I was reading the news online and came across this article about how Opec is concerned about sliding gas prices??? WTF!!! It doesnt cost you any more to produce gas then it did several years ago and look at the increase!! NOW prices are going to go up again just because Opec is worried that their not going to make RECORD BREAKING PROFITS!!! Come on now.... just something about this really jerks my chain!!
Here is the article:
Oil rebounds as Opec voices concern over slide
September 26, 2006, 22:15
Oil rose toward $62 a barrel as producer group Opec kindled fears of production cuts, saying oil's steep slide from record peaks had brought prices too low.
US crude rose 41c at $61.86 a barrel, bringing the price well above yesterday's six-month low below $60. London Brent rose 16c to $60.96.
The rebound came after Edmund Daukoru, the Opec president, said the slide in prices was harming investment and that "something needs to be done."
He said in Abuja, Nigeria, that members of the exporters' cartel, which pumps a third of the world's oil, were already talking internally about the price fall.
Opec expects the global oil supply to be a "colossal" 1.8 million barrels per day above demand by the second quarter of next year, he added. Opec sources have said the group has no plans to call an emergency meeting ahead of its scheduled December 14 meeting in Nigeria. - Reuters
2006-09-27
03:57:27
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