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Analysts see it unlikely after Tuesday meeting because of global slowdown. (http://www.msnbc.msn.com/id/26592972/)

http://www.cleanmpg.com/photos/data/501/Saudi_Aramco_Oil_Rig.jpgmsnbc – Sept. 7, 2008

VIENNA, Austria - With oil prices off nearly 30 percent from their highs of almost $150 a barrel, OPEC oil ministers are considering what was unthinkable just a few weeks ago — cutting back output to prop up the price of crude.

No one is predicting much of a cutback — if any at all. Still, such a move would not even have been thought of with oil prices setting record after record back in July.

But the bull run appears to have paused, if not ended, which means a new look at options for Tuesday's meeting of the 13 ministers at OPEC's Vienna headquarters.

Since crude surged to a record $147.27 a barrel on July 11, it has tumbled by over $40, or more than 27 percent. Back then, OPEC's main concern was pushing back against arguments from the U.S. and other key consumers that an output increase was needed to end rocketing prices. Oil ministers insisted there was adequate supply to meet demand, and blamed speculators and a weak U.S. dollar for crude's stellar rise.

But now, the greenback has strengthened, world demand has decreased due to creaky economies, traders' appetites for commodities have cooled — and suddenly the market appears to have turned bearish. Oil markets, however, will also be keeping a close eye on Hurricane Ike, which on Sunday was an extremely dangerous Category 4 storm projected to move into the oil-producing Gulf of Mexico after passing over Cuba… http://www.msnbc.msn.com/id/26592972/

The article says:
"But the bull run appears to have paused, if not ended"

Oh Boy, great news! America can return to its former self. Hummer dealerships need not close and I can get that new Silverado I have been wanting. The dollar has strengthened so we will not be giving our country to people who hate us, the economy will bounce back so we can keep our home and actually be able to fix it up. This was all a hoax anyway. I knew prices would go down all along. Our cost of living will decrease and we will have, again, the standard of living we used to have. Just like the 70's, I told ya!

NOT!

You can thank the election for this "relative calm". Three to one odds that the "bull run" has no "bear" counterpart. I predict that natures hurricane "hath no fury" like the world economic hurricane headed our way because of our putting off dealing with OIL!

Batten the hatches and prepare!

Ask me how the market is a bear anways?? Even if oil has drop 27 percent off its high it is still at least 40% higher than this time last year, if WE the American people really think $3.50 a gallon is cheap WE are even more complacent than I orginally thought.

OH boy with the cartel and our attitudes, batten down the hatches because we are in for $5-6 a gallon in no time. Forget SUVs/Trucks for private use and The Big 2.5 better pull their heads out of their asses. Because OPEC will milk high prices for all that is worth and get VERY rich off the American People.

We need to DRILL NOW while looking for ALt. sources, no more playing around these people don't give a S--t about America and would love to see us crash and burn.

We all know at some point that we'll run out of oil, and as it happens it'll be harder and harder to find. I don't think that'll happen for some time (perhaps 30 years).

But I'll call what's happening now as "Effective Peak Oil". In essence, what humans are doing to ourselves becomes peak oil, the limit of what oil we have.

Abroad, there's no reason for OPEC to increase production since they're out to milk us for every dollar we're worth.

And at home the fear and paranoia surrounding global warming prevents us from drilling at home.

So there is, in effect, no more oil out there since the individual consumer has no power to affect the supply.

YEA, higher prices!
More people hypermiling, tele-commuting, car-pooling, alternate fuels, cleaner energy.

Can't see a down side to higher gas prices, at least in the long term.

http://www.bloomberg.com/apps/news?pid=20601082&sid=aBgHsyAv_E9Q&refer=canada

Goldman Sachs says oil is going back over $140/bbl. soon, and will be high in 2009.

...an increase in long-term oil prices is required to suppress demand growth and bring it in line with supply growth, Goldman said. It forecasts the long-date oil price to rise 14 percent to $148 a barrel by early next year.

``Long-term oil prices will need to continue to rise to bring trend oil demand growth in line with trend supply growth,'' the bank said. ``Eventually a price will be reached which incentivizes significant conservation, new technologies and political solutions which will eventually cap the price rises.''


Harry

**AMERICA NEEDS TO HARBOR A MAJOR RESENTMENT AGAINST THE OIL INDUSTRY **

OPEC is talking about taking action to keep oil from dropping below $100 a barrel ? The hell with them. We need to continue to find ways to reduce oil consumption while switching to renewable energy sources wherever possible. Sadly, people will eventually accept that fact that oil prices are not going to retreat and just put up with it. Once that happens, oil prices will rise again.

You can thank the election for this "relative calm".

Yeah, they wouldn't want high gas prices during an election because they want people to focus on all of the mud-slinging ads and bullshxt lies! We really need to stop voting red or blue and pick an independent or a third party or do some research and vote for whoever we most agree with.

And here's one...why do you think the media never talks about third party candidates? Who do you think owns these TV stations and controls their news broadcasts? They only tell the masses what they want us to hear so that we feel and act in a certain way. Stop watching the news and research the candidates.

That is all...

So once they have tested the sweetness of high prices....its harder to get back to rational and reasonable prices. Kinda like Big 3's addiction with high profitability with FSPs except OPEC is making trillons in profit....:mad:

More reasons for hypermiling and kicking our addiction of black gold....I guess :flag:

Oil moves from $40 to $60, OPEC decides to hold it above $50.
Oil moves from $60 to $80, OPEC decides that $70 is a good price.
Oil moves from $80 to $150, now $100 is just too low.
Then comes $120, $140, $200 if we don't make dramatic improvements on our end.

Sure, some of it is the fluctuating dollar. But the rest is that they have us by the you-know-whats and will not let go. If this isn't a good enough reason to conserve and invest in renewables, then hope for our future is entirely lost.

Yeah, they wouldn't want high gas prices during an election because they want people to focus on all of the mud-slinging ads and bullshxt lies! We really need to stop voting red or blue and pick an independent or a third party or do some research and vote for whoever we most agree with.

And here's one...why do you think the media never talks about third party candidates? Who do you think owns these TV stations and controls their news broadcasts? They only tell the masses what they want us to hear so that we feel and act in a certain way. Stop watching the news and research the candidates.

That is all...

You are sooooooooooooo right, juglo!!!

It pains me. I believe we have no idea as to the extent of the control that they have developed. I am sure it has come of age.:eyebrow: