OPEC may cut oil supplies by 2 million barrels per day

OPEC may cut oil supplies in two rounds to prevent a oil price collapse.

http://news.yahoo.com/s/nm/20081019/bs_nm/us_opec_cut_algeria

 

I was looking forward to the collapse of Oil prices.

 

Damn, I was gonna look forward to 10 cents per gallon. Of course that would never happen

 

If people continue to use less oil by driving less and keeping the themostat down this winter, prices will continue to decline to $50.

I am doubting that OPEC will be able to obtain unity.

It will be funny to see what Chavez and oil exporting nations like Iran do should oil break $50.

 

I agree. Actually there was an article about that. I forget the source. Venezuela takes hits at a price between $90-100, I think. They have a large capital reserve though and can supposedly ride out tough times for them for a year or so.

I think Iran takes a hit at below $60/barrel.

 

Oil is 80 percent of the Venezuela’s total export revenue and Venezuela relies on oil income for more than 40 percent of its budget.

 

We need more of the governments budget to focus more on alternative fuels like solar and wind, and get those dang electric cars out into the market. Im sick and tired of our money going overseas. If we can do all this, opec will be begging us to buy their oil lol. I cant wait for that day to become a reality.

 

One word that describes Opec and that is 'Cartel' they will dictate what we will pay for it at the pumps.

 

US government can not escape from this collapse by using alternative fuels, that was not matter for economy collapse

american economy is based on OPEC oil selling through US dollar

 

The US economy will be better off when the US is not spending hundreds of billions per year on foreign oil.

Guys like Chavez will be worse off.

 

It is just a ploy to drive prices back up or sustain where they are at. I hope in my area we see it go below $2.00 per gallon, which it is getting pretty close to now.

 

need statics, lets check.

i am capitalist than USA

 

Chaves and Iran need oil to average around $80-$90 a barrel just to be able to sustain their governments.

 

The US trade deficit is running 700 billion+ per year. What more statistics do you need?

 

The moment the world stops buying OIL with US dollars, that would spell "economic catastrophy for US".

Read this so you can see where the US power lies :

http://forums.digitalpoint.com/showthread.php?t=1073139

You won't hear that in school ..... most likely.

(Now the world has to buy OIL with US dollars, if there is no demand for OIL who would need US dollars ... what can they buy with dollars, what does the US produce? ..... )

 

The forecast on oil futures is predicting pre-katrina prices. This will boost the US economy while having a reverse effect on countries like IRAN.

 

The US exports approx 150 Billion USD of products monthly. Some products the US exports include aircraft, military equipment, wheat, corn, fresh fruits, beef and poultry, cars and light trucks, such as minivans and utility vehicles, high-tech hardware, nuclear reactors, boats and farm harvesters.

 

this all products is going manufacturing by china ASAP with cheap price like "their" N95/iPhone hahaha

 

American farm exports feed the world

 

The US is the third largest exporter in the world behind Germany and China. China beats us with sheer numbers(they have like a billion more people) and cheap labor. Germany beats us probably because they're so engineering oriented so their products are expensive or of high value, basically they are selling the fruits of German brain power. Either way, asking what the US produces as a serious question is silly.