oil Nears $100.00 so OPEC decides to curb overall output; prices rise

[jeff of pa]

was there any doubt Opec would do this ?

ministers agreed Wednesday to trim overall output by more than 500,000 barrels a day in a compromise meant to avoid new turmoil in crude markets while seeking to bolster falling prices.

http://hosted.ap.org/dynamic/stories/O/OPEC_MEETING?SITE=PAPOE&SECTION=HOME&TEMPLATE=DEFAULT

 

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[MD Dog]

Sometimes I just wanna reach for the nearest handy nuke, and make short order of the real problems in this world.

 

[Real de Tayopa Tropical Tramp]

HIO, Of course gasoline will now drop bk to the $2:00 range

One can dream no?

Don Jose de La Mancha

 

[jeff of pa]

06:38 AM - $ 101.65

Getting Closer the the $99.00 mark.

I wonder how far OPEC will cut back on Production Now.

 

[EDDE]

06:38 AM - $ 101.65

Getting Closer the the $99.00 mark.

I wonder how far OPEC will cut back on Production Now.

War with Iran

 

[jeff of pa]

06:38 AM - $ 101.65

Getting Closer the the $99.00 mark.

I wonder how far OPEC will cut back on Production Now.

War with Iran

Yea that would double it


"Oil analyst Stephen Schork, who was in Vienna to monitor the meeting, said Iran and Venezuela don't care about the economic impact of high oil prices.

"The world is having a tough time paying its bills, so let's raise the price," he said. "Typical Venezuela. Their talk is cuckoo for Cocoa Puffs."


http://abcnews.go.com/Business/story?id=5769819&page=1

 

[Smee]

Yeah, the price of oil is dropping, but apparently that doesn't do a danged thing for prices. Here in Southeast Arkansas, the price of gas has gone up by 30 cents a gallon in some places, more in others. We're paying $3.60 - $3.70 depending on where you get yours.

 

[EDDE]

http://blogs.moneycentral.msn.com/topstocks/archive/2008/09/11/the-death-of-opec.aspx


Saudi Arabia walked out on OPEC yesterday. It said it would not honor the cartel's production cut. It was tired of rants from Hugo Chavez of Venezuela and the well-dressed oil minister from Iran.

 

[mastereagle22]

So why hasn't the price of Gas dropped?

Oh I know it's the greedy oil companies and their obscene profits.