OPEC SUCKS!!!!

[DJDIGGLER]

TweetWhat a bunch of scumbags Opec is! They say that if prices continue to fall they are going to stop producing so much oil to try to influence the prices to stay where they are. However lucky for us competition and a newly discovered reserve in the gulf could help to make our prices go back to where they belong.

This is where we wait and pray........

Here's the story.............


OPEC unlikely to change production quota By WILLIAM J. KOLE, Associated Press Writer
2 hours, 28 minutes ago



VIENNA, Austria - OPEC is not inclined to tinker with production, oil ministers signaled Sunday on the eve of a key cartel meeting, contending there is plenty of crude to satisfy world demand.

But with prices tumbling to five-month lows, the 11-nation Organization of Petroleum Exporting Countries will take a hard look at what its chief, Edmund Daukoru, calls "the fear factors": pipeline problems and political unrest that give global markets the jitters.

Daukoru told reporters that OPEC, which was not expected to change its current production target of 28 million barrels a day at a meeting Monday, nonetheless was determined to break out of what he called "autopilot" mode and get a better feel for whether prices will stabilize or keep on falling.

On Friday, crude dipped below $67 a barrel as traders focused on slackening demand and rising supplies.

Although prices are still stubbornly high, they have dropped by more than $10 since light sweet crude hit a record $78.40 on July 14, two days after fighting erupted in Lebanon.

Analysts say a $10 drop in the price translates into a 25-cent drop in prices at the gas pump.

"It's time to see whether we need a good, fresh outlook," Daukoru, who doubles as Nigeria's oil minister, told reporters Sunday. "We have to look very, very carefully at what's going on with prices."

OPEC, which meets about 40 percent of the world's demand for crude, wants to see whether prices are in a free fall or are merely reacting to the cessation of hostilities in Lebanon and reported progress in talks between Iran and Western powers trying to contain its suspect nuclear program.

Qatar's oil minister, Abdullah bin Hamad al-Attiyah, said he doesn't expect a reduction in output, but he added that OPEC members won't hesitate to curb production "if we feel the market needs a cut."

Unofficially, there was talk of drawing up an action plan if prices dip below $60 a barrel — a level which could prompt the cartel, now pumping at close to capacity, to start tightening its taps.

Supplies remain ample despite concerns over Iran, losses from BP's leak-prone Alaskan oil pipelines, chronic outages in Iraq and attacks on oil infrastructure by militants in Nigeria — Africa's biggest producer.

Mohamed Bin Dhaen al-Hamli, the United Arab Emirates' energy minister, said OPEC maintains about 2 million barrels a day of spare capacity, and the U.S. Department of Energy reported last week that U.S. inventories are at their highest levels since 1998.

Shukri Ghanem, the chairman of Libya's National Oil Corp., characterized the recent drop in prices as just a blip on the screen.

"This is a correction," he said Sunday. "We are working in a free market, and we expect prices to go up and down."

Jason Schenker, an analyst with U.S.-based Wachovia Corp., said he predicts that global demand for crude will slacken as economic growth slows, pushing prices down even further — especially if the United States, as some economists forecast, slips into recession next year.

"I think there's still room for crude to fall," he said. "There's no shortage of oil anywhere. Right now, this is a fundamentally well-supplied market."

Iran's influence on prices has eased, Schenker said, because Tehran has said it would not cut off oil supplies and there is little expectation that the U.N. Security Council could overcome resistance from Russia and China and impose significant economic sanctions.

Eshan Ul-Haq, chief analyst at PVM Oil Associates in Vienna, said prices could face further pressure in 2007 if production from non-OPEC nations such as Angola, Brazil and Caspian Sea countries like Azerbaijan rises significantly as expected.

Analysts said it was probably too early to gauge the impact of a newly discovered petroleum pool beneath the Gulf of Mexico, which experts say eventually could yield anywhere from 3 billion to 15 billion barrels.

Matthew Cordaro, an energy specialist and business professor at Long Island University in New York, said the discovery "may put a little damper on all the talk about the need for renewable energy sources and conservation."

[jamescb77]

Tweetyea there ****ing dicks liek the opec people don't have enough money already

[DJDIGGLER]

Tweet

yea there ****ing dicks liek the opec people don't have enough money already

Exactly and I have no clue why the government and in fact why the U.N. doesn't step in and say this is price gouging and gross profiteering!! This is and should be highly illegal! It's dumb for governments to let a few fools toy with all of the economies of this world! Toying with gas prices has drastically effected many facets of our economy. What is it going to take till big brother steps in and smashes that bug?

[mick-G]

TweetYou should see the developments that are going up in Dubai in the Persian Gulf! Even Trump is getting in on the action, lol!, and its all comming from our pockets.

[DJDIGGLER]

Tweet

You should see the developments that are going up in Dubai in the Persian Gulf! Even Trump is getting in on the action, lol!, and its all comming from our pockets.

Yeah I saw that and it makes me sick! Sometimes I wonder if a secret society does run the world. That would explain why governments sit back while companies like this rape our pocketbooks! If the heads of these companies are part of this society it would make sense why they get away with such atrocities!

[jipped genes]

Tweetjust like everybody else the rich just wanna be richer. we have to see that partof the blame lies with us as consumers too. i still think they are gougeing *ssholes but if everyone drove hybrid cars they wouldnt sell much oil.

(as my wife gets into our gas guzzling SUV)

[kite]

TweetI all comes down to money, there's no other reason why we're still dependant on foreign oil.

[T-Man007]

TweetOPEC sucks!

[pigmeat]

Tweetits a business people.....they are just doing what every other damn company in the world does......we just dont see the impact with other products like we do petroleum....but i agree, they are dicks and it aint right....but i would do the same,lol

[3Vandoo]

TweetActually OPEC is moved with assholes like Chavez that is trying to "hurt" the US, I mean instead of forcing good relations, he goes 40 years back with a pseudo communist socialist discourse againts the west and the evil America.

With the discovery of the oil reserve in the gulf of mexico, the reserve of gas in the easten part of quebec, on the eastern front of Newfoundland, Alaska, Yukon, BC, Alberta, the North American is sufficient for centuries if we want to. With the russian fields also opening up, the OPEC is just on its guards and the last time they tried a forced rise up of gas price, the EU threathened them to bomb them to the stone age if they still hurt their economy and saw this as an act of war! Yes, rising price on gasoline is considered as an act of war.

Also with all the speculators in this game, they bring the price up with the most stupid reasons,

"Redneck in Arkansas saw an UFO!!!!!!!"

speculators think, hmmm let rise price, Aliens will attack us!

get the speculators out and do a free trade market, you will see price down and very low.

[AmericanViking]

Tweet

Exactly and I have no clue why the government and in fact why the U.N. doesn't step in and say this is price gouging and gross profiteering!! This is and should be highly illegal! It's dumb for governments to let a few fools toy with all of the economies of this world! Toying with gas prices has drastically effected many facets of our economy. What is it going to take till big brother steps in and smashes that bug?

Yeah I saw that and it makes me sick! Sometimes I wonder if a secret society does run the world. That would explain why governments sit back while companies like this rape our pocketbooks! If the heads of these companies are part of this society it would make sense why they get away with such atrocities!

The governments and UN are all part of it! And yes, the world is run by a highly elite society with an agenda!

[3Vandoo]

Tweet

The governments and UN are all part of it! And yes, the world is run by a highly elite society with an agenda!

if that would only be true!

the world is ran by idiots with no agenda that idiocy for themselve

[DJDIGGLER]

Tweet

just like everybody else the rich just wanna be richer. we have to see that partof the blame lies with us as consumers too. i still think they are gougeing *ssholes but if everyone drove hybrid cars they wouldnt sell much oil.

(as my wife gets into our gas guzzling SUV)

How is it fair to people that use their gas guzzling trucks for a living? I'm not going to haul 2500 lbs of wood with a freaking hybrid! I see your point and can't stand seeing soccer moms in their freaking excursions!

This type of thing is what drives up the cost of living for everyone. If gas prices go up, then shipping companies start charging more, then vendors start charging more since shipping companies charged them more, then companies like me have to raise our prices not only because gas is up, but because our vendors are all charging more. Ever since the gas prices went up 4X8 sheets of wood went up as much as $10 a sheet on certain types!!!

[pincrusher]

Tweetwhen the whole world rely's on one product for most of its energy source then those who provide the most of that product can pretty much set their price. its unfortunately all about supply & demand.
the real ones to blame are our congressman who for the most part are put in place through campaign contributions from oil companies & tobacco companies. without a change on how members of our decision making group are elected into office and held accountable for their allegiances to the oil companies things will never change. do you really think our president who has ties with an oil company is going to do anything about the high prices especially after he made the statement after katrina hit new orleans, that he "hoped the oil companies would donate some of their profits from the price gouging to the refugee's from the hurricane" he openly admitted that the oil companies were price gouging but did nothing about it whatsoever and his statement basically gave them approval to keep doing it.
OPEC needs to keep us at bay and try to show that they still control the worlds economies through their oil because they have no other product they can offer to the free world. without oil they will just be one super large beach that nobody will want to visit cause its to damn hot there! they need to make their money now cause one day there will no longer be any oil.
soon hybrid vehicles will be available even for contractors who need large trucks to haul heavy materials. they may not be as efficient as a prius but will give much better fuel economy. even now there are a rather large amount of trucks that the manufacturers have started or soon plan to start making a modified hybrid out of. i think there are at least a half dozen SUV'S available as a hybrid and that number will go up dramatically in the near future. the car manufacturers realize this cause SUV'S are where they make their largest profits and the way the sales dropped off so dramatically with the higher gas prices they have to make these changes or suffer the consequences.

[DJDIGGLER]

Tweet

when the whole world rely's on one product for most of its energy source then those who provide the most of that product can pretty much set their price. its unfortunately all about supply & demand.
the real ones to blame are our congressman who for the most part are put in place through campaign contributions from oil companies & tobacco companies. without a change on how members of our decision making group are elected into office and held accountable for their allegiances to the oil companies things will never change. do you really think our president who has ties with an oil company is going to do anything about the high prices especially after he made the statement after katrina hit new orleans, that he "hoped the oil companies would donate some of their profits from the price gouging to the refugee's from the hurricane" he openly admitted that the oil companies were price gouging but did nothing about it whatsoever and his statement basically gave them approval to keep doing it.
OPEC needs to keep us at bay and try to show that they still control the worlds economies through their oil because they have no other product they can offer to the free world. without oil they will just be one super large beach that nobody will want to visit cause its to damn hot there! they need to make their money now cause one day there will no longer be any oil.
soon hybrid vehicles will be available even for contractors who need large trucks to haul heavy materials. they may not be as efficient as a prius but will give much better fuel economy. even now there are a rather large amount of trucks that the manufacturers have started or soon plan to start making a modified hybrid out of. i think there are at least a half dozen SUV'S available as a hybrid and that number will go up dramatically in the near future. the car manufacturers realize this cause SUV'S are where they make their largest profits and the way the sales dropped off so dramatically with the higher gas prices they have to make these changes or suffer the consequences.

Just saw a segment on dateline about hydrogen vehicles. That seems like its the way to go. Like they said there is an infinite amount of hydrogen in the universe and it's cheap. It's just the cost of making the vehicles and changing all the service stations that will cost money. I'm betting hydrogen will be our solution.