News item: Oil producers urged to boost output as prices soar.
"The current president of the Organization of Petroleum Exporting Countries, Chakib Khelil, has said that the cartel will make no new decision on production levels until its Sept. 9 meeting in Vienna."
http://apnews.excite.com/article/20080607/D915CKQO1.html
According to OPEC the oil production that is currently in force is sufficient to keep oil prices below $50 a barrel- They say that it is not the supply of oil that is behind the high prices, but rather a manipulation in the market, The Chinese weighed in on this today and said most of the price increases are the result of hedge funds and oil speculation in the market- An investigation that is going on in the U.S., also gives the reason that speculation and a deliberate misstating of the oil inventory is behind the rises in oil prices- Bush says it is caused by supply and demand. I’m sure that with his brilliant mind, he is right , and everyone else is wrong.
November 10th, 2009 at 6:58 am
because they can.
References :
November 10th, 2009 at 7:40 am
According to OPEC the oil production that is currently in force is sufficient to keep oil prices below $50 a barrel- They say that it is not the supply of oil that is behind the high prices, but rather a manipulation in the market, The Chinese weighed in on this today and said most of the price increases are the result of hedge funds and oil speculation in the market- An investigation that is going on in the U.S., also gives the reason that speculation and a deliberate misstating of the oil inventory is behind the rises in oil prices- Bush says it is caused by supply and demand. I’m sure that with his brilliant mind, he is right , and everyone else is wrong.
References :
November 10th, 2009 at 7:59 am
The problem is rising demand and falling supply. Peak Oil was predicted decades ago to occur right about now. 2 billion people or more in Asia are modernizing and enjoying the benefits of those high tech jobs we outsourced causing more demand. Countries other than the USA are not impacted as much as the USA because they have more alternative energy and better public transportation. The USA’s problems are the sign of a failed energy policy for the last 30 years. Nobody wants to prepare for the coming eventuality of no more oil.
References :
November 10th, 2009 at 8:40 am
With OPEC its "because we can"
If it was any other country asking them to increase production they would have been a little more receptive to it. But because its the big bad United States. They can say "you’re not the boss of me" and screw us over.
We need to drill in our own country. I would drill through a moose’s head to get to oil if I could.
References :