Does OPEC have us over a "barrel?

[keithyboy]

Do you think it will cut back production? If you do, what should we working class folks do? Options are gone now since most of us have already re-financed homes and used up our equity.

[Fovea]

1. Yes, the first cutbacks will hit the market the first week of april

Buy a bicycle, start riding all your short trips you can on it.
Trade down to a smaller car, if there is no mass transit in your area.

I expect gas prices to be around $3.25/gal by the end of summer.

[Oggy]

2. Keep your fingers crossed

that it isn't a forced reduction in output due to Peak Oil.

[Fovea]

8. This whole administration

had to be in office now, for peak oil.
Read about resource monopoly governments.
Bush wants to be the first modern era pharoh.

So if you have a gas guzzler, sell it now!

[megatherium]

10. $3.25/gal would be slightly higher than the record price

of about $3/gal (in 2004 dollars) reached in 1979. Back then, we raised the CAFE standards and gas prices dropped back. It doesn't sound like Congress and the Administration are bright enough to raise CAFE standards now. And we're now approaching (if not already at) peak oil. It will all go south from here.

If you own an SUV, sorry.

[Fovea]

11. My Icon

is me on my main vehicle.
Yes, anytime the price reduces from here on
will be a bread and circuses tactic to
win temporary favor, and be followed by even higher prices.
Unless Cheney steps in front of a microwave oven, that is.

[madrchsod]

3. no china has us over the barrel

they are sucking alot of oil and raw products to fuel the 259 billion dollar walmart and other stores. 5% increase in paper-price rise in steel,etc,etc,and add the huge trade debt to china and their refusal to reform their currency. as long as the wal-martians keep buying ,the usa sinks further into stagflation.

[TX-RAT]

4. Yes

As long as we refuse to tap into our own resources.

[htuttle]

5. Dude, don't fool yourself. We used up most of our resources by the 1970's

What's in ANWR would last us about a week, and I'd be willing to bet most of it would be sold to the Japanese anyway (they are willing to pay a lot more for it than we are used to paying).

[TX-RAT]

7. I didn't say ANWR

We have fields in the lower 48 that could be developed, but due to environmental restrictions it's not feasible. A good example would be California.

[bigendian]

6. It's not a case of refusing.

There just isn't a need to at this point.

[Fovea]

9. You are talking about

medicines and plastic for your grandchildren when you talk about sucking the strategic reserves of the US. It won't be cheap, either.

It was time to start conserving a decade ago. Now it is past time.