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Hahaha OPEC bastards
Topic Started: Oct 25 2008, 01:19 AM (890 Views)
Heather
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Vice Admiral
Quote:
 
Oil drops to $64 despite OPEC output cut
Cartel's emergency meeting in Vienna fails to halt steep slide

updated 3:57 p.m. ET, Fri., Oct. 24, 2008
Crude tumbled Friday and the price for a gallon of gasoline fell below year-ago levels for the first time in 2008, even as OPEC announced a huge production cut in an attempt to halt the declines.

In an emergency meeting Friday, OPEC said that it will slash oil production by 1.5 million barrels to stem the "dramatic collapse" of oil prices, but crude prices plunged 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.

Crude prices have now fallen 56 percent from the highs reached in July, and more than $41 per barrel in just the last 30 days.

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.

Light, sweet crude for December delivery fell $3.69 to settle at $64.15 a barrel on the New York Mercantile Exchange. Prices had fallen as low as $62.85 earlier in the day.

The failure of a big production cut by the Organization of Petroleum Exporting Countries to stem the slide in crude prices only cemented sentiments on the oil market.

All OPEC confirmed for the market is how weak demand is, oil trader and analyst Stephen Schork said.

Supporting that view was a report released Friday by the U.S. Department of Transportation that showed the largest monthly decline in miles driven in 66 years.

Americans drove 5.6 percent less, or 15 billion fewer miles, in August 2008 compared with August 2007 the biggest single monthly decline since the data was first collected regularly in 1942.

Americans have drastically altered driving habits, if they are driving at all, amid a severe economic downturn.


continued.....


http://www.msnbc.msn.com/id/12400801/

I'm glad because as tight as money is the price of gas was killing us. We were hardly going anywhere at all because we just couldn't afford the gas.

F you OPEC :pfft:
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Almighty
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Give that Roo a beer

It's still through the roof here , they just don't pass it on :waiting:

And in the long run it will just get dearer :(

That's why they cut production
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GCE-1701-D
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aka GalaxyClassUSSEnterpriseNCC1701D But my friends call me Darren
well then you'll love this, considering the price of oil we're all still paying WAY too much at the pump, so we more need to hope that suppliers and service stations stop price gouging if we ever want to see reasonable prices
we want the old Kai! "bring sexy back, vote Classic Kai"

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:whistle:
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Almighty
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Give that Roo a beer

I don't know how it is where you guys are , but here the poor old station owner is the one who gets the raw deal.

well , besides the consumer that is

The price of petrol is given to him via a email or fax each morning and he simply has to sell at that price regardless if he works for a large company like shell or mobil or something like that

The independant stations have more freedom but they don't get the discounts the big guys get either

We all get screwed basically

Everyone except the big companies that is :sarcastic:
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Heather
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Gas is $2.49 here right now and seems to drop 5 cents every couple days. If you read the rest of that article they estimate gas will go back down to $2 a gallon before too long
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wissaboo
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Admiral
oil was way over priced over the summer because of people speculating on it by buying commodity futures.
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AdmiralGummy
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The New House!
Roddenberry Medal Member
Heather
Oct 25 2008, 09:10 AM
Gas is $2.49 here right now and seems to drop 5 cents every couple days. If you read the rest of that article they estimate gas will go back down to $2 a gallon before too long

Thank Sweet Jesus.
I like it only costing $30.00 to fill my car now.
Not long ago, it was $70.00.
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Hedo
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cool mofo
AdmiralGummy
Oct 25 2008, 03:43 PM
Heather
Oct 25 2008, 09:10 AM
Gas is $2.49 here right now and seems to drop 5 cents every couple days. If you read the rest of that article they estimate gas will go back down to $2 a gallon before too long

Thank Sweet Jesus.
I like it only costing $30.00 to fill my car now.
Not long ago, it was $70.00.

You suck at math :ummm:
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Almighty
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Give that Roo a beer

:yeahthat:

I saw a bit on the news the other night about a service station in Sydney that cut it's price by over 40 cents per litre in order to send a message to the big companies that what is happening at the moment in my country is extortion.

Our price is about $1.40 to $1.50 per litre at the moment.

There were idiots on the news saying they just saved $50 to $70 :lol:

What size tank do they have?

Some people are so stupid that they drive around for 4 days with the needle on the red and then fill up and put 20 litres MORE fuel in their car than they usually do and then claim that petrol is so dear that it cost them 40 bucks more than last week :lol:

Simple maths tells me that for every 10 cents per litre petrol rises you will pay $10 more per 100 ltires

Now unless you have a massive truck with a 3oo litre tank in it i don't really think you'll be saving $70 on a fill if it drops 40 cents :lol:

BTW this is not aimed at gummy

Just the morons i saw on the tv last week :lol:


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MeliKoritsi
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L'Étoile du Nord

I don't know what you guys are complaining about, here in MN we usually have close to the lowest prices in the US. On CNN a few weeks ago, a town nearish me had the lowest listed price... there was a gas price problem?

I jest, when it is lower, it isn't by much. It is awfully nice to see it drop in price more, since winter is coming and everyone will be breaking out the SUVs they had squirreled away all summer.
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