[.OrgOwner]

Well they have cut oil production by 500k per day..... Oil was on target to drop below $100US, I still think it will drop and this production cut wont prevent it, at least that is my gut feeling. it's criminal that opec should be allowed to manipulate the market in such a blatant way.

[theod70]

Forgive me, surley the oil companies are behind all this - OPEC set the price the oil comapnies dictate how that price cut/hike reaches the consumer: simply if it's a hike they up the price almost immediatly if it's a cut then we wait three months for that to filter through....with oil having gone up we are all more careful how we use it so maybe that is why they lowered production. In essence if everyone voted with their wallets things would be different but will we......? Or will we think let's get the armies out and pay MUCH more for a senseless war!!

[.OrgOwner]

Opec control production levels which in turn influences the global oil markets. Opec uses that control to ensure we pay the highest price possible, it's a dirty industry from the highest levels down.

[steingar]

If we had something everybody wanted, we'd be greedy too. I can't say I blame them. Up to us to develop something else, so we can tell those rag-headed sons of bitches where they can put it.

[lanbrown]

Japan will be the first to break the need for oil. They have 0 oil reserves.

[-Z-]

OPEC may control the market and yes it sucks for us...but on the other hand, they DO own the oil. So yeah as much as it sucks for us, in a market economy there's not a lot we can do morally to change that, other than developing resources of our own or alternative fuels.

Now, on the other hand, immorally we can do quite a bit. A couple of examples are:
Persian Gulf War
Operation Iraqi Freedom

[exit90a]

I agree, it's theirs and they should be free to do as they wish. Nobody gets pissed about the price of gold if it flucuates and, as compared with fuel in terms of usefullness, it's just useless. A gallon of milk costs about the same as a gallon of gas, yet it is renewable. The crude will run out one day. If all you got is oil and sand, well...make the most of it. And with all the oil money in the middle east, it seems they would recognize that curry is neither a breath freshener or a deoderant.

Let's not forget those who died on this day or those who were responsible.

[Bigdaddy75]

Taking your example of milk, it's very much like the farmers saying they are going to reduce output while they hold out for more money. Imagine the outcry if they did that? If there is an oversupply situation with oil why do they need to run a media release with a production cut? Why not simply reduce output and keep their traps shut?

[BALDGONZO]

In another recent post of yours org.owner you stated " China and the US might butt heads over oil"... If the suppliers cut production, the head butters might become a two headed monster.

There camel better have !

[exit90a]

I guess, at this point, with all the scrutiny OPEC feels the need to explain or justify what they are doing. If you don't own the oil, milk or whatever then it costs what the people who DO own it say it costs. I don't like it either but that's the way it is.

[lanbrown]

Originally Posted by -Z-

they DO own the oil.

Wrong. OPEC supplies about 1/3 of the oil; but they control their output to dicate the price.