Posted on 04/26/2009 6:38:02 PM PDT by SES1066
OPEC wants to see oil prices rising to more than 70 dollars a barrel, the oil cartel's secretary general Abdalla El-Badri said Sunday.
"The price of 50 dollars is not enough to cover investment costs for the future," El-Badri told reporters in Algiers.
"The price which allows reasonable and acceptable revenues is more than 70 dollars a barrel," he added.
(Excerpt) Read more at breitbart.com ...
yeah....good luck with that. Of course, it would be interesting to see what $70+ oil with 10%+ unemployment and a tanking economy would do to BO’s numbers. But, I don’t think they’ll allow that to happen.
“OPEC wants oil at $70 per barrel.”
And hey, I’d like to make $6 million next year. Where do we both sign up?
Just remember that the cure for low prices is low prices. I’ve seen figures that worldwide demand has only dropped by about 5% (From something like 87 million barrels a day to about 83 or 84). Also, I’ve seen discussions of peak oil framed not in terms of “we’re running out” but in terms of we’re close to the limits of the RATE at which oil can be produced with the fields and infrastructure that exist worldwide. If that’s so, dramatically higher prices will accompany any increase in demand.
Iran needs oil prices at or above $75 for comfort (if I remember right). If the anti-Iran OPEC states were smart, they’d push for prices below that ceiling to deliberately cripple Iran’s economy.
But intelligence from Muslim states isn’t to be expected.
Which will again reduce demand. Sarah, we need you!
O’s only regret that the price rose so quickly. He had no problem at all with $4 gasoline.
The actual cost to Americans under Big BO’s Cap and Trade Charade will be in excess of $140. a barrell. All of the addditional “revenue” will do nothing to stem the tide of Global Climate Change because the way God made this world we have climate change every 3 months here in the temperate zones. This “revenue” will be confiscated from us and used to pad the bank accounts of weasels like AlGore and BO’s minions...
Round and round we go....
Heck...I’d like to see oil at $0.0070/bbl also.
We’re close.
Well, $70 oil would stop the layoffs in the oil patch, and those wages spin off into other sectors. (When the price dropped by 2/3 a lot of drilling rigs went into the weeds.)
ten years ago oil was under $12.00.
It would very likely be $70 a barrel if the price hadn’t skyrocketed to twice that, and killed the world’s economies. Maybe the OPEC bloodsuckers should think about that the next time the jack the prices up so freaking high.
There are quite a few Candian Oil hacks who would love to see $70.00 dollar oil too. As a matter of fact, billions have been invested in Canada’s oil industry on the supposition that sustained $50.00 plus oil is a certainty, sooner or later.
If the Arabs were smart, ( which they are nnot, just greedy) they would worl to keep ol at a level where competitor oil exploration is unssutainable. At $70.00 a barrel, Canada can produce enough oil to feed the entire Western hemisphere for several decades.
Which is why Suncor and Petro-Canada are conducting one of the biggest corpoprate mergers in oil history. The Arabs and Opec are about to be thoroughly gassed off.And the ludicrous thing is that Obamster doesn’t like that one bit.
He is already building walls between Canada and the USA on Canada gas exports to the USA.
What I don’t understand is how the whackjobs in DC can keep a straight face while talking about FREE world trade while one of the most important commodities (oil) is controlled and monopolized by the rugheads!!!!!!!
And I want BO to resign immediately.
Ha ha ha. Ditto that. We can't always get what we want, can we?
Oil at $75 a barrel would delay oil going to $130 or higher. The current low price has sent rig counts and exploration down, which will lead to much higher prices in 36-48 months, the bad economy notwithstanding. We are setting the world up for an oil shortage and price spike.
Oil moving to $75 a barrel would increase gas at the pump by about 60 cents gallon. Oil at $130 would add close to $2.00 a gallon to the current price. Both prices are coming, it’s just a question of how soon.
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