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Hitchhiker · 03-16-2005, 03:41 AM

OPEC has announced today that it'll increase production by 500,000 barrels a day as of April 1, with the possibility of another increase on May 1.

Gas prices probably won't come down much but maybe it'll help a little.

Heres a link to the Bloomberg news story.

Hitchhiker · 03-16-2005, 03:41 AM

OPEC has announced today that it'll increase production by 500,000 barrels a day as of April 1, with the possibility of another increase on May 1.

Gas prices probably won't come down much but maybe it'll help a little.

Heres a link to the Bloomberg news story.

allendp · 03-16-2005, 05:02 AM

Richard,

I think I had rather see the headline: Hydrogen fuel cell proves to be viable alternative to fossil fuels - full scale production to begin in less than 6 months.

Like you said, I doubt this will affect fuel prices at all. In the big scheme of things, a half million barrels of oil a day is a drop in the bucket so to speak. As long as OPEC can get $50 + for a barrel of oil they will charge that price. And it appears that the worlds increasing demand for oil will insure that.

(Don's dos centavos and now steps down off soap box.)

C Driver · 03-16-2005, 05:57 AM

The really sad part of all this BS on oil is that there are more proven (read proven, not guessed at) oil reserves in Northern Canada's tar pits than the total of the top four present oil producing countries. The even sadder part is that our Government (and the Canadian government) is allowing the Chinese to buy up large tracts of this area instead of working with the Canadian government to insure a mutual long term supply of oil for North America.
The news press releases aay it is just too expensive to get it out ... well the truth is it costs a production company around $10 per barrel to process the tar and turn it into usable oil .... So, we don't need to invade the Alaska wild or run hugh ships back and forth to other countries .... so why aren't we doing this? Money, or in reality, profits for the large oil companies .... So while your gas and diesel price at the pump goes up and up these producers are making record profits ... great for their shareholders, not so great for the rest of us.
OK I've been on my soap box long enough

Jamess67 · 03-16-2005, 06:44 AM

Give it time. we will all have to learn to speak Chinese. All our jobs are going there and soon they will own the oil fields, and most of America. All this is bought with teh sweat of its (China) very poor people.
America, land of the free, home of the Profit. Who will sell out their country for a buck next? To think I served my country just to be sold out to the lowest bidder.
Ok im done ranting.

Hitchhiker · 03-16-2005, 03:03 PM

Hmmmm, I see in the news that the Senate voted by a 51-49 margin today to open the ecologically rich Alaska wildlife refuge to oil drilling.

We might get a million barrels day at peak production but it would probably have little or no impact on oil prices. Would probably take nearly 10 years later to see any of that stuff at the pumps.

Joe-K · 03-16-2005, 03:51 PM

<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">
OPEC has announced today that it'll increase production by 500,000 barrels a day as of April 1, with the possibility of another increase on May 1.
</div></BLOCKQUOTE>

The thought that crossed my mind this morning when I heard the news about the increase in production is that the 1/2 million barrel a day increase at $ 50 a barrel results in an additional $ 25,000,000 Twenty Five Million Dollars a day heading overseas

DriVer · 03-16-2005, 03:53 PM

The biggest problem is that the environmental groups in this country have made it practically impossible to build a new refinery. We have enough supply alright, we just can't make gasoline and other products fast enough and that in of itself raises prices. Too much demand and not enough supply.