I'll Bet This Probably Isn't Good News

[Guest MikeSC]

Report: OPEC has lost control over oil prices

 

SPECIAL TO WORLD TRIBUNE.COM

Friday, September 24, 2004

 

LONDON — OPEC members have lost control over the oil market.

 

A report by the Center for Global Energy Studies asserted that the price of crude oil was no longer under OPEC control. The report said OPEC, with spare production capacity of 1.5 million barrels per day, does not have sufficient capacity to significantly reduce oil prices, which have exceeded $47 a barrel.

 

"This leaves only the thinnest margin to cope with the unexpected and the market is worried that it could quickly be used up in the event of an interruption to supply or a cold winter," the report said.

 

The center said OPEC production in the third quarter of 2004 reached 29.19 million barrels per day. The figure did not include Iraq.

http://www.worldtribune.com/worldtribune/breaking_8.html

Something tells me this is not a positive thing for the world.

-=Mike

[kkktookmybabyaway]

Aren't prices supposed to be lower come election time?...

[AndrewTS]

Gah--gas price shot up this morning, I noticed.

[Guest CronoT]

The prices here are hovering just under $2/gal. It keeps bouncing between $1.70-$1.90 per gallon.

[Dogbert]

That seems a lot higher than when I was in the States this summer, and gas prices were around $1.40 per gallon.

 

We pay a lot more up here anyways. If you do the math, you pay about 57 cents Canadian per litre at $2 a gallon, while we're paying 83 cents.

[MrRant]

Yeah I noticed gas went up from about 1.87 a gallon to 2.04.

[Guest Agent of Oblivion]

$2.10 yesterday, but I run premium in the truck. Good thing I filled it up, I guess. Haven't driven past a gas station yet today, so I don't know how much it went up.