPECers suddenly discover that -- WOW!!! -- they guess they DO have a bit more capacity than what they were telling us!!!!!!
Surprise, surprise!!
What a little effort at home can produce all over the world!!
GW Bush:
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__________________
"All that is required for evil to triumph is for good to do nothing."
Last edited by Fogbuster; 11-15-2008 at 04:38 AM..
Never expect a foreigner to understand what's actually happening in our country. Might as well ask a worm what it's like to fly.
What you mean, "our country", pale face. You are visitor, should act more grateful, more humble, less arrogant. Otherwise, nature gods don't like. Make big problem for you. See what happen now to arrogant celebrities in pale-face land of Santa Barbara. No good for pale faces there. Make nature-god unhappy. Too much strange sex, too proud of selves. No good. Suffer come to them. They don't listen to warnings. Gave many to them, but they don't listen. Now suffer. Uh, some pale face very stupid.
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__________________
"All that is required for evil to triumph is for good to do nothing."
The old adage, "what goes up must come down", is alive and well in the free market of the world crude oil supply.
"Peak" or no peak, the price of oil is still plummeting. For now, at least, as some OPECers want to slow down production to keep price levels above $50. Nevertheless, they'll be some extra cash for Christmas shopping!!
Oh, and don't forget: "Drill, baby, drill!!" .........
Nov. 14 (Bloomberg) -- OPEC, supplier of more than 40 percent of the world's oil, will probably announce plans to lower supply for the third time in as many months to prevent prices plunging toward $50 a barrel, a Bloomberg survey showed.
The Organization of Petroleum Exporting Countries will cut output at a meeting in Cairo on Nov. 29, according to 17 of 18 analysts surveyed by Bloomberg. Fourteen of the analysts predict the reduction will be 1 million barrels a day or more.
``Given the rapid deterioration in the flow of economic data, and implications for further oil demand weakness, OPEC might have to cut by at least an extra 1 million barrels in order to catch the market's attention,'' said Harry Tchilinguirian, senior oil analyst at BNP Paribas SA in London.
The Cairo summit, originally intended for only the group's Arab members, was upgraded to a full OPEC meeting yesterday as oil prices dropped to a 21-month low.
Oil is dropping because the worlds economy is tanking and the demand for oil is plumiting. So this maybe a good thing if you drive a car. But if you have a REAL job unlike you its not good news.
Oil is dropping because the worlds economy is tanking and the demand for oil is plumiting. So this maybe a good thing if you drive a car. But if you have a REAL job unlike you its not good news.
Getting to work in your car has never been a problem in Lithuania........
Well, you can thank Barney, Chris, Jimmy, and Blue Dress for all this. It started on their watches and matured under their hands. The buck stops firmly at their desks.
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"All that is required for evil to triumph is for good to do nothing."
Holy Discounts, Batman!! Oil going BELOW $50???
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