OPEC falls on hard times!

[bookworm_020]

They must be getting worried! they can see Billions in lost income, and there is no bright spot on the horizon!

http://www.theaustralian.news.com.au/business/story/0,28124,24719622-36375,00.html

[nikimcbee]

So they won't be able to build more ski resorts in saudi arabia. :dead:

[Kapitan_Phillips]

What goes around, comes around :lol:

[Skybird]

Don't laugh too early. the plummeting oil prices are directly caused by falling demands due to the finacial crisis - which had nothign to do with oil. I do not know how long the global recession will last, and whether or not it will even turn into deflation at least in some countries, but once nations eventually have managed to get out of the valley of tears, oil demand will skyrocket again, to the levels we had in spirng and summer, and beyond. The oil price is down again due to the economic worries. Once the economy recovers, you won't laugh about oil prices that much anymore.

[AVGWarhawk]

Skybird is right. Oil will go up again. It is the nature of the beast. OPEC can fix a price if they want or slow production creating a better paying market. Feal like a puppet on a string? Until then, enjoy the savings and do not change your driving habits as a result of cheap gas. $4.00/gallon will happen again.

[MothBalls]

I don't have much sympathy for the OPECers.

I think the end result of the last round of price gouging will be the development of alternative energy sources and eventually the only thing they'll have to offer the open market is pounded sand.

I just hope the world learned the lesson this time and doesn't base the cost of alternative energies on a $20 barrel of oil, but on the $150 barrel it will return to.

[DeepIron]

Well, I hope that if/when oil prices return to their "stick it in your as*" price levels, that consumers and the transportation industry as a whole will have learned something.

I did and I for one will be purchasing a Prius next spring...

[Frame57]

Any other product it seems it works differently. It is cheaper for me to buy paint in a 5 gallon bucket than it is to buy it in one gallon buckets. The higher the quantity usually the the cost is less. Except for Oil! Too bad for those greedy bastards! the world should boycott as much as possible petroleum products even while prices are low.

[Hylander_1314]

This guy seems to have a pretty good idea of how the oil debacle came into being, and where it's headed.

http://video.google.com/videoplay?docid=3340274697167011147

[caspofungin]

the opec countries make some serious dosh. the only people who make more are the companies that buy the oil, refine it, and sell the petrochemicals at an even higher rate. so the reason/blame for high gas prices should be shared between opec and the petrochemical industries.

[FIREWALL]

Imo opec should get as much as they can for the one and only export they have. Their tap will run dry someday.

It's the Oil companys that are the bloodsuckers.

They haven't built a new refinery in over 20 yrs.

They control the finished product and price.


Someday the only thing opec will have to sell is SAND and So. Cal will buy it for our beaches. :p :rotfl: