OPEC Orders Cut in Oil Production
I really try not to hate anyone but these guys make it tough. Poor things….were the billions they made so far this year just not enough to pay the rent? Whether you are a Democrat, Republican or Independent this should OUTRAGE you.
As Donald Trump said, oil is the lifeblood of our economy, and I agree. OPEC has been sucking the life out of us. The price of gas directly affects more Americans on a daily basis than the ups and downs of their 401k’s.
Recently I struck up a conversation with a man while we were both filling up our vehicles. He said he and his wife spend $800 a month in gas to get to and from work. That was as much as his mortgage payment. It is the price of GAS that is, IMO, as responsible for foreclosures as the increase in mortgage interest rates. Some people could have absorbed an increase in their interest rates IF they hadn’t had a gas bill to equal their mortgages.
When Bill Clinton left office the price of gas in my area was around $1.12 a gallon. In 8 short years it is now anywhere from $3.00 – $4.00 a gallon. That’s ABSURD.
The last time we filled up our propane tank the cost was almost $400.00 which is double what it was 2 years ago. Add that increase to the electric rate increases and the price of gas at the pump and it is quite a bite out of the budget.
OPEC Orders Cut in Oil Production
By NELSON D. SCHWARTZ and JAD MOUAWAD
Published: October 24, 2008
VIENNA — OPEC said Friday that it would reduce its oil production by at least 1.5 million barrels a day to stem what it called “a dramatic collapse” in oil prices as the world economy slows down and oil demand shrinks.
The reduction, which is the deepest since 2003, was announced at an emergency meeting here and will take effect on Nov. 1, according to Ali al-Naimi, Saudi Arabia’s oil minister.
But OPEC’s announcement failed to slow the downward spiral in prices. Following the meeting, oil futures in New York fell 4.6 percent to $64.75 a barrel, their lowest since May 2007. Oil prices have been more than halved since peaking at $147 a barrel in July.
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October 24th, 2008 at 11:54 am
Yup, I smell something in the water, uh, oil. The cartel must face some consequences. Many of these countries import DRINKING WATER from Scandinavia. Maybe the iceberg boys will triple the price of water on these good friends in the scorched, sandy hell holes in the Middle East.
October 25th, 2008 at 12:48 am
Obama is certainly a buddy to this cartel. He does not want to quit sending money to the Muslim countries who openly hate the USA. The whole financial mess is directly related to the Democratic power in Congress, specifically Frank, Dodd, and the Congressional Black Caucus, who pushed the fmfm and acorn/mortgage scam. Higher gas is a political bonus for the fraud from Chicago.