OPEC To Cut Production... Gas Prices On Way Back Up...

[lib2DaBone]

AP: Retail gasoline prices rose over the weekend for the first time in nearly three months and crude prices jumped Monday ahead of an OPEC meeting in Algeria, where oil producing countries are expected to announced huge production cuts.

http://news.yahoo.com/s/ap/20081215/ap_on_bi_ge/oil_prices

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Can OPEC pull off a price hike in the middle of a Recession/Depression? If factories aren't running and trucks are not delivering... gas consumption is going to be down.

Wouldn't Bush's 'good friends' , The Saudis, be smarter to keep oil cheap for a while until the economy gets moving ... then they can start gouging the American consumer again?

[Selatius]

1. They could bring back up prices but not all the way as before.

The recession will keep at bay 4 or 5 dollar/gallon prices, but it probably won't insulate the US from 2 or 3 dollar/gallon prices.

[Taverner]

2. OPEC is only concerned with immidiate gains

That's all those vampires know

[Andy823]

3. To much greed in play.

On Sunday the 7th 60 minutes interviewed the Saudi oil minister. They talked about two "NEW" drilling sites and that it had cost them "billions" to get them up and running. I am sure that the high prices this year helped them a lot. Now they need to jack prices back up to help pay for them, and to increase their profits. He said they needed oil to be at $55 a barrel to run the country, then later said that $85 was their target price. They also talked about out they are going to build huge solar energy facilities so they can sell that energy also. Those solar plants will cost billions more, so they need to get prices up. Since Bush took office he has done all he can to get prices higher for his buddies in the oil business, and they got used to the high prices and now they want more of that money they made while Bush was in charge. The minister also said that it was a wast of time to develop "alternative" fuels!

What the U.S. needs to do is get on the ball and get into the production of renewable fuels and become a major player in this field. Put the oil industry on notice that their days are numbered. There could be millions of new jobs in this industry, and it will not only help put people back to work, but will help keep us from going seeing gas prices going up above $5 in he future.

[Winterblues]

4. I am sure their thinking is to get the prices back up no matter what.

They will sell their product whether the US is in Depression or Recession or whatever...More people all around the world are buying. The US Military has to have fuel so Prices will go back up and the USA be damned...