OPEC sees risk of price rise, shortage

Reuters ^ | Tuseday June 14, 2011 | Alex Lawyer & Barbara Lewis

[Bigtigermike]

LONDON (Reuters) - Oil prices will rise and could harm the economy if an expected supply shortage materializes later this year, OPEC Secretary General Abdullah al-Badri said on Tuesday.

Consumer countries urged the Organization of the Petroleum Exporting Countries to pump more to replace supplies shut down in Libya and to prevent fuel inflation hurting economic growth.

Instead last week's OPEC talks collapsed without a deal, although Badri said the OPEC secretariat had presented all the evidence for a production rise.

[Bigtigermike]

Jimmy Carter II

[thackney]

OPEC Crude Oil SupplyEnergy Information Administration/Short-Term Energy Outlook - June 2011
http://www.eia.gov/emeu/steo/pub/3ctab.pdf

Includes Supply and surplus capacity values

[de.rm]

Same old rotting 2x4's trucked out to prop up falling prices.

Problem is too many humble beasts believe this crap.

They are our enemy as much as anything else.

[Lucky9teen]

TRANSLATION: OPEC does its part to raise prices and shorten supplies, because it won’t pump more.

[b4its2late]

Manufactured crisis thanks to lefts’ energy agenda.

[b4its2late]

Along with my post #5...

[de.rm]

Ironically, we have more than they do (Giant seas of sweet crude under the Rocky Mountains & elsewhere recently realized), much under fed lands, which means it could completely fund the gov. if ‘we the people” say so.

[PapaBear3625]

Any remaining homes heated by oil heat are converting to natural gas.

Increasing numbers of trucks are converting to use compressed natural gas or liquified natural gas (LNG), article:

A sharp $2 per gallon price advantage over diesel is finally doing what years of hard-core advocacy from financier T. Boone Pickens and the natural gas lobby couldn’t — put thousands of clean-burning trucks and buses on the road. Even in the absence of industry-friendly legislation that would provide tax credits worth as much as $64,000 per truck, cheaper fuel costs can justify the purchase price premium in just a couple of years.

With little fanfare, natural gas has captured 20 percent of the new bus and garbage truck markets. There’s a good reason for that: a gallon equivalent of compressed natural gas (CNG) is approximately $1.30, and liquefied natural gas (LNG) something like $1.90.

A bit more demand, and the truck manufacturers will do production runs of LNG trucks, rather than customers having to do after-market conversions. And once the trucks are on LNG and the infrastructure is in place, they wont go back unless gas/diesel goes under $1/gallon.