Poor guys. Must be hard trying to monopolize all the oil in the world.

OPEC calls emergency meeting as oil prices plummet

Oil prices plummeted Thursday, falling below $70 a barrel for the first time in 16 months, prompting the OPEC oil cartel to call for an emergency meeting next week.

The rapid decline in prices had alarmed both petroleum company executives and oil producers, who are becoming increasingly nervous that oil's roller-coaster ride undermines the stability of energy markets.

Oil prices have dropped sharply in recent weeks amid the economic crisis and lower consumption in developed nations. In New York, oil futures fell as much as 8 percent to $68.57 a barrel Thursday, their lowest level since June 2007. Oil has lost half its value since hitting a record $147.27 a barrel in July.

....

The drop in prices has already created problems for oil producers, who have become accustomed to high prices. Iran and Venezuela both need oil prices at $95 a barrel to balance their budgets, Russia needs $70 and Saudi Arabia needs $55 a barrel, according to Deutsche Bank estimates. The Algerian oil minister, Chakib Khelil, estimated Thursday that the "ideal" price for crude oil was between $70 and $90 a barrel.

...

Global oil demand is undeniably slowing down, particularly in developed nations. Japanese oil consumption tumbled by 12 percent in August, while in the United States demand fell by 8 percent in September.

I am glad the demand for oil is dropping. It shows we are trying to conserve fuel. That is the best way to get prices down.

Screw OPEC. Those greedy bastards. I hope Oil goes to $2 a barrell. It would serve them right.

Gotta like this:
http://www.telegraph.co.uk/news/worldnew...havez.html

OTOH, it may have consequences like this
http://www.limaohio.com/news/ohio_29488_...slComments

Still, this is just a decrease in global demand. I don't think Americans are conserving. Even when gas was $4/gal, I saw people wasting gas...including those who complained they couldn't afford it. Dumn.

Many americans invest in oil stocks through mutual funds. Those investors have lost 50% the last 3 months. Democrats need to grow up and realize that the american middle class is who owns EXXON, Chevron. Oil moves in the direction of the economy. OPEC may decrease production to increase its price during a global resession. Proves Palin is right that we should be drilling our own oil so we aren't dependent on OPEC production quotas. We have always had to kiss the feet of the OPEC leaders. Obama showed his ignorance about NAFTA during the debate. We get Canadian oil at a much lower price and we are their primary customer. Without NAFTA we would have to pay more because China would be able to bid on the Canadian oil that is reserved for the US, Canada and Mexico only because of NAFTA. Democrats have no idea what NAFTA is really about. Its about Canada, USA, and Mexico working together to protect its industries and resources from being outscourced to Asia. We got certain things from both Canada and Mexico like cheaper oil and food that American's need everyday. Those jobs that we are losing are being lost to Asia not Canada and Mexico. There is nothing politicans can do to stop the loss of those manufacturing jobs. Its a global economy and China and India have lower labor costs due to having billions of workers more than we do. Raising taxes on our coroprations and wealthy will only hurt us more because it makes it more profitable for those companies to migrate to Ireland where the corporate tax rate is 11% vs the 38% in the United States.

OUBOBCATJOHN Wrote:Democrats have no idea what NAFTA is really about. Its about Canada, USA, and Mexico working together to protect its industries and resources from being outscourced to Asia. We got certain things from both Canada and Mexico like cheaper oil and food that American's need everyday. Those jobs that we are losing are being lost to Asia not Canada and Mexico. There is nothing politicans can do to stop the loss of those manufacturing jobs.

I think Dems understand it, they just use it for leverage. The average Ohioan who gets laid off and sees his plant move to Mexico blames NAFTA. Nevermind that it would have left for China, Phillipines, etc...NAFTA makes an easy excuse.

And excuse for what? High salaries, difficult regulatory compliance, high taxes, etc.

Some of that can be influenced by politicians!

I'd love for McCain's surprise to be a cogent plan to reduce regulatory paperwork AND taxes. Probably not sexy enough to win at this point...but it would be a big plank in my platform.

DrTorch Wrote:OTOH, it may have consequences like this
http://www.limaohio.com/news/ohio_29488_...slComments

Bailout in 4...3...2...1...

I45, don't call it a bailout...Americans don't like that term. Call it a rescue package!

Fanatical Wrote:The drop in prices has already created problems for oil producers, who have become accustomed to high prices. Iran and Venezuela both need oil prices at $95 a barrel to balance their budgets, Russia needs $70 and Saudi Arabia needs $55 a barrel, according to Deutsche Bank estimates. The Algerian oil minister, Chakib Khelil, estimated Thursday that the "ideal" price for crude oil was between $70 and $90 a barrel.

Well cry me a river....these countries use oil like it was a weapon. They take our money and then sh!t on us. Personally, none of the above countries have my sympathy and the lack of $$$ going to Venezuela just might make that idiot Chavez shut the F up.

I45owl Wrote:

DrTorch Wrote:OTOH, it may have consequences like this
http://www.limaohio.com/news/ohio_29488_...slComments

Bailout in 4...3...2...1...

Corn based ethanol is an economic boondoggle. It only makes a profit when you add in the federal subsidy.

If you are going to use ethanol, there are better base materials. IMO the far better option is butanol, which has almost equivalent energy ratio to gasoline