[Toddsterpatriot]

Meanwhile, on the supply end, oil production outside of OPEC has reached a record high at more than 50 million barrels a day in October, according to the IEA. Aside from the hurricane impact, production has been steadier this year than in the past. Production should rise by 600,000 barrels a day in the fourth quarter as shut-in Gulf of Mexico production returns and new fields in West Africa ramp up. In 2005, non-OPEC production should rise by 1.3 million barrels a day compared with world oil-demand growth of 1.4 million barrels a day.

As for OPEC, production has surpassed everyone’s expectations, with production higher than expected for the most unlikely members — Libya, Iran, and Nigeria. Since mid-year 2003, these three nations have increased production by 800,000 barrels a day. In the same time frame, OPEC (excluding Venezuela and Iraq) has increased production by 2.3 million barrels a day. In total, OPEC has increased output by over 4 million barrels a day to 30.3 million barrels a day.

Hey Willie, didn't you say globalism was causing oil production to fall? According to this it keeps rising. Maybe you were mistaken?

[biblewonk]

--snip--As fuel prices rose airlines reduced engine idle time when planes were not in motion, cut wind resistance by polishing aircraft exteriors on more frequent schedules, and reduced flight speeds and the amount of fuel carried.

Very interesting.

[Izzy Dunne]

Experiment: Ask ten people on the street why gas prices are higher now than last year, and you'll get "Iraq" as the answer eight times, and "Bush" as the other two.

[2 Kool 2 Be 4-Gotten]

While I basically agree with this assessment notice that every single fact mentioned buttresses the bearish argument. It's inconceivable that there aren't at least some facts that would support the other side of the argument but these are omitted. Just an observation.

[odoso]

Has anyone noticed that we're (Avg Americans) almost to the point of acceptance when it comes to HIGH gas prices at the pumps? It was the plan all along...

Has everyone forgotten the HUGE spikes in gasoline prices at the pumps which were based on speculation of terror, weather and other falsities which never materialized? Were these "profits" that were extorted from us ever returned to us in the form of lower prices?

LOL Scam after Scam after Scam... Why do we continually tolerate the intolerable!

[rightwingreligiousfanatic]

I've heard it said that in "real", inflation adjusted terms, we are actually paying the same or less for gas than 30-40 years ago.

It sounds reasonable to me.

Has anyone else heard that?

[SoFloFreeper]

The recent retreat in oil prices reflects only a small pinhole in the oil bubble. Fundamentally, oil prices should be in the high $20-a-barrel range today, based on supply/demand economics and current inventory levels. Eventually, the barrel price should decline to the low $20s as oil inventories continue to build.

Am I missing something here?? This guy says oil is going to drop another $20 a barrel?? C'mon...

[Obadiah]

Third-quarter gasoline demand was 9.2 million barrels a day. Demand for this one product matches the consumption of all petroleum products in China, India, and all of Eastern Europe combined.

Wow. I didn't realize that US gasoline consumption was quite this significant.

[RightWhale]

Oil is very near $50 and trending up.