To reiterate my previous post, we need to get ourselves off of foreign oil. Drilling in ANWAR won't do it. We need alternative fuel sources and better emission standards. $35 a barrel is OPECs new target. In 2000 it was $22-$28. For all of you who own SUVs... sorry, but it looks like you are screwed.
Possibility of OPEC Production Cut Grows (Full Story)
CAIRO, Egypt - The possibility of a cut in OPEC (news - web sites) production grew stronger Wednesday after the oil minister of heavyweight Saudi Arabia indicated he was aware of majority sentiment in favor of a reduction.
"Our objective is to keep the market balanced and keep it stable," Saudi Oil Minister Ali Naimi said in Cairo where the Organization of Petroleum Exporting Countries is due to meet on Friday.
No amount of extra output from OPEC seemed to satisfy the world market for most of this year, but in recent weeks prices have dropped significantly from the summer highs of $50 a barrel.
Recovering somewhat from recent lows, light sweet crude was up 24 cents at $41.70 on the New York Mercantile Exchange early in the floor session Wednesday. But it was still at levels that could support calls by some OPEC members to stem the downward trend. On London's International Petroleum Exchange, Brent crude was up 36 cents at $38.63 a barrel.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment