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winmutt · #1 10-09-2008, 03:00 PM

http://money.cnn.com/2008/10/09/news/international/iran_opec.ap/index.htm?postversion=2008100913

Quote:

OPEC to hold emergency meeting
Oil exporters will meet Nov. 18 to discuss impact of financial crisis on oil prices; analysts expect a production cut.

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Last Updated: October 9, 2008: 1:38 PM ET

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NEW YORK (AP) -- OPEC will hold an extraordinary meeting Nov. 18 to discuss how the widening global financial crisis is affecting oil prices.

In a statement Thursday, the Organization of The Petroleum Exporting Countries said it's concerned about how the crisis is hampering global economies and world oil markets.

Oil prices have fallen about 40% since soaring to a record $147.27 on July 11 as a global financial downturn forces people and businesses everywhere to cut back on energy use.

TheDon · #2 10-09-2008, 03:11 PM

I'm ready for this!

SwampYankee · #3 10-09-2008, 03:14 PM

Quote:

Originally Posted by winmutt

http://money.cnn.com/2008/10/09/news/international/iran_opec.ap/index.htm?postversion=2008100913

I'm curious as to how OPEC figures higher oil prices as a result of the production cut are going to help them when no one has any money to spend on it?

tobybul · #4 10-09-2008, 03:17 PM

aaaaaaaaha ..... so they are gonna cut production to keep oil prices up but they also conclude that the high oil prices is "hampering" world economies ....

SwampYankee · #5 10-09-2008, 03:20 PM

Quote:

Originally Posted by tobybul

aaaaaaaaha ..... so they are gonna cut production to keep oil prices up but they also conclude that the high oil prices is "hampering" world economies ....

The logic seems flawed. But that's just me.

Must be inhaling too much well fumes.

rrgrassi · #6 10-09-2008, 03:21 PM

Yeah, they need to loosen the turbine a bit.

TX76513 · #7 10-09-2008, 03:27 PM

Emergency Meeting on November 18th?

Some Emergency

winmutt · #8 10-09-2008, 03:55 PM

It is when you have to get multiple nations together intime to screw over the capitalist pigs in time for thanksgiving.

SwampYankee · #9 10-09-2008, 03:59 PM

Quote:

Originally Posted by winmutt

It is when you have to get multiple nations together intime to screw over the capitalist pigs in time for thanksgiving.

I had some inappropriate thoughts about camel travel and chose to keep them to myself.

patbob · #10 10-09-2008, 06:05 PM

Quote:

Originally Posted by SwampYankee

I'm curious as to how OPEC figures higher oil prices as a result of the production cut are going to help them when no one has any money to spend on it?

I suspect they either need more money because of the US finnancial collapse, or want more money to be able to invest in the US once the collapse bottoms out. Neither is terribly pressing since they probably didn't overextend and still have a strong income.

Never forget that as a part of their largest consumer base, your well being is very much on their minds -- they don't care how painful it is for you to pay, they just don't want to push it so far large numbers of us will make long-term lifestyle changes torwards lower oil consumption.

msgaevans · #11 10-09-2008, 08:23 PM

I decided to bite the bullet and run B100 exclusively back in March '08. I pay ~20% more per gallon. While the fuel lines in Ga were long in past weeks due to Gustav, I filled up with no waiting at my Biodiesel dealer.

I like that I'm paying Americans up the road in Rome, Ga and keeping OPEC out of the loop. They turn chicken fat and soy oil into my fuel. At least one of those is a waste product.

I recommend finding a Biodiesel dealer. They will change to B20 this winter so it's not a perfect approach.

Hatterasguy · #12 10-09-2008, 08:33 PM

Quote:

Originally Posted by TX76513

Emergency Meeting on November 18th?

Some Emergency

When you have $100B+ sitting in the bank...this little crap ain't an emergancy.

a2t · #13 10-09-2008, 09:15 PM

Quote:

Originally Posted by msgaevans

I decided to bite the bullet and run B100 exclusively back in March '08. I pay ~20% more per gallon. While the fuel lines in Ga were long in past weeks due to Gustav, I filled up with no waiting at my Biodiesel dealer.

I like that I'm paying Americans up the road in Rome, Ga and keeping OPEC out of the loop. They turn chicken fat and soy oil into my fuel. At least one of those is a waste product.

I recommend finding a Biodiesel dealer. They will change to B20 this winter so it's not a perfect approach.

Further to that, I'd recommend running on WVO. OPEC can suck it. Now dont anyone go and steal my halloween costume idea ... oil sheik, gas pump handle, and some anti-prius/biodiesel signage, along with a big ol "Dreeeeeeeeeeeel baby Dreeeeeeeeel!! logo

I'll post pics hahaha.

Appologies in advance for all those oil ministers Im about to offend. (not really)