Rhino Posted June 9, 2011 Report Share Posted June 9, 2011 Gas prices will be going up again thanks to OPEC. For those that don't know, OPEC controls 40% of the world's oil and the vast majority of any excess output ability. Yesterday they had a meeting where the Saudis proposed to increase output. Unfortunately they couldn't come anywhere close to an agreement. 4 members (Saudi Arabia, Kuwait, Qatar, and United Arab Emirates) were agreeable to increasing outputs out of the 11 members. The other 7 were NOT! After the meeting the Saudi oil minister said it was the worst meeting they ever had! As a result, oil and gasoline futures rose yesterday and they are still going up. Brace for impact! Quote Link to comment Share on other sites More sharing options...
wtnhunt Posted June 9, 2011 Report Share Posted June 9, 2011 Yep, not good at all. Heard about this on fox news yesterday, oil was still around $100 a barrel at that time. This is exactly what obama and his secretary of energy wants to see. Quote Link to comment Share on other sites More sharing options...
melliopa Posted June 9, 2011 Report Share Posted June 9, 2011 What do you mean? I thought nobody would be glad to spend so much for petrol... Quote Link to comment Share on other sites More sharing options...
Shaun_300 Posted June 9, 2011 Report Share Posted June 9, 2011 I know yesterday it went up 2 cents/liter here, hopefully it doesn't go up much more! It came down some to $1.249/liter which is $4.82/gal. Quote Link to comment Share on other sites More sharing options...
Rhino Posted June 9, 2011 Author Report Share Posted June 9, 2011 The good news is...Exxon just discovered a big oil field in the Gulf...it's supposed to have at least 700 million barrels of oil recoverable...maybe more when they develop it. Bad news is it will take about 2 years before they can produce it. It's under 7,000' of water. Maybe this will help loosen up the permits for more drilling out there now. Quote Link to comment Share on other sites More sharing options...
wtnhunt Posted June 9, 2011 Report Share Posted June 9, 2011 I know yesterday it went up 2 cents/liter here, hopefully it doesn't go up much more! It came down some to $1.249/liter which is $4.82/gal. Was down to $3.449 at sams club here on Tuesday, lowest we have seen in a while. Figures the greedy people who hate us would intentionally do what they can to drive prices up. Does not help either that we have people here who do not understand simple economics. Heard even though US fuel consuption was down that China's consumption continues to grow. We need to get away from foreign dependance. Quote Link to comment Share on other sites More sharing options...
wtnhunt Posted June 9, 2011 Report Share Posted June 9, 2011 The good news is...Exxon just discovered a big oil field in the Gulf...it's supposed to have at least 700 million barrels of oil recoverable...maybe more when they develop it. Bad news is it will take about 2 years before they can produce it. It's under 7,000' of water. Maybe this will help loosen up the permits for more drilling out there now. Exec for exxon said about 5 years on the news earlier, but that plays into speculation. That same exec also said permits that used to take less than 30 days to get are taking more than 6 months now. Quote Link to comment Share on other sites More sharing options...
Strut10 Posted June 9, 2011 Report Share Posted June 9, 2011 That same exec also said permits that used to take less than 30 days to get are taking more than 6 months now. You can thank the clown in the Oval Office for that. Quote Link to comment Share on other sites More sharing options...
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