OPEC hesitates over more oil

[Yo_Mama_Been_Loggin]

Maybe Chimpy should have done more than just hold hands with his Saudi prince.

By Janet McBride and Barbara Lewis
Sun Sep 18, 5:40 PM ET



VIENNA (Reuters) - OPEC oil producers on Sunday wavered over a supply increase that would aim to allay consumer country concerns about energy security after Hurricane Katrina pushed crude over $70 a barrel.

Under pressure from importing nations, the Organization of the Petroleum Exporting Countries begins a two-day meeting on Monday that could lift output just as fuel demand starts to buckle under the impact of high prices.

U.S. crude has fallen from a record $70.85 a barrel in the three weeks since Katrina tore into U.S. Gulf refineries, losing $1.75 on Friday to close at $63.

"For OPEC the price is still very high," OPEC President Sheikh Ahmad al-Sabah told reporters in Vienna.

http://news.yahoo.com/s/nm/20050918/bs_nm/energy_opec_dc

[FloridaPat]

1. How can the price be high? They have to be enjoying the extra

income. Last time they raised output it was sour crude which doesn't work well in cars.

And how come when oil spiked up to $70 a barrell gas went up 50 cents but now it's down only 23 cents?

[RUMMYisFROSTED]

2. The jawbone's connected to the... chimp bone...

[hadrons]

3. these guys are still buffing they can put more oil on the market ....

just say it ... Peak Oil is Here!!! Keep your sour grade crap to yourself

[IDemo]

4. They are wavering because they know the jig is up

Colin Campbell and others have already done the homework on this. Saudi Arabia and other OPEC nations do not have the excess capacity they have been swearing to for the past three decades. Katrina has indeed brought a refining shortage, but the much larger, and permanent, problem is rooted in geography. The bubblin' crude is a finite resource, and the sweet (low-sulphur), easy to find and extract stuff is largely gone.

[screembloodymurder]

5. No, just half gone.

Nearing peak.