No Production Boost From OPEC
Is this what we get for nation building?
NPR-OPEC on Wednesday accused the U.S. of economic “mismanagement” that it said is pushing oil prices to record highs, rebuffing calls to boost output and laying blame at the feet of the Bush administration.
Oil prices surged past $104 a barrel for the first time after the OPEC announcement and the release of a U.S. government report showing a surprise drop in crude oil stockpiles.
The 13-nation Organization of Petroleum Exporting Countries said it would maintain current production levels because crude supplies are plentiful and demand is expected to weaken in the second quarter.
OPEC President Chakib Khelil told reporters the global market is being affected by what he called “the mismanagement of the U.S. economy,” and that America’s problems were a key factor in the cartel’s decision to hold off on any action.
What’s Iraqi oil production compared to pre-war levels?
Don’t you LIKE $105/bbl oil?
Did you expect any less when Dubious & the Oilers came to town?
But, look on the bright side: oil hasn’t gone up, the dollar has gone down! After all, oil still costs just 1/10th of an ounce of gold, same as always . . .
That’s what you get with Republican’t budget blow-outs.
This should not be a problem, according to bb we EXPORT petroleum! And Santa will help you with your fill ups.
David is exactly right.
The price of oil is more a reflection of our falling dollar, and the flight of capital to commodities markets.
However, I’m not sure how much flexibility OPEC has to raise production right now. Oil production hit a plateau back in 2006.
As for me, I say send oil to $200. Alaska is definitely a counter-cyclical economy. Our state economy is loving the price of oil.