As for OPEC, production has surpassed everyones expectations, with production higher than expected for the most unlikely members Libya, Iran, and Nigeria. Since mid-year 2003, these three nations have increased production by 800,000 barrels a day. In the same time frame, OPEC (excluding Venezuela and Iraq) has increased production by 2.3 million barrels a day. In total, OPEC has increased output by over 4 million barrels a day to 30.3 million barrels a day.
Hey Willie, didn't you say globalism was causing oil production to fall? According to this it keeps rising. Maybe you were mistaken?
A recent ForbesMag columnist calculated a ten dollar / barrel premium on the Guvment's buying spree for the Strategery Reserve, which will go on through early '04, apparently, when the tanks will be full. Just another IOU Dubya is paying for Clintoon. As oil falls, look for various other current hysterias to settle, including the dollar, inflation, etc.
DOMESTIC production, dummy.
Despite political promises to make us less dependent on imported energy,
domestic oil production has steadily declined from 9.2 million bbls/day in '73 to 5.4 million bbls/day in '04.
Imported oil, OTOH, has skyrocketed to over 10 million bbls/day, making us dependent on foreign nations for 2/3 of our supply.