Posted on 11/14/2007 7:54:15 AM PST by Chickensoup
No need for more oil now, OPEC tells U.S
RIYADH (Reuters) - OPEC sees no need to increase oil production at the moment, Secretary-General Abdullah al-Badri said on Wednesday, rejecting a U.S. appeal to boost output sooner than the producer group's meeting next month.
U.S. Energy Secretary Samuel Bodman said on Tuesday he had asked the Organization of the Petroleum Exporting Countries to agree as early as this week to increase oil production to tackle falling inventory levels and high crude prices.
But OPEC officials have said they will not act on policy at this week's heads of state summit in Riyadh, reserving discussion until they meet formally in Abu Dhabi on December 5.
"I would like to say to the Energy Secretary... that we don't want to see any shortage in supply, that this question will be raised in our meeting in Abu Dhabi," Badri told a news conference ahead of an OPEC heads of state summit in the Saudi capital.
"At this time, frankly, we don't see that we should add more oil, but this is up to the ministers to decide."
Badri said there was no reason for oil to reach $100, as it almost did last week, and continued to blame refinery bottlenecks, geopolitical issues and the weak U.S. dollar for oil's ascent from below $70 a barrel in mid-August.
"As far as we are concerned, as far as fundamentals are concerned, there is really no reason for prices to go to $100."
"We don't want to interfere with consumer countries' policy. If there is a shortage we want to see if we can supply that shortage," he said. "We are frustrated with the idea that we have something to do with this (high oil price
Since the only thing that seems to matter are gasoline prices, maybe $5 a gallon... $10 a gallon. I think it's going to be a pretty expensive winter for those who buy heating oil. But where's the outrage? Instead people are painting themselves green and trying to handicap American oil-related businesses.
Screw’em. I ride my motorcycle now. I don’t give a flip how much they charge. I’m not alone either. I figure that’s why gas hasn’t gone up to match the expensive oil. People are finding alternatives and the market won’t support much higher.
Essentially we’ve found the equilibrium point of the supply/demand curve where any more price makes demand fall off significantly.
NUKE’M!... By building nuclear reactors that is.
I’m looking forward to a legalized Honda Accord diesel in 2009 or 2010, which should double the mileage of my current passenger car.
Drilling in ANWR would help but would not offset our need for foreign oil or reduce oil prices a significant amount.
As domestic oil consumption has increased, refinery capacity has been expanded.
1. screw the camel jockies.
2. screw the leftist eco-commies that wont let us use our own natural resources.
3. and a lesser-screw to our politicians who wont stand up and make this known....
I can only imagine what gas/fuel prices are elsewhere..Here in western PA, 87 octane is $3.09.
The price of oil hasn’t gone high enough yet.
Balls, meet hammer. At least until the libs and whacko’s let us drill here in the USA.
What a difficult time for many.
The most powerful country in the world begs favors from OPEC and nobody seems to care.
What happened to pride in this country ?
We should go full blast developing our oil shale, even if the government has to guarantee a $50 barrel minimum price to the producers. If OPEC tries to restrict supply before the oil shale comes online, then use the strategic reserve and tell OPEC to go pound sand. Between the strategic reserve, Canada, Mexico, and our domestic oil, we’d have a year to get the oil shale producing.
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