From Reuters:
OPEC was meeting on Tuesday to consider a modest rise in oil output proposed by Saudi Arabia and other Gulf Arab states in a gesture to consumers worried by the economic impact of $77 oil and rapidly diminishing stocks.
But the plan to add 500,000 barrels per day of oil had yet to convince all OPEC ministers and discussions were continuing, a delegate said. Venezuela, Algeria and Libya said ahead of the talks they were not in support of increasing supplies.
Industrialized consumer nations are forecasting their crude oil stocks will fall to the bottom of the five-year average range by January unless OPEC pumps more crude oil, and fast.
U.S. crude oil is above $77, close to its August 1 record high of $78.77 a barrel, following attacks on oil and natural gas pipelines in Mexico, the world's fifth largest crude exporter.
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3 comments:
Our Dependence on foreign oil is getting out of hand. Consumers will not cut down and the reality (although this is dated 2004, it's still relevant) is that oil production on the homefront is simply a supplement.
http://www.msnbc.msn.com/id/4542853/
I think we need to continue looking for ways to implement resource development. Cars are changing to help cut back on fuel,and other things are being done to find new ways to conserve and increase sources of energy.
Thirty plus years ago we heard the
same nonsense about oil. There is no shortage of oil and we will continue to here from OPEC that the sky is falling. It will take several---DECADES---NOT YEARS--
to accomplish a complete alternative to oil dependency.
Invest in oil now and in ten years you won't regret it.
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