Posted on 10/16/2008 1:54:41 PM PDT by pissant
Vienna, Oct 16 (DPA) The price for crude oil produced by the Organisation of the Petroleum Exporting Countries (OPEC) has fallen below $70, the group said Thursday.One barrel (159 litres) of OPEC crude stood at $68.58 Wednesday, $4.91 lower than $73.49 on the previous day.
Citing the negative effect of the financial crisis on global oil demand, the cartel lowered its global crude oil demand forecast for 2009 by 450,000 barrels per day, to an average 87.2 million barrels per day.
The group’s oil ministers are set to gather for an extraordinary session in Vienna on Nov 18 to discuss possible production cuts in reaction to falling oil prices.
OPEC calculates an average basket price based on 13 important brands produced by its members.
Neverhtheless, as Palin says: "Drill Baby Drill" and "Mine Baby Mine"
chavez and putin will not be pleased
Sweet. We still need to drill and to work as a nation to become energy independent so this never happens again.
Either will Pelosi or Obama
Where are all the “economists” that were saying a barrel of crude would go to $400? Laying low I guess.
Anyone know what the profit point is for Russia and Venezuela?
http://english.aljazeera.net/news/middleeast/2008/10/20081016184445737871.html
Oil price fall prompts Opec meeting Oil has dropped by more than 50 per cent since July to below $67 per barrel [EPA]
Opec (the Organisation of Petroleum Exporting Countries) has brought forward an emergency meeting to discuss the effect of the global financial crisis on oil markets.
The organisation announced the decision on Thursday, as oil prices plunged below $67 a barrel from a peak of $147 in July.
An Opec statement said: "Following consultations with the president of the Opec conference and colleague ministers, it has been decided to re-schedule the extraordinary meeting of the OPEC conference."
The meeting moves forward to October 24, from November 18.
Don’t worry, OPEC will help Obama out by cutting back on production significantly, causing a spike in oil prices right before the election.
I said a long time ago that if we even threaten to drill our own oil, the prices with drop. The only reason we orginally bought from them is because it was cheaper than drilling our own. Once they got us hooked, they raised their prices.
Drill here, drill NOW!
Putin, Ahmedinijad, Chavez - couldn’t happen to a nicer bunch of guys.
Obama’s going to ssue Canada into selling us oil more cheaply. Yeah, right.
IMO it should be the policy of the US government to survey and prepare all available fields for the eventuality of a complete cutoff, no matter what the price of oil is at the moment.
there’s a problem though. This decrease in price is because of a decrease in demand (reflection of a poor economy ahead) and not an increase in supply.
criple the bastards
carter all over again.
which is why government must encourage and support temporarily unprofitable ventures.. it's an infrastructure issue.
http://aarontippin.musiccitynetworks.com/index.htm?inc=5&news_id=14445
Also can download his new single “Drill Here, Drill Now!!
Actually, he may unilaterally renegotiate the price of oil with the Canadians.
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