Gas Prices?..

[simple man]

ORAN, Algeria - OPEC on Wednesday agreed to slash 2.2 million barrels from its daily production "? its single largest cut ever "? while bloc outsiders Russia and Azerbaijan announced their own cutbacks of hundreds of thousands of barrels from the market.

"I hope we surprised you," OPEC President Chekib Khelil said when asked whether the size of the cut would shock moribund oil markets into an upward trend. "If you're not surprised we need to so something about it." ....

The Russians indicated their reductions had already been implemented in November, while Azerbaijan's output had already been reduced by about a third due to production problems earlier this year.

Among those hoping for Moscow's support was oil powerhouse Saudi Arabia.

"We also hope that other producers who are not in OPEC will chip in for the purpose of bringing stability to the market," said Saudi oil minister Ali Naimi said, in a nod to Russia.

Sechin, in comments to The Associated Press, said "Russian oil companies have already made a decision to cut deliveries to the market ... approximately equivalent to 350,000 barrels per day." But he specified that his country's cuts had already been enacted ahead of the OPEC meeting.

Sechin did hold out the possibility of further reductions, saying Russia was ready to pare another 320,000 barrels a day "if we see the continuation of the current level of prices on the world oil markets."



And yet markets weren't impressed.

http://www.msnbc.msn.com/id/28274997

[imported_burrhead]

http://www.bloomberg.com/apps/news?p...ATY&refer=home

[simple man]

Biggest news in both those stories is that SA is coming back in line with OPEC, without them , OPEC has no teeth.

[greencrest1272]

Up 10 cents a gallon in Clintwood today.

[simple man]

Awww...I could have done without that. Those stories said the second half of next year before we really saw any effect. [img]/LDPforum/ubbthreads/images/%%GRAEMLIN_URL%%/confused.gif[/img]

[Shooter]

Unbelievable...first, raising production raises prices, now CUTTING production will raise prices. What a bunch of bull.

[Diets17]

http://money.cnn.com/data/commodities/

No matter what has happened...gas prices SHOULD NOT have went up today. We are still around $40 dollars a barrel, exactly what it was at the close of last week and the lowest it's been in god knows how long. Also wholesale prices remain steady at 1.01 a gallon meaning gas prices should be no more than a $1.25 to $1.40. It will be interesting to watch the market of the next week and see where these decisions from OPEC play. I have a feeling it doesn't really matter what they do at this point. Oil prices should continue to stay below $50 dollars a barrel....we know they have it to produce. Just because they cut production doesn't mean its a more valuable commodity, just means they aren't selling enough to keep up with the current production. Probably why oil prices actually fell today.

[simple man]

"Worries about global oil demand overshadowed Wednesday's announcement from the Organization of Petroleum Exporting Countries for a production cut of 2.2 million barrels per day.

Crude oil was down $1.56 to $38.50 a barrel in midday trading -- after closing at $40.06 Wednesday, a four-and-a-half-year low -- as skeptical investors bet that OPEC's moves, set to take effect in January, won't make much difference."

http://articles.moneycentral.msn.com/Inv...dispatch_081218

[imported_drgnfly3030]

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Diets17</div><div class="ubbcode-body">No matter what has happened...gas prices SHOULD NOT have went up today. </div></div> x2

[PVVikeFan]

I saw gas in South Carolina 3 days ago for 1.38. Yesterday it was 1.54 at the same place [img]/LDPforum/ubbthreads/images/%%GRAEMLIN_URL%%/frown.gif[/img]