Skip to comments.Oil off on U.S. data but OPEC eyed as $100 in sight
Posted on 01/13/2011 9:59:32 PM PST by Nachum
(Reuters) - Oil slipped on Thursday as markets weighed disappointing U.S. jobless claims data and the prospect OPEC would raise output should prices break above $100 a barrel for an extended period.
A delegate from a Gulf OPEC member state said OPEC will only hold an emergency meeting if oil bursts into triple digits and stays there, although the group's Gulf members could informally add supply if needed.
Brent crude rallied to near $99 a barrel earlier this week, raising concerns it could break past $100, driving up fuel costs and threatening the fragile economic recovery.
U.S. weekly initial unemployment benefit claims showed their biggest increase in six months, suggesting that, even with recent signs of economic improvement, the labor market paints a gloomy picture for demand.
(Excerpt) Read more at reuters.com ...
Oil falls to near $91 on weak US jobs market
That was from Bloomberg. Another service says the the price is going down.
It usually goes down around Christmas and then starts to slowly go up from there anyway.
With such an abundance of oil, I would not expect the $5 gas we will get in 2012.
Is there any reason we shouldn’t tell OPEC to lower the price to $15.00 per barrel—or else?
“With such an abundance of oil, I would not expect the $5 gas we will get in 2012.”
Gas will go up to 5.00 in 2012. The MSM will blame the Republicans. The useful idiots will believe it.
They better start the Liberal disinformation campaign quick.
I was re-watching “Network” the other night—what a great movie!—and it got me wondering why we don’t hear people talking about OPEC anymore. They must control the tv networks these days.
The QE2 is a major factor the runup of all commodity prices, however, consumption growth in Asia and the Pacific Rim are also impacting oil prices somewhat. I hope that OPEC does have the capacity to bump up supply when oil prices reach $100 per barrel. My biggest fear is that after saying, "The right price for oil is $100 per barrel", OPEC leaders will soon be saying, "Because of the higher costs to feed our people, the new right price for oil is $120 per barrel".
The libs made ANWR off limits.
Team obama and salazar have cut back on the supply we can get out of the Gulf.
Supply and demand at work.
And they love it. The libs are always crowing about gas prices in Europe and Canada and how we should emulate them. Their gas prices are so high because the taxes on gasoline go to pay for their free healthcare.
None I can see. We should’ve taken Saudi Arabia after 9/11. We’ve already taken Iraq. We should keep it, take SA, pump them both dry and thumb our nose at the world.