OPEC slashes production; crude continues to tumble
VIENNA, Austria (AP) – OPEC said at an emergency meeting Friday that it will slash oil production by 1.5 million barrels to stem the “dramatic collapse” of oil prices, but crude prices plunged 7 percent anyway as financial markets spiraled downward across the globe.
Demand for crude has evaporated and the supply levers held by the Organization of Petroleum Exporting Countries appear to have little influence in the current economic climate.
Iran and Venezuela pushed for a cut of 2 million barrels a day, but there were concerns among other OPEC members that a more severe production cut would exacerbate a deteriorating economic crisis and further destroy demand.
OPEC officials, however, signaled they were prepared to slice deeper quickly if crude continues its freefall.
Full Story Here:
OPEC slashes production; crude continues to tumble
There is NO oil shortage. There never has been an oil shortage. OPEC tightens the spigot, that’s ALL there is to it.
America doesn’t have to rely on OPEC, we have more oil and natural gas than they do, it’s simply a matter of drilling for it. That’s it. That’s ALL there is to it. We have to get American production back on line, get the drilling rigs back up and running, expand our refining facilities and build new ones and this recession is over. We create jobs, and lots of them, our economy booms and OPEC, and it’s terrorist supporting BILLIONS of dollars dries up.
OPEC statement Friday reflected alarm over the erosion of revenues for oil producing nations, as did the unusually short deliberations leading to its decision.
“Oil prices have witnessed a dramatic collapse – unprecedented in speed and magnitude,” said the 13-nation organization. “This slowdown in demand is serving to exacerbate the situation in a market which has been oversupplied with crude for some time.
Over supplied?? Are they serious?? Over supply must have been the reason we were paying $4.00 or more per gallon recently, that has to be it, over supply. I can’t think of any other reason, well, maybe a bit of price gouging by U.S. oil refiners and suppliers of gasoline, maybe??
We can control our own destiny in this, it’s called *Drill Here – Drill Now* and it can become a reality, but the American people have got to stand together and DEMAND this, it will NEVER happen if left in the hands of our socialist controlled Senate and Congress.
The fall in crude prices despite OPEC’s move suggested the organization’s power to raise prices by cutting supply may be fading amid a global economic crisis that has crimped demand for oil. In the past, sizable cuts in OPEC production have led to significant jumps in prices.
Also take note, nowhere in this story is U.S. production addressed, it’s all about OPEC and Russian production, it’s an attempt at global control and global price fixing. The oil market can be regulated, the U.S. market, but it’s going to take U.S. production to make it happen…
Drill HERE, drill NOW, drill BIG, drill in the middle of the United States, drill off our coasts, drill in Alaska, in ANWR, drill ANYWHERE we think the oil exists and REMOVE the POWER from asswipes that would hold us HOSTAGE for oil!
BZ
When Oil was 147 a barrel the Idiots in the Middle east were all happy and buying up HUGE pieces of land all over the world, the ARABS were using that wealth to build mosques in OUR country as well as others…
When the “Drill NOW, Drill HERE” Philosophy started gaining strength and support oil prices started falling.. When folks quit driving all over the country because the financial markets became suspect, demand dropped…Whine Arab Whine..
When oil prices when up $1 a barrel, gas prices when up .10 cents a gallon. When oil prices fell by $20 a barrel gas prices fell by .20 cents a gallon.
I’m no math whiz, but something ain’t right here. And yes I’ve heard all about the bullshit law of supply and demand and any way you cut it its still bullshit.
Basti, I FULLY agree, but remember a while back when I said it was wrong, that it was sheer price gouging?? Some so-called business people told me I was wrong, I didn’t know what I was talking about…
Well, it IS all orchestrated, every bit of it, either by OPEC, the BIG OIL companies or the U.S. government itself, and WE are the ones that take the hit…
Okay, I have to say (type) it. I’ve said (typed) before, but for some reason I just need to get it off my chest.
From all of what I know, we could be completely energy independent well before my daughter will be able to get her learners permit. And the cool part is, *SIGNIFICANTLY* environmentally friendly while we are at it. My plan, as if I can actually be so bold
is simple. Over the 10 years make the follow happen
1) um, Drill
2) From what I can tell we are close to being 90% of the way to Thermal Depolimerization of HydroCarbons, IOW, all the plastics and hydro-carbon based garbage currently being burned or just planted can be “cooked” into smaller H.C. chains, such as methane (NG), bio-diesel and a bunch of other useful stuff. So we get to close the landfills and get fuel out of the deal, and the company doing it makes serious $$$$
3a) Continue research and development of inert to inert nuclear and start reprocessing the fuel we have
3b) um, Build nuclear power plants.
4) Create decommissioning plans for coal fired power plants, for when the nuke’s come on line
NOTE: We will always need some Natural Gas and coal fired plants, nuke plants simply can not turn on and off that quickly, but co-locating some of those depolimerizations plants near the nuke plants would allow some of the energy to be diverted, I guess.
5) Continue research into coal gasification, and of course we can use some of the Thermal Depolimerization techniques to transform coal into liquid fuels for transportation. To much coal to not put to use somewhere
6a) Stop Ethanol, um *now*
6b) I would also stop re-directing soy beans for bio-diesel as well.
7) Re-think all the exotics materials going into Hybrids (batteries and some weight saving), auto-recyclers are going to start seeing interesting problems in a few years, should be interesting. I am still not convinced that Hybrids are really cost effective one you put all of the costs of ownership and disposal, combined with reasonable fuel prices. I am also not overly convinced that all electric vehicles are more than niche players. The only possible exception is the Chevy volt, just as GM locomotives are efficient.
9) Continue some subsidies of rail for both passenger and freight.
That is the basic plan, there are some details, I am not opposed to the government owning and running the nuke power plants, the owners of the coal plants that are being shut down will need to be compensated, that could take a bit to work out. But, designing and building the nuke plants will create a lot of jobs. This plan, if implemented correctly will create a reasonable boom to get us out of our current funk.
Even with the notion that we would be no worse, if not better for the environment, and all North Americans (except Mexicans) would have a higher standard of living, the greens won’t go for it.
thanks for listening (reading)
Tom
Tom, I hear ya, uh, read ya… I think…
LMAO… Love your style…
Tom: excellent thoughts and plan. We CAN do it except for one thing: the Leftists want Americans beholden to GOVERNMENT and not to individuals or non-government entities. At the same time, the Leftists want all sorts of illegal invaders to step into the country, live here, vote for Demorats. But again, where’s the INFRASTRUCTURE? More people = a need for more INFRASTRUCTURE on ALL levels. Going to electric cars? Really? What happens when there are MORE electric cars and NO NEW ELECTRICAL GENERATION STATIONS?
BZ