Saudi Arabia is holding up OPEC's move to reduce supplies

[BurtWorm]

Gee... I wonder why...




http://news.bbc.co.uk/2/hi/business/6038958.stm

Oil falls below $59 on Opec delay

The trend of rising oil prices has been reversed in recent weeks

The price of oil fell to its lowest level in eight months, as the markets waited for producer group Opec to make a decision on cutting crude output.

Some Opec members favour reducing output soon, but largest member Saudi Arabia has not clearly outlined its intentions while maintaining supplies.

Light sweet crude for November delivery on the US Nymex fell $1.44 to $58.52 a barrel, the lowest since 16 February.

November Brent crude at London's ICE Futures fell $1.20 to $59.34 a barrel.

'Complete disaster'

Opec members are considering meeting to discuss production cuts before the next scheduled gathering in December...."This has been a complete disaster" for OPEC, said Michael Guido, director of commodity strategy at Societe Generale in New York.

[OPERATIONMINDCRIME]

1. I'll Take It. Personally, I'm All For Gas Prices Going Down.

Shouldn't we all be?

[BurtWorm]

3. Not if it encourages burning it more casually.

The prices are going to go up again after the election anyway. A year from now, we may be talking about $4 gallons at the pump.

[OPERATIONMINDCRIME]

4. I Don't Care What It Does. The Cheaper It Is, The Better.

Many families are squeezed due to the prices. Since I'm all for easing financial burdens on the middle and lower class, I'm 100% supportive of lower gas prices. I doubt highly that if you talked to the overwhelming majority of these families being economically squeezed, and said "yeah, I know your wallet's empty, but look on the bright side, you're having an almost undetectable positive impact on the environment!", that they'd look at you, give you a hug, and say "oh thank you, thank you for making me aware of that. It's totally worth it! Thank you for helping me see the light!"

[BurtWorm]

6. They probably won't put two and two together when prices go back up

either. This is an artificial drop in price that the Saudis promised Bush to coincide with the election. That's why they're stalling. They're repeating the pattern of election 2004. But after the election, they'll have no reason to piss off OPEC anymore, and you can say goodbye to this brief relief.

[OPERATIONMINDCRIME]

8. With All Due Respect, If Our Whole Drive For Success In The November

elections can be derailed due to gas prices falling, then we have ALLLLLL sorts of problems with our message.

Sorry, I ain't buyin it. I'm glad the prices are low, and though there is a large chance it is in some part an admnistration ploy, I don't consider it to put at risk our chances whatsoever. Therefore, I'll take it.

[BurtWorm]

9. The Repubs are such fuckups, it may have no effect.

But that doesn't change the fact that the kingdom is trying to do Bush a favor, as they did in 2004. And the prices we're seeing now do not reflect the reality we'll be feeling again after the election.

[OPERATIONMINDCRIME]

10. Like I Said, Doesn't Matter To Me. I'll Take It.

[BurtWorm]

13. #11 was meant for you.

I misaimed it. ;)

[BurtWorm]

11. It doesn't matter to a lot of people if the Amazon is being cleared

as long as they have cheap beef to eat. There are a lot of benefits people get from processes that they would really rather not have to bother themselves with.

[reichstag911]

7. It seems to me...

...that this is a transparent pre-election effort by Bush's friends, the oil industry and the Saudis, to ease our electorate's anger at the administration for doing nothing about gas prices for the last year. You can bet if the Repubs hold Congress, the prices will once again go through the roof. That's the downside to gas prices going down now, more so than the negligible impact on the environment of short-term price drops.

[Deja Q]

2. I thought business was about being ethical and taking an occasional hit

Even energy isn't perfect, as the media has been reporting.

The futures will still be there and all investments will work over the long haul.

[Double T]

5. Wait till AFTER the elections when oil and gasoline prices........

WILL SKYROCKET to make up for lost time and lost revenue.

[RB TexLa]

12. If someone is purposely dumping cheap oil into the US apply tariffs

The US did it when cheap steel was dumped here, why not on the dumping of cheap oil?